Bitcoin Daily Update (day 320)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Consensio: P closed > S & M MA but instantly reversed to the downside. L MA still bearish

Patterns: Phase 7 hyperwave | Bear Channel | Symmetrical Triangle
Horizontals: S: $3,377 | R: $3,472
Trendline: Symmetrical triangle inside bear channel
Parabolic SAR: $3,336
Futures Curve: Backwardation with 1.90% spread
BTCUSDSHORTS: Looks like they are pulling back for a 21,650 retest
Funding Rates: Shorts pay longs 0.0126%
TD’ Sequential: R4 | 3D just closed R9
Ichimoku Cloud: Paying attention to how the Tenkan-Sen just angled down sharply.
Relative Strength Index: Continuing to trend down below 50
Average Directional Index: Still resisting below 25
Price Action: 24h: -0.1% | 2w: -3.2% | 1m: -13.9%
Bollinger Bands: Trending down, squeezing with price below MA. As bearish as it gets.
Stochastic Oscillator: D threatening to recross bullish (always find it amazing when it does this on bearish price action) 3D is making bullish cross and that has been a very good indicator in this bear market.

Summary: I feel confident that volatility is coming in the next 24 hours. The violent reaction following today’s close is what makes me feel so certain. The daily closed at $3,429 and then there was an immediate influx of selling volume .

The high volume combined with the bearish wick is something that I pay very close attention to. Either support will hold strong and provide the foundation for a significant bounce, or it will tear right through the support and go for a retest of prior lows.

It is still too early to induce which direction is most likely from here, however I do not think that will remain the case when it comes time for tomorrow’s daily update. The most important chart to me is still the LTCBTCSHORTS which continue to create new all time highs.

That looks like very low hanging fruit to me for someone with enough money to execute a short squeeze. If that happens then I believe in will lead the entire crypto market into a 1+ month dead cat bounce up to the $5,200 - $5,800 area.

The 3D Stochastic is provided a nice confirmation of that bias. Look for yourself at how well that signal has worked throughout this bear market! The 3D red 9 is another good confirmation that a bounce is coming.
BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.

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