I was looking for resistance @ 184 or so and shorted Bitcoin & Eth as soon as Eth came close to the resistance. This worked out OK with Bitcoin moving 500$ lower just a few hours later and Eth plunging hard. The problem is when the price begins to reverse all those spike lows QUICKLY and leads the price very close to the theoretical top indicating underlying strength of the buyers & A CONTINUATION OF THE BULL MOVE. So yeah, reality trumps all and there is no rational reason to fight the market and prove you are right with the cost of your money - I was wrong (most probably) and had to cash in the shorts with just 250$ move. Now, can this be the top ? Unlikely, but why not ? Price can do anything it wishes but the probability favours that my initial assessment was WRONG and that the SHORT is in the near future when a new higher high occurs.
Now I am showing you a chart with no channels , only price action and it does resemble the April 15th and July 20th 2018 formations quite a lot. A small downtrending channel that followed after the big spike that contains 2-3 slighly lower lows to mislead some of the traders and insert doubt in their minds before moving higher.
A move lower to 4.7-4.8 is still on the table before the price reverses higher.
Even if BTC does continue its run to the upside , this is in no way the end of the bear market. The reasons are many but most importantly - There is no real structure to the upside, just one relieve rally we are seeing now after a brutal year. The built in energy has to be
released to the upside before it can continue lower.
The ETH chart I was looking for resistance in the 183-185 area:
Now I am showing you a chart with no channels , only price action and it does resemble the April 15th and July 20th 2018 formations quite a lot. A small downtrending channel that followed after the big spike that contains 2-3 slighly lower lows to mislead some of the traders and insert doubt in their minds before moving higher.
A move lower to 4.7-4.8 is still on the table before the price reverses higher.
Even if BTC does continue its run to the upside , this is in no way the end of the bear market. The reasons are many but most importantly - There is no real structure to the upside, just one relieve rally we are seeing now after a brutal year. The built in energy has to be
released to the upside before it can continue lower.
The ETH chart I was looking for resistance in the 183-185 area:
