The market memory is phenomenal. Check out BTCUSD which is at the linear downtrend line from 20k, 6k now. The line crosses current price action at the 'supposed Inverse Head & Shoulders'.
It's decision time for BTC. Is it in a downtrend still? Or about to reverse? To cross this & go up BTC will need some rocket fuel!
I've been watching this price action thinking 'why does this seem familiar?'
I remember, I've seen a similar situation before! March/April 2018, a pump, dump and true bottom for almost +100% gains.
Falling wedge (blue)
Bullish break, sharp counter-trend rally
Reaches almost to Daily 50 SMA
When is it good to long & short the bitmex futures?
My first trade on the bitmex futures was to hedge XBT in my account. I got caught out by a rapidly narrowing spread!
So I made this chart -> This will show you when Bitmex futures are trading at a premium or discount to spot price (XBTUSD), and give you some idea of when to get in or out of the trade for...
EOS/BTC is showing a cup & handle with a technical target of 0.0009
Buy if break the neckline, stop below a swing low.
NOTE: This is not a long trade on EOSUSD, as this will track bitcoin, but a trade on EOS vs BTC which can be traded at some exchanges.
BTC epic decline from 6k to 3.5k
Sharp counter trend rally and final sell-off. So far failure to break previous low of ~3400
Rising trendline on the RSI (or my substitute, ADP by @cI8DH) with now 1,2,3,4,5 touches on the 4-hour chart of bull divergence.
BTCUSDSHORTS near all time high again and sentiment super bearish.
Order book is bullish in the 3.5k...
The weekly volatility is now near zero, which is very unusual for Bitcoin - certainly unusual for the last few years of price action.
It feels like we are in the depression phase of the market - after a bear market, all the traders are rekt and no-one cares about the asset any more - effectively, crypto is ded...
... until it's not.
It's when the asset is...