More personal chart journalling. My last chart I posted privately but it played out well (hopefully I can successfully link it).
It was a bit of a CONTRARIAN post of my bearish view on BTC despite the bullish market sentiment that people get so caught-up in.
This is a really simple chart, but will be my guideline as to when I buy in. MAs work so well, and are crossing bearish.
My charts are now more-so focused on macro market sentiment rather than micro movement because this is where i've found the most profits. BTC is still the market driver, whether rightly so or not.
From a fundamental perspective I still visualise the market as two paths: one the amazing possibilities of blockchain tech. (& other innovations), and the other the price of the cryptocurrencies. The issue: the FAT WEDGE I call SPECULATION hammered in the middle. This is why I think this accumulation level is possible. Especially considering I remember not long ago when we first hit those levels. Not long ago at all.
If we're not breaking above those MAs (and closing candles with CONFIDENCE ), we're not moving back up yet. 50DEMA will cross 100DEMA soon and that will confirm more bearish sentiment.
All the micro FA & TA you see along the way to these levels are just the convergence to the psychological patterns which analysts know to be true on a macro scale.
Will update if things change,
cal
It was a bit of a CONTRARIAN post of my bearish view on BTC despite the bullish market sentiment that people get so caught-up in.
This is a really simple chart, but will be my guideline as to when I buy in. MAs work so well, and are crossing bearish.
My charts are now more-so focused on macro market sentiment rather than micro movement because this is where i've found the most profits. BTC is still the market driver, whether rightly so or not.
From a fundamental perspective I still visualise the market as two paths: one the amazing possibilities of blockchain tech. (& other innovations), and the other the price of the cryptocurrencies. The issue: the FAT WEDGE I call SPECULATION hammered in the middle. This is why I think this accumulation level is possible. Especially considering I remember not long ago when we first hit those levels. Not long ago at all.
If we're not breaking above those MAs (and closing candles with CONFIDENCE ), we're not moving back up yet. 50DEMA will cross 100DEMA soon and that will confirm more bearish sentiment.
All the micro FA & TA you see along the way to these levels are just the convergence to the psychological patterns which analysts know to be true on a macro scale.
Will update if things change,
cal
Comment:
Closed above the 10DEMA!! Looking more bullish
