I continue to get raked over the coals for my lack of bullishness in crypto, standing out most of this rally because I haven't seen key signals that I prefer to see. I also remember how the COVID shock shook crypto when theoretically it should have been restive to such a real world event but as insightful traders and investors know all markets are unified by the people making the trades and when they need liquidity they will take it from wherever they can. And when they have an absence of bid on one asset class, that absence of bid can be a cross multiple classes.
The fact remains that the two premier cryptos are at very key decision points. The black line shows a key historical and horizontal level for each coin that acts as resistance or support. The blue lines are rising trend lines that at time act as resistance or as support. The arrows are color coded to the respective line showing support and the hammers show resistance or areas of consolidation at the trendline.
It is never really a good thing for price action to be at these double resistances. There is also the fundamental weaknesses in the market that remain from the dump earlier in the year.
If I see the blue and black lines flip to support I might go long with a position size worth talking about. If I see something resembling another higher low from the lows in December 2018 and March 2020 I might take a trade for an acceding triangle
Having said all that one trade I am taking is longing XRPXBT. There are those very brief magical times that only last a few weeks every year and a half or so where btc loses bigtime and it is like the money recklessly flows into XRP to cause a blow off top. XRPUSD interactions with the blue trendline have been way more positive than ETHUSD or BTCUSD.
And you have to admit, this xrpxbt chart does look delicious.
The chart is tagged short for crypto in general due to the pull that eth and btc will have on the broader market. My play in XRPXBT is very small.
The fact remains that the two premier cryptos are at very key decision points. The black line shows a key historical and horizontal level for each coin that acts as resistance or support. The blue lines are rising trend lines that at time act as resistance or as support. The arrows are color coded to the respective line showing support and the hammers show resistance or areas of consolidation at the trendline.
It is never really a good thing for price action to be at these double resistances. There is also the fundamental weaknesses in the market that remain from the dump earlier in the year.
If I see the blue and black lines flip to support I might go long with a position size worth talking about. If I see something resembling another higher low from the lows in December 2018 and March 2020 I might take a trade for an acceding triangle
Having said all that one trade I am taking is longing XRPXBT. There are those very brief magical times that only last a few weeks every year and a half or so where btc loses bigtime and it is like the money recklessly flows into XRP to cause a blow off top. XRPUSD interactions with the blue trendline have been way more positive than ETHUSD or BTCUSD.
And you have to admit, this xrpxbt chart does look delicious.
The chart is tagged short for crypto in general due to the pull that eth and btc will have on the broader market. My play in XRPXBT is very small.
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