I am a long term crypto bull, here I am outlining Bitcoin as all other coins will follow suit...(or until the end of the year).
We are in a descending channel. One more sell-off to shake out those weak hands and a deliberate but nessesary test of the black trend line at $4900 (either in the next week or next month at $5400).
I expect this to be a long wick down and not a place for the price to hang around.
We have broken that trend line in pink which now becomes resistance which indicates more downside action. I would wait and see here as there is a lot of resistance in this area.
This isn't coming from any bad news within the space, quite the opposite is happening with regards to SEC statements etc. It is more natural negative market sentiment after a monster bull run.
Retail money doesn't want to touch it as they only like to buy when the price is going up and love to buy at the top!
This is time for smart money long positioning as we are entering the accumulation phase. This phase will be short lived compared to past 'crashes' as crypto is officially becoming a main stream asset class with low correlation to stocks.
I do see futures & ETF's as being price suppressive much like the effect on gold & silver. These are tools for central authorities to manipulate price by allocating multiple contracts to every underlying unit of 'asset'.
I would see a decoupling of another crypto asset from Bitcoin when this action becomes more evident.
The coin that gets adopted/used is the one that will offer the greatest returns. At the moment, I don't think it will be Bitcoin.
Comment
⋅
Looks like BTC may exit this ascending wedge to the downside.
Comment
⋅
We need a nice wash-out here.
There is too much misallocated money in this space, too many dodgy coins, too many promises that can' and won't be delivered. Too many people that have no idea what this is all about.
Now, lets burn all those greedy fingers.
I sense a great buying opportunity soon.
Comment
⋅
Might as well wait a few more days to catch that bounce at $4900.
Comment
⋅
Ok, I was being cheeky....the bounce at 5800....then $4900.
Comment
⋅
It's possible this small bear pennant doesn't take us that far down and this turns out to be a strong reversal as everyone and their cat are predicting 4K!... Lets see.
Comment
⋅
Bullish divergence on the daily
Comment
⋅
Possible Bull Trap developing here... wait this one out for now.
Comment
⋅
Market sentiment is horrible. Does anyone want to buy this besides a greedy day trader? No, and there is zero momentum...good luck.
Be fearful when others are greedy and greedy when others are fearful. Can't say I'm day trading this but I'm buying the dip. About the same sentiment as early April with the same signals.
Hubris
⋅
@Techmology, Yep agree... my check book is ready and waiting..
NewYork888
⋅
Good catch on that divergence and you're correct but believe it or not I don't think it's done yet but it can certainly bounce hard here in this area. We'll stay flat for a while more and see what happens.
Hubris
⋅
@london55555, Yep, agree, I think I'm looking hard for signs here... There's nothing on the shorter time frames to confirm this... maybe push down to 5.5K and BCH to $600.
Keep me posted, I'm just a photographer that is looking for the low to close my laptop and wait 3 years like I did last time...
Hubris
⋅
@london55555, If you want, for a small fee I can give you guys some tips now and again...ha, ha, just joking.... I did buy a lot under that boner in BCH though.
@london55555, ...sorry, no fiat accepted here...but thanks anyway!
kenj1
⋅
Nice chart, very much in agreance with your remarks. Market is very sketchy right now, but still enough large volume spikes and accumulation to sustain building pressure for potentiality of upside growth, but I see it as short lived. A true panic bottom has not landed. All eyes are on BTC and we should remain patient. R/R is key. Don’t get locked out b/c of fomo!
Hubris
⋅
@kenjoyable, Thanks...when my mom buys in again, then we'll have a good bull run!...seriously.