it has been a long tim esince the last update, but if you can remember, I said that even a drop to 1100 would be considered healthy by TA standards, as 2017's run actually started from around those levels (and there's alot of TA support in that area)
So having a stop at 3 (200 WMA) makes sense, the drop from 6000 was very violent, some would say that was the capitulation even, it could be to be honest, but that doesnt mean you need to buy now and fomo, bottom is a process not a a snapshot. (i.e we would retest 3000 again and volatility would die for some months, so you'd have time to buy then)
Plus, the Trendline I drew on this graph, makes sense to me, it's a pretty big one, it was touched 3 times and we fell all 3 times, last time being from 6k to 3k... we're about to touch it again, let's see what happens.
I personally put in a cheeky short here but with tight stop loss above the trend-line.
The thing is, this could be a good consolidation above the daily 50MA. another very important resistance, so to be honest with you, we can go any direction from here, shorts and longs paint the same story (almost 1 to 1 ratio).
So if you have no positions in the market, I'd stay out. The reason I entered is because I'm holding some alts still so I want to be hedged in case we do drop like a rock (and dont want to sell in case we pop after consolidation on 50MA... a very messy situation I'm in you could say.A lot of uncertainty around to say the least. That's because we're at cross roads, once again)
Don't forget to like if you...like the content :)
Plus in case you guys are seeing something interesting in the charts let me know.
I personally, hope we go to 1.1k :p, because this crypto stuff will go crazy when there'll be an inflationary crisis worldwide.
So having a stop at 3 (200 WMA) makes sense, the drop from 6000 was very violent, some would say that was the capitulation even, it could be to be honest, but that doesnt mean you need to buy now and fomo, bottom is a process not a a snapshot. (i.e we would retest 3000 again and volatility would die for some months, so you'd have time to buy then)
Plus, the Trendline I drew on this graph, makes sense to me, it's a pretty big one, it was touched 3 times and we fell all 3 times, last time being from 6k to 3k... we're about to touch it again, let's see what happens.
I personally put in a cheeky short here but with tight stop loss above the trend-line.
The thing is, this could be a good consolidation above the daily 50MA. another very important resistance, so to be honest with you, we can go any direction from here, shorts and longs paint the same story (almost 1 to 1 ratio).
So if you have no positions in the market, I'd stay out. The reason I entered is because I'm holding some alts still so I want to be hedged in case we do drop like a rock (and dont want to sell in case we pop after consolidation on 50MA... a very messy situation I'm in you could say.A lot of uncertainty around to say the least. That's because we're at cross roads, once again)
Don't forget to like if you...like the content :)
Plus in case you guys are seeing something interesting in the charts let me know.
I personally, hope we go to 1.1k :p, because this crypto stuff will go crazy when there'll be an inflationary crisis worldwide.
Comment:
That Downtrend has shown it's resistance so far, as expected
By the way, Longs are still more than shorts. Shorts had an RSI of 30 and now rising, longs an RSI of 70 and now retracing. Coincidence? Or maybe bots executed on that info
Make of that what you will. Let's see where it's going