This chart is completely based off the weekly chart, If we finish the week over 7300 then disregard this chart but as It stands, Bears are going to be driving this market to panic levels. As a trader I am In a short position of various alts, with a minor short position in bitcoin.
The low volumes indicates fear/uncertainty in the market and these heavy players/firms/whales are just priming for the best moment to unload a wave of panic down the Permabulls throats.
Of course this market is being manipulated.. but you have to understand that every single asset is manipulated by big players for their own agenda/game. It's nothing new and really not worth mentioning.
As a trader you have to know the absolutely worst outcomes along with the best.
The Long term Bullish view is that we finish A somewhere around 5.5 - 6k, go up for a minor B to 7k then retrace for the final leg down to 4.8-3.8k. (fingers crossed that's it)
Keep in mind that if we do not recover from the 5-6k area.. then 4.8-3.8k will be your first bounce, up too 6-7k then down for the worst C wave this crypto space will endure... And if we do not recover past the 1.3-1.8k levels...then I'm sorry but Bitcoin's longevity of "THE BIGGEST BULL MARKET THE WORLDS EVER SEEN' will be in the dark for quite a while. This is the real stuff and you need to be prepared for the worst outcomes.
There is hope still... I'm waiting for a recovery.. preferably V shaped with ridiculous buying volume. We are all impatient so when the traders see the signs of reversal, you will really understand how bullish the next season will be.
But.... Be careful catching a falling knife that's dipped in oil, 2000 degrees hot moving at the speed of sound. :)
The low volumes indicates fear/uncertainty in the market and these heavy players/firms/whales are just priming for the best moment to unload a wave of panic down the Permabulls throats.
Of course this market is being manipulated.. but you have to understand that every single asset is manipulated by big players for their own agenda/game. It's nothing new and really not worth mentioning.
As a trader you have to know the absolutely worst outcomes along with the best.
The Long term Bullish view is that we finish A somewhere around 5.5 - 6k, go up for a minor B to 7k then retrace for the final leg down to 4.8-3.8k. (fingers crossed that's it)
Keep in mind that if we do not recover from the 5-6k area.. then 4.8-3.8k will be your first bounce, up too 6-7k then down for the worst C wave this crypto space will endure... And if we do not recover past the 1.3-1.8k levels...then I'm sorry but Bitcoin's longevity of "THE BIGGEST BULL MARKET THE WORLDS EVER SEEN' will be in the dark for quite a while. This is the real stuff and you need to be prepared for the worst outcomes.
There is hope still... I'm waiting for a recovery.. preferably V shaped with ridiculous buying volume. We are all impatient so when the traders see the signs of reversal, you will really understand how bullish the next season will be.
But.... Be careful catching a falling knife that's dipped in oil, 2000 degrees hot moving at the speed of sound. :)
Comment:
Be extremely cautious with that bullish recovery, If we can close above 7300-7400 on a daily chart then we can hold off Bitcoins drop for the time being. If we can not even close above the major resistance there then load up your shorts fellas, it's gonna be a bumpy ride downhill.
Comment:
For swing trading you should always begin your analysis starting from the highest most reasonable time frame (weekly) and move your way down to the hourly.
Find correlating targets in all these time frames and watch the magic ensue.
Once you are experienced with these higher time frames, it is a very good idea to work your way to the 15-30 minute time frames to start day trading if you have the time.
Once your skills are mastered, try your nerve scalping the 1-15 minute charts, this is how an analyst perfects his skills! Never try to play these time frames without an extreme amount of knowledge and understanding otherwise the veterans will eat you up. (sharking)
I am a swing/day trader. :)
Find correlating targets in all these time frames and watch the magic ensue.
Once you are experienced with these higher time frames, it is a very good idea to work your way to the 15-30 minute time frames to start day trading if you have the time.
Once your skills are mastered, try your nerve scalping the 1-15 minute charts, this is how an analyst perfects his skills! Never try to play these time frames without an extreme amount of knowledge and understanding otherwise the veterans will eat you up. (sharking)
I am a swing/day trader. :)
Trade active:
Volume decreasing, price heavily rejecting the 200 MA, bearish signs.
On the other hand bulls are holding their ground, strong no trade zone until an impulse shows the direction BTC wants to move.
On the other hand bulls are holding their ground, strong no trade zone until an impulse shows the direction BTC wants to move.
Trade active:
Price Up-Volume Down (PUVD) in an uptrend this is very bearish as it suggests that although prices are rising there are fewer participants suggesting people are backing away from the higher prices. This also infers that the trend is weakening. In a downtrend it suggests a continuance of the downtrend.
Don't FOMO unless we have another Monster green volume day, otherwise this is nothing but a short squeeze, don't get sharked people.
Don't FOMO unless we have another Monster green volume day, otherwise this is nothing but a short squeeze, don't get sharked people.
Trade closed: stop reached:
BTC Pushing through oversold levels, Weak RSI showing bearish divergences, Low volume on big price moves, If you want my view, whales are squeezing everything in their power to push us all the way to the log trend line at (currently) 8650-8800. I think they want us to touch that so every trader including themselves join in on the mass dump. Keep in mind the price of the 6K reversal a couple months ago, If we reach that, all hell will break loose as that big buyer volume, will force hands/stop losses and turn to sell volume, I am still leaning bearish.
Although the 2018 bullish bullrun dream of defying oversold conditions and pushing to ridiculous numbers is not off the table, just extremely unlikely right now! GL<3
Although the 2018 bullish bullrun dream of defying oversold conditions and pushing to ridiculous numbers is not off the table, just extremely unlikely right now! GL<3
Comment:
Note the 24hour volume has increased by 100million than yesterdays, this is a very bullish sign~