The daily closed in remarkable fashion. I am seeing some Bullish signals emerge mid term but also some Bearish signals short term.
Take a look above at our RSI, we don't typically see a channel like that unless it is a continuation pattern down. I don't have to time to show past moves of this structure but if you examine the RSI on multiple time frames you will discover that double channel pattern is a chop move leading down a majority of the time; These are slow and steady structures that lead to a very fast and violent move.
The good thing is we shouldn't drop much further short term. I have three support lines I am looking to stagger bids at. Like I said I am seeing some bullish signals I will cover hopefully here soon with a full analysis, so if these structures don't deviate into a drop then that cancels my trade.
If we don't get the drop then it is no sweat off of me, the next trade will be there with patience. I will be keeping an eye on the Stochastic rising too fast before any major price moves, this will typically indicate we are getting close to breaking downward. This is a very short term observation I will be playing so keep in mind the date and time when reading this.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. There are a lot of trolls and naysayers in my comments so if you appreciate these in comments I appreciate you back. :) Thank You!
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> I am seeing some Bullish signals ... but also some Bearish signals ...
As always, an excellent crystal clear analysis. One of the two things will be right, won't it? ;-)
simplest2remember
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@ReallyMe, maybe you're looking for the mythical buy or sell bloke, the one that always knows what to do hour by hour, since it's so simple. No point worrying about time frames init. When you find him do us a favour and let us all know.
ReallyMe
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@simplest2remember, everybody who is able to use his own head, does not require such a "bloke". It is totally silly to claim there were some bullish signs whilst the Bitcoin is sinking like a stone in the water. Where are they, those bullish signs? On nanoseconds level?
What I am looking for is a simple language without this “could rise but might as well fall” pseudo TA gibberish.
> ...when you find him do us a favour and let us all know.
Gladly. Be sure to subscribe to the the updates on my thread
Jrdelane
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Thank you, good work Another violent drop coming? Good thing these markets are fast, maybe when we knife down, it will be a v-shaped recovery and by July these oversold markets can recover/ The big question is when will BIG money plow into crypto? ETFcoming, Coinbase gets go-AHEAD TO ENTER ALTCOIN trading? With security licence and SEC backing? That would do it.
lucianob66
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Thanks for your TA! Could you please do a similar one of ETHUSD/ETHEUR?
As always, an excellent crystal clear analysis. One of the two things will be right, won't it? ;-)