PSARS, Awesome Oscillator, and Accelerator all lined up for a SELL signal. Between 60-80% reliability. Most likely a continuation of the downtrend before yesterday's pullback.
Uptrend from the last signal is expected to continue. Awesome Oscillator shows more potential for upside than downside.
PSARS, Awesome Oscillator, and Accelerator lined up for a SELL signal.
I have been keeping my eye on the short sellers being at an all time high these last few days. A new ATH was created on April 8th and they have only increased from there. When zooming out you can see that the short selling volume has gone parabolic. That is the type of fuel that we need to turn this market around. If the bulls can get the price above $7,155 then...
Yesterday I had hope that we would get another bounce, mainly due to shorts reaching a new all time high. I was also crossing my fingers for the triangle to give us support and I mentioned that it would get ugly fast if it didn’t. I’m happy to see that we held support and shorts are at a new all time high! Right now we are heading for a retest of the 50 day SMA...
Just as things looked to be turning around for the bulls we see a sharp pull back bring us below the 50 day SMA. The Adam & Eve bottom failed to push us above $7,500 and we are back at $6,650 support. It is also retesting the triangle that we broke out of two days ago. If we don’t hold here then things could get ugly quick. Short sellers reached a new ATH today...
Over these past couple days the big story has been the short sellers being at an all time high on Bitfinex. Historically we have seen a huge squeeze when the books are the unbalanced and I do not expect this time to be any different. With the overall market being so bearish I am still being extremely cautious and will be waiting on the sidelines for further...
Bitcoin chart is forming flat structure (3-3-5) from 12/17/2017 peak $19891.Now it reached 2017 trendline and up from there will return to a new cycle to the upside as third wave.
I updated yesterday’s post to warn everyone of a upcoming short squeeze. My reasoning was simple: short sellers on Bitfinex were at an all time high. I should have closed out my short upon making that update, when the price was at $6,600. But I stubbornly held onto it and kept a tight stop. That was triggered last night while I was out at the bar and I had to...
Yesterday I remained fully bearish and was watching for a new local at to be created below $6,500. Today I have drawn a massive triangle which illustrates the support level that we have been flirting with over the past couple days. If that breaks down below $6,500 I expect the volume to really pick up from the sellers. I have mentioned that I need to see...
Yesterday I remained fully bearish as we broke down through the longer term bull trend (green dotted line) as well as the $7,000 horizontal support. The lack of capitulation is the #1 reason I am confident this bear market is not over. Before this market reverses we are going to need some serious capitulation where the price drops $1,000+ in a couple hours and...
Yesterday I was sitting on the sidelines and waiting to see what developed. I was keeping my eye on the red dotted line and the 50 day moving average. The bulls needed to support above the moving average and break the bear trend formed by the red dotted line. Unfortunately the bears won that fight and now it looks like we are heading lower. That made a third...
My short sell was stopped out at break even, now I am sitting on the sidelines and waiting to see what develops. I was very surprised to see $7,250 resistance break and do not have a confident prediction in either direction. So I have outlined my bullish and bearish scenarios arguments. Bullish Above 50 day SMA Back above green dotted bull trend line RSI above...
So when you currently look at bitcoin on the 4 hour you'll see it's consolidating into a nicely sized bull flag...usually a really good sign for bulls...but after the last bear pennant had so many fake bearish -and- fake bullish breakouts that its structural integrity eventully collapsed under it's own weight, there's a good chance that any of the upcoming flags...
I am still actively managing the BTC:USD short. $5,000 remains the target. We we hit the $6,000 low on 2/6 I used it to draw a new trend line (green dotted). We have been consolidating on top of that line over the past 48 hours. It appears that $7,000 is holding as resistance and that we should be breaking down here soon. Above $6,850 could provide a good short...
Yesterday I reiterated my short position with a $5,000 target. As of this morning everything is still going according to plan. We just created a new local low and the volume is picking up. The next area of support will be from $5,900 - $6,100. We will likely see some consolidation between $6,000 - $6,500 before dropping further. The harder and faster we drop the...
Yesterday I was very surprised to see us bounce off $6,750 support. I mentioned that it could provide a good short entry if not already in a position. I also mentioned that my stop loss had been moved to breakeven ($7,369). Everything remains the same today. I don’t expect us to stay above $7,000 for much longer. Once that breaks I am very confident $6,750...
Yesterday we broke down through $7,400 and that was my final confirmation to sell. I drew an arrow to $5,000 and that remains the target. $6,650 provided support last night, and I added to my short on that bounce. Now we are heading back to retest that level and I think it is about 95% that it breaks down. Once that happens we will see another big drop, probably...