Despite my long term bullishness on several cryptocurrencies, I'm going to write a post here about the continued sell pressure on altcoins. As such, this will be a lot more bearish than my long term view. This is meant to be as objective as possible, without being too hopeful about what the future could bring. Here we go. A lot of people are still asking the...
BTC Daily chart continues to tighten so not much to update at this point. Bulls changed the 4 hour trend but saw no follow through, which normally means zoom out and look for a daily bear flag.
The odds have a slight favor for bears where we currently stand, so a bit more follow through over $10,255 would be needed to even out the probabilities.
If we see a...
The fear index is crushed as the bulls battle to hold the daily equilibrium and try and form a higher low heading into the weekend. If bulls fail we will likely head to daily oversold conditions and a $9,000 test. If they are able to hold we will likely see a break of the range Saturday or Sunday.
Still all cash and patiently waiting for the tightening range to...
Loss of the 4 hour uptrend was the first indication, followed by a 4H lower high and lower low... into a solid dump.
These were the indications the daily lower high had been set, and it sure feels like the bears have had an easier time than the bulls as we work through this tightening daily range.
I would expect a higher low compared to $9,470 at least...
Consolidation on BTC and a loss of the 4 hour support.
If we break the pattern of a higher low every day, our daily lower high in the tightening range will be set.
The break in this pattern will likely be what leads me to take the rest of my BTC position off and patiently wait all cash for a break of the tightening range.
Still keeping an eye on the tightening...
After the first 3 days of the bounce started shaping up as a potential bear flag, the bulls are breathing a sign of relief for the bounce follow through that is making the daily equilibrium more likely.
Bulls are looking for one more push to the low $11,000s to get to the midway point within the range. Watching the 4 hour uptrend to see how long the bulls can...
BTC currently in a clear 4 hour downtrend, and I am continuing to either wait for 4 hour oversold conditions, or a change in trend on this time frame before I make an entry.
Daily consolidation still underway with the pattern of a lower high every day.
Daily EMA12 support being tested again this morning.
It would require a break down to the upper $10,000s to...
BTC is in a dump on the 4 hour time frame as we look for a daily higher low to form after the 12 day bull run to start the month.
There was a notable inverse correlation between BTCUSD and ETHBTC last night, as ETH and LTC are getting some relief by not dropping as much as bitcoin.
We will continue watching the BTC pairing charts of these names for clear daily...
1H hammer formation
4H hammer, down on FIB.
1H 6 spikes down to this region - 29700
Sellers showing weakness
Tho we can clearly see 1H head and shoulder.
It might go down 29400 before further upside.
Have a good day.
BTC consolidation all weekend with no red flags for bulls at this point.
Watching daily EMA 12 support which continues to hold.
Using both it, and EMA 26 as a guide for this consolidation, bulls happy as long as we keep closing over these levels.
We are watching the daily pattern of a lower high every day the last 7 days. This pattern breaking will be an...