Good Day fellow traders,
Some interesting days are behind us. We saw a healthy correction during the last days. This was established after the renewed interest in BTC and ALTS starting half of April.
Something that was striking and showed itself was a market where both bears and bulls lacked real strength. Which indicates to me a market is ranging mostly. With an overall favorite short-term momentum for the bears.
However, bears couldn't capitalize on their momentum. And we had some signals we were setting up a possible beartrap. Some signs that showed themselves was that weakness was eaten up by the bulls. With no real volume increase. Dropping lower without breaking crucial support levels. We corrected with strength and never went back to the $8650 and 38.2 Fibbonaci retrace of the recent high at $9750. We dipped out of the smaller channel and dropped right into a larger channel.We kept making higher lows on the daily. I noticed that market sentiment became a little bearish. A misplaced sentiment we can conclude now.
This was enforced with talks of manipulation and or whale behavior. I don't believe this was the case. It was more market conditions that were showing. And yes manipulation happens. But I have some theories and explanation that I can post why it isn't all that easy to do. And why it isn't so important. I would advise leaving all those shenanigans. And rather focus on what you see on the chart. And if you don't see much and it's hard to figure something out. Just don't trade and wait for a more favorable momentum that meets your conditions.
The current scenario that is in play, is that bulls are enforcing and trying to confirm their intentions. We pushed higher to $9860 minor resistance level. By this, we cleared the possible double top formation. The rejection at $9750 was less strong and bulls are trying to keep their momentum going. A minor support level formed at the $9600 area. With stronger support at $9450 and $9200. The targets we are looking for are at $10.200-$10.650-$11.065-$11.700. I'll make regular updates to this post. One last thing that stands out is, Altcoins correcting against BTC gains. Does this mean we go back to the good old days where it was BTC up > Alts down? Time will tell.
As always "good luck" and comments and likes are welcome,
Some interesting days are behind us. We saw a healthy correction during the last days. This was established after the renewed interest in BTC and ALTS starting half of April.
Something that was striking and showed itself was a market where both bears and bulls lacked real strength. Which indicates to me a market is ranging mostly. With an overall favorite short-term momentum for the bears.
However, bears couldn't capitalize on their momentum. And we had some signals we were setting up a possible beartrap. Some signs that showed themselves was that weakness was eaten up by the bulls. With no real volume increase. Dropping lower without breaking crucial support levels. We corrected with strength and never went back to the $8650 and 38.2 Fibbonaci retrace of the recent high at $9750. We dipped out of the smaller channel and dropped right into a larger channel.We kept making higher lows on the daily. I noticed that market sentiment became a little bearish. A misplaced sentiment we can conclude now.
This was enforced with talks of manipulation and or whale behavior. I don't believe this was the case. It was more market conditions that were showing. And yes manipulation happens. But I have some theories and explanation that I can post why it isn't all that easy to do. And why it isn't so important. I would advise leaving all those shenanigans. And rather focus on what you see on the chart. And if you don't see much and it's hard to figure something out. Just don't trade and wait for a more favorable momentum that meets your conditions.
The current scenario that is in play, is that bulls are enforcing and trying to confirm their intentions. We pushed higher to $9860 minor resistance level. By this, we cleared the possible double top formation. The rejection at $9750 was less strong and bulls are trying to keep their momentum going. A minor support level formed at the $9600 area. With stronger support at $9450 and $9200. The targets we are looking for are at $10.200-$10.650-$11.065-$11.700. I'll make regular updates to this post. One last thing that stands out is, Altcoins correcting against BTC gains. Does this mean we go back to the good old days where it was BTC up > Alts down? Time will tell.
As always "good luck" and comments and likes are welcome,
Trade active
Comment:
as shown in my last post. We have seen some symmetrical triangle/ Pennants before. This ons is unsure yet. And we have to monitor if we had wave 5. Or if wave 5 will push us up or down. it could be that the last push was wave 5 and we get a simple abc wave count now. Ill update when its more clear
Comment:
after a decent test of the 10k barrier. We are no retracing and currently hovering around a support level. Which also counts as a possible fib retrace point. A bounce here would be nice. But we have some indications the drop could extend further down to $9350 area. Most altcoins have been correcting for the last 3 days. Loosing on average 10% or even more. We will have to monitor to see what the market has planned for us. There is an upcoming SEC meeting.. that could have a part in all of it.