BTC is just trying to postpone the inevitable: A big move is coming.
Now, in wich direction will the move be, this is the golden question?
Unfortunately we can totally forget answers from classical indicators such as Stoch RSI or MACD, because they are totally stuck in the middle, not yielding any clear indication of what BTC will preferentially do.
On motnhly scale we are very oversold and resting at the middle BBand. No direction there yet. Could go on down, could turn around.
The only indication on monthly, that we could go up is, that the lower BBand finally came upwards. That was historically a sign of bullish turn-around. Let's see if this will be the case now, but it could be an indicator.
On the daily, which I plotted above, we can see that Bitfinex shorts are coming down fast, which could indicate another downward move. But then again, this long/short ratio is not what it used to be, volumes on finex
are very low, and I don't think it has the importance which it once had.
This big triangle will come to an end in a few weeks tops.
Then finally, we'll have decision time. No more excuses for BTC, and finally a clear direction again for the coming months.
Now, in wich direction will the move be, this is the golden question?
Unfortunately we can totally forget answers from classical indicators such as Stoch RSI or MACD, because they are totally stuck in the middle, not yielding any clear indication of what BTC will preferentially do.
On motnhly scale we are very oversold and resting at the middle BBand. No direction there yet. Could go on down, could turn around.
The only indication on monthly, that we could go up is, that the lower BBand finally came upwards. That was historically a sign of bullish turn-around. Let's see if this will be the case now, but it could be an indicator.
On the daily, which I plotted above, we can see that Bitfinex shorts are coming down fast, which could indicate another downward move. But then again, this long/short ratio is not what it used to be, volumes on finex
are very low, and I don't think it has the importance which it once had.
This big triangle will come to an end in a few weeks tops.
Then finally, we'll have decision time. No more excuses for BTC, and finally a clear direction again for the coming months.
Comment:
Longs are over shorts now. Since I see the ratio as a contrarian indicator, the probability of dumps has increased:
Comment:
We're nearing the log resistance, let's see if we can break through:
Comment:
Well that doesn't look too good imho:
Longs going up fast, shorts going down, and not really pushing through resistance, instead, dumps directly at resistance.
Probability for break to the downside has therefore increased a lot.
Longs going up fast, shorts going down, and not really pushing through resistance, instead, dumps directly at resistance.
Probability for break to the downside has therefore increased a lot.
Comment:
And here comes the break to the downside. It will be interesting to see if the blue support line holds. If not: Brace yourselves for below 6k and the 3k scenario that I was calling since over half a year now: a low of 2-3k in 2019.
for example this one:
and this one:
for example this one:
and this one:
Comment:
BOOOOOOOOOOOOOOM !
Decision has been made. BTC has broken support. Excellent news for all those who want to buy cheap coins in 2019 ;)
Decision has been made. BTC has broken support. Excellent news for all those who want to buy cheap coins in 2019 ;)