After a very clear dump, taking out all kinds of supports and immediately shifting the sentiment in the crypto markets the bears are in full control. We are seeing a mirror image on the hourly time frame with EMA resistance and a lack of any follow through. To be blunt with the bulls this is a significant blow to the % chance that we see a bull break on the weekly chart. The ease with which bears are able to erase the hard work of the bulls over the last couple weeks leaves a lasting impression. We will likely bounce around here for a bit but in general the size of this move also moves up the time line as to when we see a likely break of the weekly pattern. Bears are very comfortable and while last night did have a flip opportunity which I did take advantage of, I am using smaller positions as the risk to reward on these oversold bounces is not ideal. We need to be trading with the trend to have the best odds in our favor. Congrats to any bears and bulls need to start mentally preparing themselves for a potential break on the weekly to lower lows. Establish those game plans.
Excellent short term display. The maximum it can rise to is 6,800, where it should attract more sellers. We are looking for below 6,000 at the moment:
RotiWokeman
⋅
Looks to me like there are less and less people actively trading these assets despite constant development and investment behind the scenes. What they said more than a year ago about price and actual utility breaking apart from one another sure seems to be truer than ever. The days of easy money appear to be gone again, until someone starts mining asteroids.
jairedg
⋅
Thanks! Have a great trip!
fahadjutt
⋅
working same as i predicted see my analysis
TheAlphaTrades
⋅
That's exactly what I say..can't hover sideways near support!
Updates posted in my BTC analysis. Sitting right at the edge of demand zone:
Nocturne83
⋅
Excellent analysis Dan. I concur. Bounce and test of 4hr and EMAs at 6750-6800 is possible - and I hope it happens so I can get a better short entry :)