DarkLord883

DarkLord883

Maybe it's just me, but I've got a bad feeling we are going to see significantly lower before higher across the cryptoshpere. ETHBTC has been a decent gauge of how alts perform over the past couple of months. That cross is just breaking below major support over the past few days and that level just happens to be the 61.8% retrace of the big move up inn ETH...

DarkLord883

By the time you read this, this post might be irrelevant. But I thought I'd point out an unusual observation in BTC price action over the past 16 hours on the 15 mins Bitfinex chart. Today, BTC touched or traded below 8000 no less than 10 times. But the unusual fact about that is that each time it did so, BTC could not close below 8000 based on the 15 min...

DarkLord883

Well, BTC finally broke below the bottom of the bear flag about 24 hours ago as you know. The selloff has been somewhat orderly and has been confined to a narrow $500-wide channel. So risk reward would suggest selling in the $8000-8050 area in the next couple of hours, and buy around $7500. Continue trading the channel range from the short side until it breaks.

DarkLord883

Well, BTC finally broke out of the channel this morning. I'm sure the Google banning of crypto ads might have sparked the sell pressure but it seems to me that unless BTC can break back above $9100-ish, we are going to have a semi-rapid decline to the $6500 area. This would mirror the fall from the recent highs (~$11700) down to the start of the channel. If...

DarkLord883

Who says trading BTC is hard? jk But the rising channel in BTC I mentioned yesterday continues to hold and we had a nice bounce off the bottom a few hours ago at ~$8900. I anticipate a grind higher today and look to sell in the $10000-10100 area. I might hold off selling until the top is confirmed since $10000 is likely a psychological barrier and if...

DarkLord883

If you are confused with BTC over the past few days, I don't think you are alone. But I am seeing a touch more clarity now. In the short term at least, I see BTC ranging in a ~$1000 range within an upward sloping channel. Risk/reward suggests playing this range until it clearly breaks either side.. Get a drink, we could be here awhile.

DarkLord883

I've been struggling with how to position myself after having done reasonably well since last year. BTC in particular is a bit difficult to predict but since it tends to lead all alts, we need to consider it first. What I see is that we recently broke the downward trendline from early this year. "shorts" stopped themselves above and others have fomo'ed in. ...