Plz don't forget to LIKE if you LIKE it :)
Coins have started recovering nicely today
And this is also the first time in a while Eth has shown stronger gain than BTC
So the question now is whether we are at the bottom yet ??
The answer is "If eth can go recover above 330 , then yes we are at bottom"
Can Eth do that ? 70% it CAN'T , unfortunately.
I still strongly believe that we will have one more big leg down to 200$ after this short recover by observing eth's past history and multiple coins' chart and upcoming event.
In conclusion, stay safe guys. If you are in long position with Eth now, always try to remember to take profit when you see bad sign. Longing now is a COUNTER trend trade. Don't just blindly think we switch to uptrend mode already just because we have a bounce here :)
Only if we can break 328$ convincely , the analysis will be revaluated . What's the chance for it ? 30% :)
Let's me tell you what happened yesterday
it was really a BULL TRAP. The sudden pump was because bitmex went into maintenance for a short period. So whales pumped bitcoin to KILL SHORT orders.
And I can tell you now that btc's chart looks VERY bearish now if today's candle ends like the current one.
Congratulations for patient players.
Accepted: crazy pump
Decline: you can guess the outcome already :)
Nevertheless, if we can hold above 6200$ for the pullback, it is still a healthy pullback
Breaking below 6200$, that will be very bearish and I don't think 5750$ will hold this time
1. 7000$. Why ? because of this pattern : bitcoin top at 11.5k, then 10k, then 8.5k, so next 7k$ is an interesting price to watch. Some people will definitely short there and it is also a psychological resistance
2. near 7.4k (around 7360-7.4k). Why ? it is the upper band of BB on weekly. Price definitely will stop there and decide next direction
Long is moving in its downtrend channel.
My thought is that we will have another rally when we are near September 30th for waiting result of CBOE ETF . These are the 2 possible paths :
1. we will continue on rising SLOWLY from here until near Sep 30th
2. we will have one more drop then start rising back up near Sep 30th
Lot of people think that btc can only rise to max 7.4k then start making lower low to 5k$ range. Right now i see that btc doesn't follow its past bearish pattern anymore.
So what should we do now ? I will say that if btc can break above 7.4k, then we can expect a strong bull. So for any long position now, always keep stop loss in tight because we have lot of resistances ahead.
Look at on the chart. Have you notice anything ?
This week and next week will be very important
I hesitate at buying here because I see hidden bearish divergence on weekly chart. Right now it is waiting for a Top to be formed (here or higher but can't be too much high) before heading down
So what does it tell us ?
Long hesitates to go long but there are still few doing it. Short is closing their position. This is no good because later then when bitcoin reaches specific price, people can start doing massy short again.
Overall sentiment right now is still bullish in short-term
Monthly candle is closed already.
I will say that you are very brave and risk gambler to buy in this range.
Only buy if the previous High is broken
In addition, with the current rate of going up of RSI, if we make a higher High now , it will definitely form a Bear div too.
In conclusion, if you play Long, don't hesitate to get out of trade right away when you see btc breaking higher low in ur favorite timeframe.
if you are not in position yet, then no need to be fomo. True pullback will come :)
Btc also goes up little more too
The good thing is that I have seen lot of alts have broken out of their downtrend and some are starting.
Im strongly to believe now we are in early phase of the bull cycle. For stronger confirmation, we need 1 more week (Next week). So no need to fomo and do market buy
i will post some alts soon
anyway, i have been in cash position for a month now to wait for the bottom or bullish confirmation . It is really painful to watch coins rallying these past weeks but patience has really paid off.