If BTC were to continue the macro bullish trend, I expect a sweep of the $7600 region before moving up.
This very well could be the last extension on this impulsive move up.
Reload at $7,500, if we break $7,200 and close daily below, we will see below $6,000
As previously mentioned, there is lots of upside potential for XRP on the next macro uptrend, however there could one last leg down to either the $0.20 support region, or the $0.15 support region. If we head down there I will be buying big. If we breakout from here I will have to join the party a little late, however it is always best to wait for confirmation.
I am bear biased, simply because that is what price action is telling me. Double top formation at resistance with regular bearish divergences on a number of different momentum indicators. I would love to start the next macro bull trend, however there are better places to enter if you have exited in profit on this run up, either on confirmation of a 'breakout' or...
Lots of bullish sentiment here at resistance.
If we breakout, hold on till at least $0.31 however I suspect we breakdown here and head down to $0.15 to complete this super bear cycle. After that, I am holding till $7 or higher.
It's always hard to distinguish between genuine bullish momentum and that of a Bull Trap, hence the word "TRAP". I do not claim to know where Bitcoin is heading, however, based on my own analysis of historical price action and my time in this market (about 3 years). I believe we are close to the final leg down for BTC and the rest of the market, this one will...
Total Market Cap potential paths. BEAR: A long squeeze of the parabolic Bitfinex longs could be a catalyst for a drop to next support regions. 160B and 180B, assess the buy volume at each level and momentum indicators. BULL: A possible 'breakout' of the downtrend channel would provide some relief for #CRYPTO and the liquidity provided by breakout and FOMO traders...
Do we see $8,200 first for that optimum short entry, or do we dive down into the support region from 2018 (~ $6,000) to bottom out for this 2019 downtrend?
Hope everyone has been making use of the BLACK FRIDAY sales and bought the BITCOIN dip. Expecting some buyers to step in now at these BTC levels. Majors look primed as well, as always, risk management and laddering in is key.
Next, I believe XRP is going back up to test the 28/29 cent range and possibly a breakout from there or rejection. Will play it as it comes.
Incoming wick down to support. Be ready.
If you are currently long BTC, you are trading counter mid term trend. Which on occasion can be fortuitous, however it is not considered general best practice. Macro we are still moving up, however we need to return to this trend line and establish a base level for sellers to exhaust and buyers to step in. I was expecting a large reaction from the $7,200 region...
Looking to buy in the golden pocket around $0.26. SWELL could affect this play so will keep an eye out.
What happens after rejection at resistance? Correct, we go and test support. It might happen quickly, or a slow bleed out. I would prefer the former but ready for anything.
Hard to justify longing at resistance, despite the massive bullish engulfing candle from our golden pocket at ~$7,200.
Looking to trap the late longers and flip everyone bearish again. Bids in the mid to low 8k region. Will mostly look to play ALTs though.