While I don't have an account on Bitfinex, it has the greatest amount of cryptos to view in TradingView and I flip through the entire list several times a week. What sticks out to me right now is nearly every single crypto, with the exception of
EOSUSD
and
ZECUSD
, has the same two-bar pattern on the weekly chart. Last week's shakeout followed by a consolidation week this week. (Yes, I know this week hasn't closed yet, and it's only Wednesday.)
Given the violent shake-out (meaning price undercut the prior swing low) of last week, it's good to see a lower volume, range-bound week building. One of my mantras is: ANYTHING CAN HAPPEN. While it seems price most likely this week will be range-bound within last week's range, ANYTHING CAN HAPPEN. There could be another round of negative news from China and/or South Korea, or Amazon could announce they're accepting Bitcoin. Point is, you never know, and predictions are worthless. Have a plan for if price breaks below last week's low, and one for if it breaks above last week's high. Right now, given the fact the month and week are both red, the chances of another sharp move down are more likely than a sharp move up. Again, I'm leaning towards a whole lot of nothing happening for the rest of the week, and possibly longer.
Although you may trade on shorter timeframes, I highly recommend using multiple grid layouts with longer-term charts, as you see here. Monthly and weekly charts will give you instant indication of the current trend, and you don't have to draw anything or use a lagging indicator. When the range of the week is building solidly inside the range of a prior week, price will chop around on lower timeframes. The current month did break the low of last month, but price is still firmly in the prior month's range, so it's possible we could see price fluctuating at these levels for several weeks.
DISCLOSURE: I have long positions in BTCUSD and ETHUSD
EOSUSD
and
ZECUSD
, has the same two-bar pattern on the weekly chart. Last week's shakeout followed by a consolidation week this week. (Yes, I know this week hasn't closed yet, and it's only Wednesday.) Given the violent shake-out (meaning price undercut the prior swing low) of last week, it's good to see a lower volume, range-bound week building. One of my mantras is: ANYTHING CAN HAPPEN. While it seems price most likely this week will be range-bound within last week's range, ANYTHING CAN HAPPEN. There could be another round of negative news from China and/or South Korea, or Amazon could announce they're accepting Bitcoin. Point is, you never know, and predictions are worthless. Have a plan for if price breaks below last week's low, and one for if it breaks above last week's high. Right now, given the fact the month and week are both red, the chances of another sharp move down are more likely than a sharp move up. Again, I'm leaning towards a whole lot of nothing happening for the rest of the week, and possibly longer.
Although you may trade on shorter timeframes, I highly recommend using multiple grid layouts with longer-term charts, as you see here. Monthly and weekly charts will give you instant indication of the current trend, and you don't have to draw anything or use a lagging indicator. When the range of the week is building solidly inside the range of a prior week, price will chop around on lower timeframes. The current month did break the low of last month, but price is still firmly in the prior month's range, so it's possible we could see price fluctuating at these levels for several weeks.
DISCLOSURE: I have long positions in BTCUSD and ETHUSD