$XBTUSD, $BTCUSD: A failed pennant
Observing the $SILVER and $GOLD chart we can see similar chop, and violent shakeouts to our phantom fib level.
In my opinion, I don't think the run is over.
I do believe that if BTC regains the pennant territory, we could chop out some more before a swift leg up.
BTC.D Chart is currently demonstrating a flat top.
With 4 touches of the same resistance.
OTHERS.D has made 4 higher lows that coincide with the same 4 local tops on BTC.D
This leads me to conclude that Bitcoin Dominance could be weakening.
For the first time in quite some time,
Mana puts on some good looking candles, long ones in the form of a pennant, with a premature breakout.
If this upwards price action continues I highlighted above targets, Watch for rejection at the 1.272 fib level.
Our Bitcoin Gravity Indicator is once again prediction another retracement move to $7150 +- levels.
This indicator has had a success rate of > 90%
When it told us a move to $6300 was imminent a week ago, very few believed us.
Check it out for yourself:
Targets and Stop on chart
If T3 is breached and support is found above larger falling wedge,
Expect a MASSIVE upwards move.
Enjoy, trade safe, always trail your stop and take profit.
Has broken out of an ascending triangle/bullish pennant, and is currently retesting the formation to establish support.
ETHBTC is looking more interesting,
I published a video about the incoming possibility of a BTC pullback and ETH hedge.
Upon ETHBTC, symmetrical triangle breakout our targets are:
Currently down some 88% off it’s all time high, ETH is trading around $164. Since December 2018 lows, price action has consolidated into an ascending triangle, with price currently trading above the triangle. Which is typically bullish. Formations such as ascending triangles tend to retest for a pre-flight check.
But what’s currently peaking our interest...
We expect bottom to set-in within 72 hours, and for the phase 6 to complete for a new heading and direction in bitcoin, Target $10k
Want the exact trade parameters, shoot me a DM.
Swing low, followed by an initial peak.
(swing low) (initial Peak),
Gains: F1 16.5%
Duration: F1 52hours
There's a short squeeze brewing, all the bulls know it.
Perma Bears are still shorting. What's the big picture trade?
Well, our previous long entry at $6040 for the squeeze was viable and currently still in profits.
A hedge Short was opened at $7370
Analysis of the previous squeeze occurring on 4/7 demonstrates a possible fractal in 6 phases:
This is an analysis of BTCUSD SHORTS vs BTC
Today's lesson we will attempt to understand, where Smart Money shorts, and conversely where DUMB Money shorts.
This is somewhat satire, and should be taken with a light heart. If you are in either category I'm not here to offend you, nor to compliment you.
Except, if you Short Sold the top of every rally, aka Smart...
Gold appears to have failed at the previous pennant,
The lack of a rally after a pennant that size has me thinking in terms of "what's a better hedge?"
Definitely range bound, and headed to 1056 Before a possible long entry.
Monthly candle could turn into a Dragonfly Doji, too soon to tell.
Both the SPY and BTC started the year with a corrective downturn.
SPY was quick to bounce back, and currently is near previous ATH levels.
SPY achieved a double bottom, and was able to rebound to the upside without filling the low volume VPVR node.
We're currently observing somewhat of an inverse correlation relationship between the two charts.
The SPY is...
Short interest is growing parabolic, and Bitcoin's price isn't making lower lows,
While market dynamics mimic November 2017, in terms of Market Cap and BTC Dominance.
Historically, the last 3 times short sellers overtook longs in terms of %,
Bitcoin squeezed shorts, and went on a rally.
I believe history is about to repeat itself!