The main chart says a lot. My main additional comment would be that many crypto traders spend a lot of time looking at the log chart for some very good reasons. But from time to time it is useful to put things on the standard settings to see if we have missed anything.
Every single point of the points I have detailed is very bearish by itself. Taken as a whole the picture looks worse and worse for holders and bullish traders. The chart below shows some simple Elliot Wave analysis and it does seem that the price action is at point B and there is going to be a devastating C wave soon. While I have put the main chart on the standard scale I would be doing log fib targeting, but that will be a different post.
forextraininggroup.c.../04/a-elliot-fib.png
A closer look at some indicators shows that there is some hidden bearish divergence on the MACD histogram. Divergences in general help suggest that macd crosses will be sustained with further price action and hidden divergences specifically suggest that a trend will continue. In this case, we will get a lower low. The VPVR shows where we could expect price action to move quickly (low volume nodes) and where it may stall (high volume nodes).
What I am doing
With the bull trap apparently in on Ethereum my personal strategy has to change. While I do think there are going to be some final upside performers in this market my general bias is going to be looking for coins to short for the next couple of years, and I am going to be doing that by looking at the coin/btc pair or the coin/eth pair
For example, ethusd looks bad, and xrpusd looks bad to me, and when I look at XRPETH, XRP looks like it will fall out of a descending triangle against eth. So I am going to short XPRUSD until XPRETH makes target. I could put a short on xrpeth, but since I see both moving to the downside I don't see the point.
Every single point of the points I have detailed is very bearish by itself. Taken as a whole the picture looks worse and worse for holders and bullish traders. The chart below shows some simple Elliot Wave analysis and it does seem that the price action is at point B and there is going to be a devastating C wave soon. While I have put the main chart on the standard scale I would be doing log fib targeting, but that will be a different post.
forextraininggroup.c.../04/a-elliot-fib.png
A closer look at some indicators shows that there is some hidden bearish divergence on the MACD histogram. Divergences in general help suggest that macd crosses will be sustained with further price action and hidden divergences specifically suggest that a trend will continue. In this case, we will get a lower low. The VPVR shows where we could expect price action to move quickly (low volume nodes) and where it may stall (high volume nodes).
What I am doing
With the bull trap apparently in on Ethereum my personal strategy has to change. While I do think there are going to be some final upside performers in this market my general bias is going to be looking for coins to short for the next couple of years, and I am going to be doing that by looking at the coin/btc pair or the coin/eth pair
For example, ethusd looks bad, and xrpusd looks bad to me, and when I look at XRPETH, XRP looks like it will fall out of a descending triangle against eth. So I am going to short XPRUSD until XPRETH makes target. I could put a short on xrpeth, but since I see both moving to the downside I don't see the point.
Comment:
ETHUSD appears to have found support on this trendline. As such I think we are going to revisit the resistance of this rising wedge. I expect Alts to pump for the next couple of weeks or so as ethusd price action revisits resistance
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion