Let’s take an objected look at BTC on Bitfinex. Here are some facts:
We had a nice $360.00 (USD) short-squeeze. In the past Bitcoin Universe, a move like this usually happened in one candle and was considered nothing more than a little move! But today, this was a 10-percent squeeze; nothing to sneeze about! EXCEPT, almost half has been given back. There appears to be an increase in selling volume, stubborn price action and declining volume Oscillator (please see my XRP chart for information on the volume oscillator).
Changes to this chart from the last.
Because of the shakeout demonstrated by the long red wick, I had to move the resistance trendline (2-data points). We have a change in support and a new primary trendline, so I moved my traditional Primary Dotted Trendline (3-data points; confirmed). Ignoring the long wick as an anomaly, I drew another downward dotted trend to show a POSSIBLE volatility squeeze.
My feeling on BTC are well know by people who follow me (I HATE IT, only because it has been hyped, manipulated, and the blockchain is antiquated with respect the newer technology), but everything I am seeing appears BULLISH.
From a purely technical perspective, we have a pennant formation with nice price distribution. We have the pole for the formation on a bullish squeeze. The recent sell-off appears to be a dud as you see high selling volume with little price action. The POC is well beneath our current price levels (please follow me for a better understanding of my charting techniques and nomenclature) but current price action portends longs are dug in!
Well, there are only 3-directions we can go, up, down, or sideways. Probability lends itself to higher prices, in the short-term. That’s interesting too because XRP looks a bit Bearish which may mean that we might see another short-term price spike in BTC before another pullback bringing up the alt-coins but nothing significant as BTC is still trading under the important moving averages. These charts have been more difficult than usual for me to read as the correlation between BTC and other alt-coins are changing a small amount. Don’t get me wrong, alt-coins are still heavily correlated (Top coins) to BTC, but subtle changes in the way alts are trading In relation to BTC are confusing.
Okay, Biff, that sounds very uninteresting, what gives; we going higher, lower, or what?
From a purely technical perspective, this is a BULLISH formation, even with the recent change in volume. The price action is holding firm to the orange primary dotted trendline. What is disturbing is the selling volume appears heavier than the buying volume which indicates the bottom can fall right out from under if we do not commit to new highs.
Dyslexic Addendum:
From a practical perspective, I would be very careful with BTC because the previous price action lends itself to lower prices before higher prices. I feel manipulation is present here and the first test was the last squeeze clearly seen on that long red wick.
BTC is a no go for me at this price level, but maybe just right for someone with the risk tolerance to believe we have hit bottom, or near the bottom. If you have information, we have hit bottom please send me a message and let me know!
For real analysis, no non-nonsense TA, follow Biff on TV and Twitter. I am just like you, not looking to get screwed and always searching for the best entry and exit.
We had a nice $360.00 (USD) short-squeeze. In the past Bitcoin Universe, a move like this usually happened in one candle and was considered nothing more than a little move! But today, this was a 10-percent squeeze; nothing to sneeze about! EXCEPT, almost half has been given back. There appears to be an increase in selling volume, stubborn price action and declining volume Oscillator (please see my XRP chart for information on the volume oscillator).
Changes to this chart from the last.
Because of the shakeout demonstrated by the long red wick, I had to move the resistance trendline (2-data points). We have a change in support and a new primary trendline, so I moved my traditional Primary Dotted Trendline (3-data points; confirmed). Ignoring the long wick as an anomaly, I drew another downward dotted trend to show a POSSIBLE volatility squeeze.
My feeling on BTC are well know by people who follow me (I HATE IT, only because it has been hyped, manipulated, and the blockchain is antiquated with respect the newer technology), but everything I am seeing appears BULLISH.
From a purely technical perspective, we have a pennant formation with nice price distribution. We have the pole for the formation on a bullish squeeze. The recent sell-off appears to be a dud as you see high selling volume with little price action. The POC is well beneath our current price levels (please follow me for a better understanding of my charting techniques and nomenclature) but current price action portends longs are dug in!
Well, there are only 3-directions we can go, up, down, or sideways. Probability lends itself to higher prices, in the short-term. That’s interesting too because XRP looks a bit Bearish which may mean that we might see another short-term price spike in BTC before another pullback bringing up the alt-coins but nothing significant as BTC is still trading under the important moving averages. These charts have been more difficult than usual for me to read as the correlation between BTC and other alt-coins are changing a small amount. Don’t get me wrong, alt-coins are still heavily correlated (Top coins) to BTC, but subtle changes in the way alts are trading In relation to BTC are confusing.
Okay, Biff, that sounds very uninteresting, what gives; we going higher, lower, or what?
From a purely technical perspective, this is a BULLISH formation, even with the recent change in volume. The price action is holding firm to the orange primary dotted trendline. What is disturbing is the selling volume appears heavier than the buying volume which indicates the bottom can fall right out from under if we do not commit to new highs.
Dyslexic Addendum:
From a practical perspective, I would be very careful with BTC because the previous price action lends itself to lower prices before higher prices. I feel manipulation is present here and the first test was the last squeeze clearly seen on that long red wick.
BTC is a no go for me at this price level, but maybe just right for someone with the risk tolerance to believe we have hit bottom, or near the bottom. If you have information, we have hit bottom please send me a message and let me know!
For real analysis, no non-nonsense TA, follow Biff on TV and Twitter. I am just like you, not looking to get screwed and always searching for the best entry and exit.
