Bitmex:XBTUSD has been rejected a couple of times from 6544, and this last re-test created a wave on all cryptocurrency affecting ETHUSD and all other derivatives/assets in the cryptocurrency market. We have had a lot of indecision between 6543 and 6255 on Bitcoin. We are charting ETHUSD instead because using ETHUSD we have found different Bitcoin bottoms and we prefer to trade ETHUSD contracts which suffer from higher volatility than Bitcoin it self.
As we see our blue line its a daily downtrend line, it was re-tested twice and worked as support. At the time of the second re-test (16 August 1600 Eastern Standard Time) Bitcoin hit a low of 6217 to immediately re-bounce for a total of 236 points (3.78%).
Overall the whole cryptocurrency market found peace and relief in this sideway channel which led to massive increases on cryptocurrencies trading on Bittrex, Binance and Poloniex, we could believe that this is a deadcat bounce, as always using technical analysis we can only see a part of the story that the markets want to tell, for now, after taking profits of our last 3 calls with proper stops and from our spot trades on Binance, we’ll retire ourselves from the market temporarily until further development. As always we’ll try to keep you guys updated on what positions we believe are good and contain a convenient RR.
Sidenotes:
MA200 worked as resistance for ETHUSD at 308.87.
The 2 blacklines are just micro-supports/micro-resistances.
What do you think of the implications of trying to find bottoms through ETHUSD instead of BTCUSD? What's your opinion on current BTC price action? Feel free to ask for different coins Technical Ideas through tradingview chat.
Telegram: t.me/CryptoCue
Website: cryptocue.io
Email contact: support@cryptocue.io
Disclaimer
Cryptocue is not providing individually tailored investment advice and is not taking subscribers personal circumstances into consideration when discussing investments. Investment involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire position. Investors should consult their registered financial adviser before investing.
Cryptocue is not registered to provide investment advice and is simply providing an opinion, giving a particular experience. Information contained here is not an offer or solicitation to buy, hold, or sell any security.
Cryptocue is not a broker-dealer or financial adviser and is not affiliated with an investment advisory firm and does not engage in activities that would require such registration.
Cryptocue and/or any others affiliated with CryptoCue, are not responsible for any gains or losses that result from the opinions expressed herein.
Cryptocue makes no representation as to the completeness, accuracy, or timeliness of the material provided and all materials are subject to change without notice. Opinions discussed herein have not been reviewed by the securities and exchange commission or any state securities regulatory authority.
As we see our blue line its a daily downtrend line, it was re-tested twice and worked as support. At the time of the second re-test (16 August 1600 Eastern Standard Time) Bitcoin hit a low of 6217 to immediately re-bounce for a total of 236 points (3.78%).
Overall the whole cryptocurrency market found peace and relief in this sideway channel which led to massive increases on cryptocurrencies trading on Bittrex, Binance and Poloniex, we could believe that this is a deadcat bounce, as always using technical analysis we can only see a part of the story that the markets want to tell, for now, after taking profits of our last 3 calls with proper stops and from our spot trades on Binance, we’ll retire ourselves from the market temporarily until further development. As always we’ll try to keep you guys updated on what positions we believe are good and contain a convenient RR.
Sidenotes:
MA200 worked as resistance for ETHUSD at 308.87.
The 2 blacklines are just micro-supports/micro-resistances.
What do you think of the implications of trying to find bottoms through ETHUSD instead of BTCUSD? What's your opinion on current BTC price action? Feel free to ask for different coins Technical Ideas through tradingview chat.
Telegram: t.me/CryptoCue
Website: cryptocue.io
Email contact: support@cryptocue.io
Disclaimer
Cryptocue is not providing individually tailored investment advice and is not taking subscribers personal circumstances into consideration when discussing investments. Investment involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire position. Investors should consult their registered financial adviser before investing.
Cryptocue is not registered to provide investment advice and is simply providing an opinion, giving a particular experience. Information contained here is not an offer or solicitation to buy, hold, or sell any security.
Cryptocue is not a broker-dealer or financial adviser and is not affiliated with an investment advisory firm and does not engage in activities that would require such registration.
Cryptocue and/or any others affiliated with CryptoCue, are not responsible for any gains or losses that result from the opinions expressed herein.
Cryptocue makes no representation as to the completeness, accuracy, or timeliness of the material provided and all materials are subject to change without notice. Opinions discussed herein have not been reviewed by the securities and exchange commission or any state securities regulatory authority.
Comment:
Was actually not expecting a re-test of btc at 6611, which consequently gave us a small pump to our 318 daily resistance on ETHUSD quanto. This is the beginning of a downtrend on all Binance coins that are "overextended" along with all derivative instruments on bitmex.