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Well, ladies and gentlemen, although I am currently in Palestine and drafting charts from my tablet on some okayish internet, I have now got a oretty clear indication of where the market is going since it bottomed out at my buy zone.
It has already started to paint towards my blue line as I have drawn. The last 24 hours have shown me the following:
>Shorts have increased from 21 to about 25k. Longs went down from 32k to about 30k. Sentiment is to sell, as so says the heavy sell orders observed given the net sell volume.
>Our previous support of 68 has niw become temporary resistance, although I am sure we will break it.
>MACD/RSI on all time frames started to go up again and most importantly the 4hr is curling up. We have a confirmed temporary bottom. Akthough muktiple EMAS are being used as resistance on the 4hr and we are getting two very powerful horizontal resistances at 71 and 73 roughly. The EMAS are slowly colliding with this horizontals. Meaning, I expect perma bulls to buy this up to those resistances and having a probably large long squeeze at the subsequent sell off the market desires to make. Killing a lot of longs. Shorts waiting to position higher. Only TFs looking bearish and wanting to go lower are weekly and monthly.
>We have to what my eyes see a rising wedge as identified as well. I also recognize this wedge as a bear flag.
>Only supports I see are at 58. 55 and at 48. Although I dont expect us to use the first one as support as the market will probably panic sell right off at the beggining. Remember folks, daily still has a bit more to go down but monthly and weekly time frames are still bearish.
SO:
Place a stop-loss at any given figure between 63 and 65. And out sell orders anywhere between 71 and 73.
I will make a macro economic chart of BTC when my sell target is reached.
Please follow and like! And leave a comment if you would want me to chart another crypto!
May fortune be on your side :)
Well, ladies and gentlemen, although I am currently in Palestine and drafting charts from my tablet on some okayish internet, I have now got a oretty clear indication of where the market is going since it bottomed out at my buy zone.
It has already started to paint towards my blue line as I have drawn. The last 24 hours have shown me the following:
>Shorts have increased from 21 to about 25k. Longs went down from 32k to about 30k. Sentiment is to sell, as so says the heavy sell orders observed given the net sell volume.
>Our previous support of 68 has niw become temporary resistance, although I am sure we will break it.
>MACD/RSI on all time frames started to go up again and most importantly the 4hr is curling up. We have a confirmed temporary bottom. Akthough muktiple EMAS are being used as resistance on the 4hr and we are getting two very powerful horizontal resistances at 71 and 73 roughly. The EMAS are slowly colliding with this horizontals. Meaning, I expect perma bulls to buy this up to those resistances and having a probably large long squeeze at the subsequent sell off the market desires to make. Killing a lot of longs. Shorts waiting to position higher. Only TFs looking bearish and wanting to go lower are weekly and monthly.
>We have to what my eyes see a rising wedge as identified as well. I also recognize this wedge as a bear flag.
>Only supports I see are at 58. 55 and at 48. Although I dont expect us to use the first one as support as the market will probably panic sell right off at the beggining. Remember folks, daily still has a bit more to go down but monthly and weekly time frames are still bearish.
SO:
Place a stop-loss at any given figure between 63 and 65. And out sell orders anywhere between 71 and 73.
I will make a macro economic chart of BTC when my sell target is reached.
Please follow and like! And leave a comment if you would want me to chart another crypto!
May fortune be on your side :)
It will be interesting to see where this goes. I recommend people to stay out of a trade here. Too much risk for the reward. Await a better long or short entry.