UPDATE: BITCOIN going a bit sideways, I'm afraid. Look for dump.
TA Team, back again
Check it to wreck it, let's begin
Party on, party people, let me hear some noise
FMM's in the house, jump, jump, rejoice!
note: dump happened while I was writing this blasted thing!
DISCLOSURE: Ok...as I said in the comments of my last chart, my original count to $LTCUSD was on the money, but I missed the similar wave count on $BTCUSD. I've warned you - I'm very new and learning! This is all for the purposes of documenting my personal growth and opening myself up to constructive criticism from peers. This is NOT financial advice.
My friends, BTC is a bit of a messy mistress at the moment. We've gone a bit sideways in our attempt to correct the situation. I still see this lazy 5-3-5 ZigZag coming to fruition. I'm being patient, but this is how I plan to move forward.
As I said in a previous post, the indicators showed clearly this downturn forming. I know LOTS of the TA world was HODLing onto their panties with $20k in their bloodshot eyes for this painfully ugly Inv H&S pattern to materialize. It seemed too wishful and not enough fundamentals. As one should do, you should wait for confirmation with purpose and strength. We formed a generally symmetrical wedge, a truncated 5th wave, with a rapidly falling volume and strength. ( I called this in the LTC idea, it was a lot more clear and also presented a bearish rectangle formation ) So, I plotted the descent and started to ladder in buys right at the $11k fib level down into low $10k. I'm only playing right now, but I would have had stops set at the $10.450 fib level last night if I was worried about protecting it. I should have just for practice, but I was also super tired!
As we know, that wishful thinking didn't materialize. We tapped the line of resistance around 11.7k and shit the bed a bit.
Good news: I do still think we will see this ABC reversal from the failed 5th wave, but it's lazy and dirty, and might churn here for a bit until we see some strength get ripped back into the exchanges. I have boxed out the levels I see this playing out. The dotted orange line shows the possibility of a full extension on this ABC correction, which could see us falling back solidly into the mid to low 8k territory, and as that level of correction has a significant emotional value attached to it, I'd watch for a real strong resistance and upturn before trying to catch this falling knife.
Before I commit to any rally, I need to see a couple things materialize:
- Strength: we need consistent and solid volume
- Market Cap: if we keep flirting under this $500bil level for a lot longer, we are going to see some serious insecurity in the market outlook.
Short Term: Bearish
Mid Term: Neutral leaning Bearish
Long Term: Bullish
Stay safe out there.
Mischief managed, ya twats.
- Foul Mouth Muggle
Check it to wreck it, let's begin
Party on, party people, let me hear some noise
FMM's in the house, jump, jump, rejoice!
note: dump happened while I was writing this blasted thing!
DISCLOSURE: Ok...as I said in the comments of my last chart, my original count to $LTCUSD was on the money, but I missed the similar wave count on $BTCUSD. I've warned you - I'm very new and learning! This is all for the purposes of documenting my personal growth and opening myself up to constructive criticism from peers. This is NOT financial advice.
My friends, BTC is a bit of a messy mistress at the moment. We've gone a bit sideways in our attempt to correct the situation. I still see this lazy 5-3-5 ZigZag coming to fruition. I'm being patient, but this is how I plan to move forward.
As I said in a previous post, the indicators showed clearly this downturn forming. I know LOTS of the TA world was HODLing onto their panties with $20k in their bloodshot eyes for this painfully ugly Inv H&S pattern to materialize. It seemed too wishful and not enough fundamentals. As one should do, you should wait for confirmation with purpose and strength. We formed a generally symmetrical wedge, a truncated 5th wave, with a rapidly falling volume and strength. ( I called this in the LTC idea, it was a lot more clear and also presented a bearish rectangle formation ) So, I plotted the descent and started to ladder in buys right at the $11k fib level down into low $10k. I'm only playing right now, but I would have had stops set at the $10.450 fib level last night if I was worried about protecting it. I should have just for practice, but I was also super tired!
As we know, that wishful thinking didn't materialize. We tapped the line of resistance around 11.7k and shit the bed a bit.
Good news: I do still think we will see this ABC reversal from the failed 5th wave, but it's lazy and dirty, and might churn here for a bit until we see some strength get ripped back into the exchanges. I have boxed out the levels I see this playing out. The dotted orange line shows the possibility of a full extension on this ABC correction, which could see us falling back solidly into the mid to low 8k territory, and as that level of correction has a significant emotional value attached to it, I'd watch for a real strong resistance and upturn before trying to catch this falling knife.
Before I commit to any rally, I need to see a couple things materialize:
- Strength: we need consistent and solid volume
- Market Cap: if we keep flirting under this $500bil level for a lot longer, we are going to see some serious insecurity in the market outlook.
Short Term: Bearish
Mid Term: Neutral leaning Bearish
Long Term: Bullish
Stay safe out there.
Mischief managed, ya twats.
- Foul Mouth Muggle
With shit market cap and that INC H&S everyone wanted so bad not committing, everyone is fucking RIGHT off. This is a no trade zone for a bit. Watch and learn.
Alts are going to be decimated for a while until some real confidence and liquidity returns.