We didn't die and we are definitely in for a bounce.
I won't bore u with that obvious 7th red weekly candle, oversold territory, weekly support structure - voodoo astrology TA.
I think we're in for a bounce!
.. at least I pray I make some monies
Kinda straight forward, there are more complex charts and methods to play the Bitcoin - altcoin cycle, but why overcomplicate when it can be so easy.
To verify the idea just open some random alt/btc pairs and check what happened after Dec 28. (the top of the btc dominance chart).
Fast forward - if price goes back above the blue line (swing high of the break-out move) bulls are fully in control of price action. If we close below.. lets see how strong bears are and if they make it to coordinate a move.
Switching gears here and trying out a new approach in my analysis.
In a nutshell:
Cardano (ADA) had a wonderfull spring and is primed to perform well in the future. Price is up for a correction, any pullback into quarterly support has a moderately high probability to be a bullish retest of previous high timeframe structures according to this analysis.
Crypto.com Chain CROUSDT looks completely unstoppable. Smashed through all significant resistances (on the HITBTC chart, older charts might not agree with this idk) and is signalising no sell pressure at all. A bullish retest of the zone between former monthly and weekly resistance (0.07-0.08 range) before going parabolic would be an amazing long opportunity. Will...
BITMEX:XBTUSD just being iconic and printing a Bart Simpson pattern on the 4H timeframe.
To a large extend these moves are due to a lack of liquidity in the market as big bag holder aka whales are a domination force in terms of short term price action. With their large amounts of coins which they market buy or sell these moves are essential in understanding the...
We had a wonderful run up, that's for sure.
Took out many resistances without respecting them, now we finally respected the upper bound of the broadening falling wedge (red line).
To the downside we finally respected the small range (thin blue parallel lines) which established itself before cryptos "Black Thursday" (March 12th).
The reaction from bulls is strong...
Bulls have a hard time fighting bears. We already saw two strong down-moves with little reaction from bulls.
Now we have formed another bear-flag. Additionally, we have been rejected as we approached the 21 SMA on the H1 timeframe.
Took a moderate short here and will take profits at the 6.5k level. Maybe just a bear-trap and BTC will fuck bears over with a massiv...
Waiting till we have a clean break out of this gigantic symmetric triangle pattern and take it from there.
My recommendation is to wait a little longer than usual for confirmation as the market is extremely indecisive at the moment.
I'll be waiting for the breakout to the upside and buy in during the bullish retest of the 4H resistance.
Trade and stay save!
What a reversal! The monthly and weekly charts look absolutely amazing!
Now on the lower timeframes as we see here on the 1h chart, we can see how an upwards trend (parallel) channel has formed.
Note how beautifully price has reacted to the middle part of this ascending trend channel.
My guess is that the upcoming reaction to the middle trend line (dashed line)...
Although the first pennant broke to the downside there is a second one building directly after the first one. Seems like bulls and bears having a tough time sorting things out. Could be that the first break-down filled many "to late to the party"-bears, which, if prices continue to push up will get rekdt.
A relief rally to the next S/R level (green rectangle)...
A bearish pennant has formed on the 1h chart. Given the fact that we are in a massiv downtrend I would consider this a bearish continuation pattern.
Let's hope this madness ends soon, and bulls utilise the freshly gained liquidity and push back up!
Cheers & trade safely! (I personally wouldn't recommend trading in this conditions, but it's good time for spot buying tbh)
I see a strong bullish divergence on the 4h chart. Additionally Bitcoin undercut its established trading range, suggesting a bounce back into the trading range and even higher. If we would have a breakout of the trading range to the upper side I'd be bearish, the RSI alignment and the undercutting of the trading range give me some bullish confluence. Longs will be...