The white lines define an ascending wedge (I think I've posted a signal about it days ago) which was rising against a bearish DIV. Despite the wedge price rose until the 14th and recently retraced until yesterday's dump which made the market crash (damn BTC-dependent market).
Today I was just checking BTC chart and I saw the retest against my wedge's support. this is not a good sign! I've used the Fib extension to highlight the possible bounces but I think that if current support breaks we'll touch 50.9K which I see as big support. HOWEVER if current support holds we might see a reversal from here!
I personally don't care about BTC, honestly... it's not conveniente trading it unless you've a lot of liquidity. I'm worried about the effects it has on alts, and if it crashes again it will hurt!
If you have positions you're in profit with I suggest you to close them or set a stop loss unless they are long terms. If you're at loss you decide, I personally think I will open those that are at less than -10%.
Today I was just checking BTC chart and I saw the retest against my wedge's support. this is not a good sign! I've used the Fib extension to highlight the possible bounces but I think that if current support breaks we'll touch 50.9K which I see as big support. HOWEVER if current support holds we might see a reversal from here!
I personally don't care about BTC, honestly... it's not conveniente trading it unless you've a lot of liquidity. I'm worried about the effects it has on alts, and if it crashes again it will hurt!
If you have positions you're in profit with I suggest you to close them or set a stop loss unless they are long terms. If you're at loss you decide, I personally think I will open those that are at less than -10%.
Comment:
At 15 min chart has formed a rising wedge which is kinda heading down. However at 1h and 4h it has formed HH and HL. The situation is unclear but I'm pessimist (in general, not just in crypto)