"cristinel777ro: Sherem You are pin pointing everything ...It's just unbelievable how accurate you are doing it. Keep this way and thank you for your outstanding job"
"theredbaronZ: I don't call you the preacher man. Preachers are selling stuff. I call you the PROPHET!"
I want to say THANK YOU, it reassures me that people are getting a lot out of what I post. I enjoy doing these posts and hope my insight helps. thank you to my followers for the support, hopefully you have all heeded my advice. If you did, you should be profitable or at least break even on the positions we took. Let's take a look at what's going on.
I am neutral on BTC right now. BTC did break the previous low and has rebounded back to this $6150 area. This move down is the technical breakout to the downside and retrace to the and traditionally will move down from this 6150 area in a continuation move to the downside. While there is a possibility to short this right now, I prefer being neutral as crypto is traditionally volatile and we had a very sharp move upwards. While I believe the market makers are pushing this up so people wake up on Monday to FOMO in so they can then push it lower. The moves get hazy as a stop loss would have to be either really tight or loose and have the possibility of greater loses with sharp upward moves.
I also recognize that there is a possibility that we could move sideways and create a mini for a push up. What we don't know is if this could go up just enough to 6.4k to stop shorts out and then move down, or if it could possibly push up to the larger at 6.6k ish? Becuase of the uncertainty behind this, I am inclined to sit on the sidelines with ladders above 5k and wait to see what happens.
It could be contested that the 4 hour is crossing and the 4 hour has created a divergence of such. HOWEVER, It's important to remember that on the DAILY , we have been creating lower high's, which is unsettling. We have been flirting with the oversold area in for a little while but there has been little rebound in price to reflect the oversold or divergence. It's forming this on the to match the already larger that is forming in the charts. This would lead me to believe a push down is only a matter of time. The question is just how does it happen? Rebound first, small, large? or none at all?
What would lead me to switch to be more would be a larger , showing a different form of divergence (which we aren't getting yet) or that we start brekaing the LARGER , not just these smaller ones. It could be contested that once we break out of this /channel that it would be extremely . I would say it would be until we hit the larger descending wherever prices falls there, so maybe like 7.5ish area? But not much more than that, which is important to keep in mind
So for now, I am neutral with a ladder at 5300 and more down from there.
Calling the move down from 8k
Identifying the Head and shoulders pattern where NO ONE else was:
But also identifying bottoms of when to go LONG:
You could argue that we formed a inverse head and shoulders on the 1-4 hour time frames. But it's pretty a lethargic move. Remember, we want to see something that starts invalidating the down move and not just drift, and we will look for the break not just formation for entries with the market in its current status.