Ok guys just quick before the markets open.
Lets look again at BTC
So I'm going to need to temper what bullish rhetoric I said before because yesterday's bearish PA really has nullified the bullish cause - at least for now.
I've seen other analysis pointing out this descending channel as being bullish but here is the problem:
Every pattern is a reflection of the previous pattern.
So it is a descending channel but since the previous ascending channel was much more slow and corrective then it cannot be used to identify bullish cause.
The same is probably true for the 11% bullish move on 9 Sep has been nullified by yesterdays 10% candle. Although there are candles in between it is essentially an engulfing pattern.
That said BTC currently sits tight on the top of the retracement band and if indexes bounce then good chance it will move up.
But indexes are extremely bearish now.
Yesterday Nasdaq printed a very large engulfing candle nullifying any upside cause and reclaiming the trend firmly to the downside.
Indexes are so volatile currently. This is not normal at all btw and indexes had a lot of momentum pushing up and did think a bigger bounce was coming that would be good for crypto but that has been wiped out in an instant.
Ok now DXY
After yesterday PA it looks bullish. I dont care what your youtube guru says about it having a blow off top, this is an unbroken uptrend bouncing well off the 50MA.
Now US10Y
This is another chart so many disagreed with me and said the top is in but no its going higher, the trend is strong and intact.
UNI
If sentiment elsewhere was bullish then UNI is a great buy right here imo. Its re-testing support and there is bullish divergence.
That said there is no definitive trend here and for that reason this can also just become a continuation pattern.
...
Summary:
If you love crypto and must own and hold some and have ultra confidence in it and dont mind if it falls quite a way then this is actually a good place to buy and you may get rewarded with a bounce in indexes throw you a bone.
But if you're a bit more cautious and dont like holding loss in a high risk area then this is not a good time to enter.
I'm not buying here currently but if indexes start probing up i may change my mind and I still hold XPR and GAFI for fun and actually I do think at least one of them may have a cheeky pop, but higher up coins maybe not so much - we'll see.
But in reality why would i bother buying too much high risk when I have charts like this to short.
Ok so thats it for today. I'm aiming to open the group for Saturday 24th September and i'll be showing by video how i've been creating a perpetual gravy train thats on record here on TV so you know its real, as well as in depth analysis of BTC and macro etc. If that interests you, you know where I am and you are welcome to contact me so I have you on the list. My status should change with the details next week.
Not advice.
Lets look again at BTC
So I'm going to need to temper what bullish rhetoric I said before because yesterday's bearish PA really has nullified the bullish cause - at least for now.
I've seen other analysis pointing out this descending channel as being bullish but here is the problem:
Every pattern is a reflection of the previous pattern.
So it is a descending channel but since the previous ascending channel was much more slow and corrective then it cannot be used to identify bullish cause.
The same is probably true for the 11% bullish move on 9 Sep has been nullified by yesterdays 10% candle. Although there are candles in between it is essentially an engulfing pattern.
That said BTC currently sits tight on the top of the retracement band and if indexes bounce then good chance it will move up.
But indexes are extremely bearish now.
Yesterday Nasdaq printed a very large engulfing candle nullifying any upside cause and reclaiming the trend firmly to the downside.
Indexes are so volatile currently. This is not normal at all btw and indexes had a lot of momentum pushing up and did think a bigger bounce was coming that would be good for crypto but that has been wiped out in an instant.
Ok now DXY
After yesterday PA it looks bullish. I dont care what your youtube guru says about it having a blow off top, this is an unbroken uptrend bouncing well off the 50MA.
Now US10Y
This is another chart so many disagreed with me and said the top is in but no its going higher, the trend is strong and intact.
UNI
If sentiment elsewhere was bullish then UNI is a great buy right here imo. Its re-testing support and there is bullish divergence.
That said there is no definitive trend here and for that reason this can also just become a continuation pattern.
...
Summary:
If you love crypto and must own and hold some and have ultra confidence in it and dont mind if it falls quite a way then this is actually a good place to buy and you may get rewarded with a bounce in indexes throw you a bone.
But if you're a bit more cautious and dont like holding loss in a high risk area then this is not a good time to enter.
I'm not buying here currently but if indexes start probing up i may change my mind and I still hold XPR and GAFI for fun and actually I do think at least one of them may have a cheeky pop, but higher up coins maybe not so much - we'll see.
But in reality why would i bother buying too much high risk when I have charts like this to short.
Ok so thats it for today. I'm aiming to open the group for Saturday 24th September and i'll be showing by video how i've been creating a perpetual gravy train thats on record here on TV so you know its real, as well as in depth analysis of BTC and macro etc. If that interests you, you know where I am and you are welcome to contact me so I have you on the list. My status should change with the details next week.
Not advice.
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And BTC.D has reversed sharply.
This is potentially good for alts and possibility of an alt rally. I haven't made any more purchases yet though - I think indexes go lower.