Just as commented in my idea from yesterday, BTC hit the $32,000 line and the 100-day EMA on the 4-h and found support there. This resulted in more longs being opened that triggered the reversal. Obviously, our next goal will be to re-take $37,000. Let's see if the previous diagonal support line will serve as support once we hit $35,700.
What worries me here are two things:
1. Possibility of a head and shoulders on the 4- h chart although the right shoulder is still in formation. BTC just hit the 50-day EMA there and rejection there will be a confirmation of that pattern I'm afraid.
2. The current setup can also be interpreted as an inverted cup and handle pattern (sorry for the really bad drawing skills)
So, let's see, Yesterday I opened few positions in BTC at $32,400 and also in some alts - SNX,XEM,ADA and LINK
timeframe for my analysis is end of feb/march will fakeout those retailers and shakle out weak hands
MarkSkladmann
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back to 18k (moving average ) will happen sooner or later, cme gaps will be filled partly......it is still bullish if we go that deep so no worries.....pretty sure we. are heading there short term to retest....whales continue the selling pressure into retailers....u know whats nxt....rug pull at some point soon will validate my analysis
FutureBlockchain
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@MarkSkladmann, Yes, could be. I also think we will be going down soon. I just cannot see any valid argument for going up after the recent selloff and the formations I described above. So, I opened some positions, still, I'm out for the most part of it.
MarkSkladmann
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@FutureBlockchain, atm, we got more future trading and speculation then solid spot byuing by whales...who are not buying here...its retails bids...its gonna fall like domino soon
FutureBlockchain
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@MarkSkladmann, Are you posting ideas somewhere ? It will be interesting to have a look.