entertheroach

BTC - Liquidation Across the Nation

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As many of you know, massive liquidations happened this morning for leveraged traders, according to bybt over 1,000,000 traders got liquidated.

BTC was in an ascending wedge pattern which i completely missed, an ascending wedge pattern is a bearish pattern .

Today is a crucial day to see where BTC closes this daily candle.

BTC is still in the Bullish Zone of the Ichimoku Cloud .

The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is down and notice the indicator under the price from 30 periods ago.

At the moment of typing this, BTC is below its 50EMA. BTC needs to eventually close a daily candle above this level.

BTC is below its Ichimoku Cloud Conversion Line (Tenkan Sen). BTC needs to eventually close a daily candle above this level.

BTC is below its Bollinger Bands Middle Band Basis which is a 20 Period SMA .

At the moment, BTC has found support from its Ichimoku Cloud Base Line (Kijun Sen). Ideally we need BTC to close this daily candle above this level.

At the moment BTC is fighting to stay above the Accumulation/Distribution Line of the Chaikin Money Flow ( CMF ).

The ADX DI SMA is indicating negative momentum has taken over with the -DI (Red Line) at 29.20 above its +DI (Green Line) which is at 18.1. The ADX (Yellow Line) is at 23.89 above its 10 Period SMA (White Line) which is at 21.13.

Ideally we need BTC to Close above its Base Line (Kijun Sen) and eventually the 50EMA.

So is this the end as some people on this platform are saying……. No it’s not the end. BTC is still in a longterm uptrend. For a longterm Bearish Trend to take over, BTC would need to Cross under its Leading Span A (Senkou Span A) support level , the Equilibrium Zone, the Leading Span B (Senkou Span B) support level and then cross & close a daily candle into the Bearish Zone on the 1 day, 2 day, 4 day ec ect timeframes for such sentiment to be true.

I wouldn’t be surprised if we see a headline next week that MicroStrategy or some other big player has accumulated more BTC during this dip.

If in doubt, wait to see where this daily candle closes, because remember, if you’re longterm, its where the candle closes that’s really important ,not where it wicks to.

I hope this is helpful & stay away from leverage unless you know what your doing 👍
Comment: Quick Daily Chart Update:

After yesterdays liquidation, BTC is still in the Bullish Zone of the Ichimoku Cloud.

BTC has closed yesterdays daily candle above both its Ichimoku Cloud Base Line (Kijun Sen) as well as it's 50EMA.

The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating short-term momentum is sideways.

The Ichimoku Cloud Base Line (Kijun Sen) is indicating Mid-term momentum is sideways.

The Ichimoku Cloud Lagging Span (Chikou Span) is inside the price from 30 Periods ago indicating momentum is sideways.

At the moment of typing this, the Chaikin Money Flow (CMF) is still in the accumulation zone and slightly increase from the previous post from 0.02 to 0.05.

The ADX DI SMA is showing the -DI (Red Line) at 28.8 still above its +DI (Green Line) which is at 17.85. Notice negative momentum is still stronger but the gap has lessened between the two lines. The ADX (Yellow Line) is at 24.24 still, above its 10 Period SMA (White Line) which is at 21.78. As BTC goes up, we should eventually see a +DI cross back over the -DI.

The next step is for BTC to eventually close a daily candle above the Ichimoku Cloud Conversion Line (Tenkan Sen) and its Bollinger Bands Middle Band Basis which is a 20 Period SMA.

I hope this is helpful. Good luck with your trading or hodl-ing 👍

Comments

Your detailed notes and levels on the chart are impressive. We've featured it in Editors' Picks. That dip was fascinating to watch.
200 coins
+38 Reply
I like this one! Thanks a lot
100 coins
+6 Reply
@ARESABI, Many thanks 🙏
Reply
I probably spend way too much time watching the market as I kind of treat it like a 2nd job. The Exchanges are manipulating the market prices and movement of BTC and Alts. After a drop and the market goes cold they like to falsely pump up the prices and play into people's fomo. At the point where so many people end up buying on leverage they dump it on purpose so they can liquidate everyones collateral assets. This past week everything was pumping so hard that the exchanges were leveraged out. They always do it around the 21st-24th of every month. There was also the largest whale presence I've ever seen this past week using large amounts of money to pull down prices at very slow and dead market times gaining large positions at bargain prices. They love to do it when the macd is about to cross bullish on the 4hr and there is a bullish flag setup or other bullish formation after everyone has took positions and set their stop losses right below the fib support. Next time you go to hit the buy button or sell button on coinbase or binance watch the price jump up on buy and go down on sell. Algorithms built in meant to nickle and dime everyone!! BTC has been bearish and kept under 60k and will continue to do so, so all their wallstreet, institutions, and whale buddies can shake everyone out and swallow up the hottest thing since sliced bread.
+36 Reply
AKhan89 MoneroMo
@MoneroMo, Very well explained !
Reply
You did not "miss" the ascending wedge, you wanted it to be an ascending triangle.
You know the difference.
We are no where near the 2021 ATH.
The more retail FOMO get liquidated from YouTube payed channel free money advice is just gravy for the Institutions.
Yes, it is ALL being bought up by huge huge players.
Which is fine.
DO NOT sell your BTC. It is an ASSET.
The ruling class are still in power and will continue to dictate your quality of life by being the biggest in BTC.
If, IF you own BTC outright you will have some say in life decisions by having a few more choices than those who do not OWN BTC Outright.
Dip, shmip.
p.s. I like the Chaikin too. It is more 50% long for your grandchildren Zen simplicity than even Ichimoku.
+15 Reply
yawwnnn, we go back up on Wednesday.... nothing to see here just a another chinese black swan like COVID....it's spooky but not lasting..3 years from now none of this today will matter...
+12 Reply
Seanlobbies Lord_Raximus
@Lord_Raximus, fer sure - time will show big shake out (wouldn't be surprised a coordinated big $ buyer strike with bribes using serious fiat behind scenes in order to let certain entities buy in - crazier stuff has happened - especially when big banks are flummoxed how to manipulate the crypto markets from tried and true Wall street methods)
+1 Reply
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