Having broken out, this move has all the volatility hallmarks of a B wave correction currently reaching up for what may be a blow off top.
Although on higher time frame price drifted far past 0.618 from ATH retracement, good chance here price on this bounce price will not get far passed 0.618 retracement from the local top.
But price could drift and confuse - these algos are very slippery. Price could move passed and all the anti-chart hodlers will be up in arms again against anyone that dares to be bearish and sit on the side-lines.
The enormous dump previously showed where the dominant trend is and anything long passed 0.618 here is risky.
The fastest move dictates the dominant trend! Neely - a relatively unknown and unsung genius. And thats all you need to know really, (though there are a multitude of charting perspectives). This vital maxim won't reveal the fractal minutiae but it will show you when its time to trade or time to go fishing - and its time to go fishing (or go short).
Could alts moon? - of course, especially if BTC does drift, but it is very risky now and I wont be posting any more longs from herein.
I'll be waiting for much lower lows.
Just to point out the golden cross today. If price could consolidate above that would be bullish by the textbook.
But remember the algo whales have read all the textbooks and imo there are no more sophisticated algos than in crypto.
But with some humility there is a breadcrumb trail even a manual trader can read.
See you at 20K! 🔥
Not advice
Although on higher time frame price drifted far past 0.618 from ATH retracement, good chance here price on this bounce price will not get far passed 0.618 retracement from the local top.
But price could drift and confuse - these algos are very slippery. Price could move passed and all the anti-chart hodlers will be up in arms again against anyone that dares to be bearish and sit on the side-lines.
The enormous dump previously showed where the dominant trend is and anything long passed 0.618 here is risky.
The fastest move dictates the dominant trend! Neely - a relatively unknown and unsung genius. And thats all you need to know really, (though there are a multitude of charting perspectives). This vital maxim won't reveal the fractal minutiae but it will show you when its time to trade or time to go fishing - and its time to go fishing (or go short).
Could alts moon? - of course, especially if BTC does drift, but it is very risky now and I wont be posting any more longs from herein.
I'll be waiting for much lower lows.
Just to point out the golden cross today. If price could consolidate above that would be bullish by the textbook.
But remember the algo whales have read all the textbooks and imo there are no more sophisticated algos than in crypto.
But with some humility there is a breadcrumb trail even a manual trader can read.
See you at 20K! 🔥
Not advice
Comment:
Price tagged 0.618. Lets see what the algos do from here...
Comment:
Bearish divergence on the 4hr and this is almost certainly LPSY. Again - there may be some cheeky business from the algos, maybe a mini blow off top, or maybe it will simply lean sideways and fall again similar to the top. Either way, its a long way down...
Comment:
Switch to INDEX and you can see that 0.618 was perfectly struck and price has capitulated through the trendline.
The hammer suggests that the ABC is complete but it could prove to be a continuation pattern also, though less likely.
It seems that on the ascent of a bounce there is a lot of deceptive shenanigans but once the top and initial collapsing structure (ICS) has passed - fibs, MAs and significant S/R are respected.
The hammer suggests that the ABC is complete but it could prove to be a continuation pattern also, though less likely.
It seems that on the ascent of a bounce there is a lot of deceptive shenanigans but once the top and initial collapsing structure (ICS) has passed - fibs, MAs and significant S/R are respected.
Comment:
Well it was a continuation pattern.
Good chance this falls down to 38-39K area from here without too much fuss and perhaps there will be a bounce in this area.
Wipeout is also possible, but I will guess it will bounce.
Good chance this falls down to 38-39K area from here without too much fuss and perhaps there will be a bounce in this area.
Wipeout is also possible, but I will guess it will bounce.
Comment:
Back to BITSTAMP and a hard bounce on the ABC 1:1.
Comment:
Almost no bounce from the hammer and price trending down could be a reaction to the potential imminent stock collapse.
If that happens better not be long...
If that happens better not be long...
Telegram Trading Group 🧐
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Get the "heads up" at critical moments - don't lose your shirt.
$50 per month 👍🏻.
Contact: t.me/dRends35
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Get the "heads up" at critical moments - don't lose your shirt.
$50 per month 👍🏻.
Contact: t.me/dRends35
