I am not in a BTC position currently, though this is a huge occurrence in the bigger time frames.
I will be watching this with hawk eyes over the next few days. If we find support, this could be the sign of a macro reversal.
I am still extremely bearish though, especially when it comes to issues on the world finance stage. Let's not even begin to talk about the geopolitical factors that could sway the price of all asset classes at the moment. I covered all of this in my October finance report.
These are some very intense markets we are trading in right now. Let me know what you think about this.
That cloud coverage is heavy and hasn't begun a twist yet. Smells like a bull trap
WatsonsView
⋅
@peterbhc, a lot of our investors in the Discord have the same sentiment.
cryptospawn
⋅
I honestly have worded it verbatim just as you did in this post. And honestly yes I expect some far sided drama to ensue that will send it all right down the tubes. There will be no way to win big in this one if this turns out to be a macro reversal. We'll be forced to jump on board once the reversal is confirmed, then use the stop loss to mitigate potential damage the drama can bring. See, there is currently a Jenga worth of crap piled up that can make it all go south supremely easy. Pick one and pull it...Tether scandal, SEC, Ukraine, Russia, North Korea firing missiles over Japan, Another Celsius event, another Terra Luna event, Hydrogen drama with the SEC, Binance terminating support for all other stable coins but their own... The list goes on and on. But if the macro is confirmed we have to board this ship. Personally I remain very bearish atm myself, only because I don't think big investors are very willing to buy high risk investments right now just as I am not either.
wargolynch
⋅
Dude, absolutely not. Log chart is the one true chart. PS: it's hard to see the price on your chart.
WatsonsView
⋅
@GreenValleyTrading, What you're looking at is the weekly trend line. My chart is the daily and it has been confirmed broken and is retesting for support right now. BTC has not broken its WEEKLY trend line. Which is your chart. Very big difference my friend.
wargolynch
⋅
@WatsonsView, Nah mate. This is the same trendline, I'm just using the log chart like anyone should for long term analysis. Anyway, the linear chart trendline you're showing is not even broken and even less retested. This is just noise right now. You'll need more obvious confirmations for such long term signals. Right now the minimum you should wait for is a trendline S/R flip after testing the 22k resistance. You'll burn yourself with noise.
WatsonsView
⋅
@GreenValleyTrading, This isn't long form analysis. This is an intraday chart. It's most definitely not noise. Our Discord had loads of +50% longs last night.
wargolynch
⋅
@WatsonsView, Because you're choosing to present the Daily chart rather than the Weekly or Monthly ones does not make it a shorter trendline... It's still starting in November 2021, meaning this is a macro trendline... Whatever dude, your future losses.
WatsonsView
⋅
@GreenValleyTrading, We're playing for the same team. I'm just making quicker moves.. You seem to be upset, we're just parts of different investment philosophies.
WatsonsView
⋅
@GreenValleyTrading, Think in a smaller perspective ;)