The number of longs on Bitfinex has been trending downwards. This doesn't mean that those positions have gone short; but, it does mean that traders who probably went long sub $7000 have been taking their capital off of the table.
XBTUSD (kraken) formed an ascending triangle following the upmove. We then brokeout higher, but failed to confirm, forming a "big M" double top. We threwback into the pattern (the triangle) and then we moved into a downbreak. We quickly pulledback, then moved lower, now we are pulling back again. The 50% fibonnacci ($8165) has seen price reject 3-4 times, making...
We just printed a bearish candle below the previous bear candle - signifying a move out of whipsaw (where candles close within the range of the previous candle). If we break local support expect dumping pressure to pick up.
I would be moving into cash right now.
I COULD BE WRONG.
DO YOUR OWN ANALYSIS.
After whipsaw with most candle closing within the range of previous candle, we have a close below the bullish maribozu candle, signalling weakness. If this 30 minute candle closes below the bearish confirmation candle and breaks below this trendline, I see a dump incoming. Otherwise, we'll return to whipsaw.
My price target for the Bitcoin/SKW using the Rising Wedge is the S.K.W. equivalent of $7770. But we'll see if price turns back around at the bottom side of the rising wedge trendline.
I remain short for now.
There are a few bearish signals on BTCUSD 2hr.
> RSI crosses below the 50.
> The P.O.C - where most volume by price has occurred on the since April 28 (about 3 weeks) is back down at $6840.
> We've broken below an important uptrend line that came after the short squeeze.
Here's an example of BTCJPY with an ascending scallop and down break. The price target is the valley of the pattern to the top of the pattern taken from the bottom of the pattern.
This is the full price target, whereas the measure rule is 0.25*the price range.
You should have the BTCUSD LONG/SHORT both on your watchlist. The spreads are closing. 5.4% of longs on Finex were just liquidated, shorts remaining steady.
I've been predicting a LARGE DUMP for days now and I see us nearing it soon. All of your perma-bulls, in my opinion, are about to have your a** handed to you.
I COULD BE WRONG.
TRADE AT YOUR OWN RISK.
The Bitcoin/Won price is a more clear rising wedge with busted breakout/throwback. IF Bitcoin/SKW reaches the price target, then we should expect a rapid return to $7700, depending on how much of a premium/discount the Kimchi price is. Right now the Kimchi is UNDER the USD.