*Wipes sweat off brow*
Well, that was a ride.
Reminds me a lot of when I started trading BTC in 2015 - the last time we broke out of a bear trend.
As my last chart detailed, we moved up through the 4-6k liquidity hole, and then kept going much further then I would have anticipated, showing it is taking very little liquidity to move this thing, but also good because that means sellers have been exhausted!
Now, sellers are created by all the BTCUSDLONGS stacked up in the 7000s, which will naturally get cleared out.
We all know were ripe for a pullback, however the timing of such a call is extremely difficult, here is what I'm looking at for the immediate turnaround. (See charts below for more in depth analysis).
1) BTCUSDLONGS stacked up on pumps = fomo = destined to be wiped out (dump)
2) Blow off top -> Spinning top 1D candle + large 15 minute sell offs outpacing all other volume
3) Divergences (obviously)
4) Top Pattern: ascending triangle shrinking as it pushes higher on multiple divergences, losing the last bit of its steam before falling, and then....
Act now or hold your peace ever fourth!
Well, that was a ride.
Reminds me a lot of when I started trading BTC in 2015 - the last time we broke out of a bear trend.
As my last chart detailed, we moved up through the 4-6k liquidity hole, and then kept going much further then I would have anticipated, showing it is taking very little liquidity to move this thing, but also good because that means sellers have been exhausted!
Now, sellers are created by all the BTCUSDLONGS stacked up in the 7000s, which will naturally get cleared out.
We all know were ripe for a pullback, however the timing of such a call is extremely difficult, here is what I'm looking at for the immediate turnaround. (See charts below for more in depth analysis).
1) BTCUSDLONGS stacked up on pumps = fomo = destined to be wiped out (dump)
2) Blow off top -> Spinning top 1D candle + large 15 minute sell offs outpacing all other volume
3) Divergences (obviously)
4) Top Pattern: ascending triangle shrinking as it pushes higher on multiple divergences, losing the last bit of its steam before falling, and then....
Act now or hold your peace ever fourth!
Comment:
4H
selloff A gave early warning but not enough continued volume to push it out of range
selloff B is the potential low time frame signal with spinning top on large selll vol
once price pushed past point B on low buy volume in a last breath upward it was time
confirmed with stoch RSI bottoming out while price was topping - implying a selloff coming
selloff A gave early warning but not enough continued volume to push it out of range
selloff B is the potential low time frame signal with spinning top on large selll vol
once price pushed past point B on low buy volume in a last breath upward it was time
confirmed with stoch RSI bottoming out while price was topping - implying a selloff coming
1D
First big top on 0512 with large selloff - initial warning but bounced back
second selloff today with the signature blow off top which is the one signal i was waiting for
+ Big RSI double top