Hey there!
Here are some ideas for pondering.
1) The CME contracts expired on the 19th. I believe these contracts that were short caused the longs to pile in for a brief moment. In fact, billion was pumped into cryptos minutes after this expiry.
2) The CBOT contracts will expire on the 26th. They are heavy short too.
I expect there will be downward pressure until then.
After that, the Cryptos will Roar!
Any position is good at this point.
However, I placed fibs for ideas to enter on in the event this moves lower.
It is also possible to move up and I would expect a move to the .236
This fib is the ultimate low to the ultimate high on the daily.
The parallel channels ID the trends and frankly we are still in a down trend unless the price action breaks above the .5 fib.
The .618, .786 and the .886 are all in play.
The Parabolic SAR is narrowing the gap and once it crosses over, that would be a good entry regardless of price.
As mentioned I expect down for one more week due to BTC Contracts that are short.
The institutional money is in the game and traders need to be aware of this new twist to cryptos.
The Fib Extension is not shown on this but the price indication shows a range to 4.70 USD.
Here are some ideas for pondering.
1) The CME contracts expired on the 19th. I believe these contracts that were short caused the longs to pile in for a brief moment. In fact, billion was pumped into cryptos minutes after this expiry.
2) The CBOT contracts will expire on the 26th. They are heavy short too.
I expect there will be downward pressure until then.
After that, the Cryptos will Roar!
Any position is good at this point.
However, I placed fibs for ideas to enter on in the event this moves lower.
It is also possible to move up and I would expect a move to the .236
This fib is the ultimate low to the ultimate high on the daily.
The parallel channels ID the trends and frankly we are still in a down trend unless the price action breaks above the .5 fib.
The .618, .786 and the .886 are all in play.
The Parabolic SAR is narrowing the gap and once it crosses over, that would be a good entry regardless of price.
As mentioned I expect down for one more week due to BTC Contracts that are short.
The institutional money is in the game and traders need to be aware of this new twist to cryptos.
The Fib Extension is not shown on this but the price indication shows a range to 4.70 USD.
Comment:
looking lower
Comment:
looking lower
Comment:
expecting a retest of lows
