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.
Hello Patrons and guests! On this episode of the podcast, we dive into my thoughts on Bitcoin (BTC) and why I remain short even though I've sustained losses. Here's a bullet list for the readers:
1. The large move up was pure short squeeze.
2. Too much whipsaw and consolidation following the pump.
3. A simultaneous increase of 8% in short positions on Bitfinex...
Litecoin brokeout upward from the descending triangle and three falling peaks pattern. We reached over $132 but have rolled over rather quickly. This all feels artifical to me. Each time Bitcoin or litecoin wants to roll over, we breakout to a higher volume area. I remain short.
I've absorbed losses on my short positions because to be honest I'm not buying it. My analysis states that because we're in a low volume area, we're so far from the point-of-control, we failed to following through with the short squeeze, there's very little volume, and we're forming lower highs, we should expect a dump.
I am short because this move up is going to...
Whales/Institutions are onloading/offloading contracts in this high-volume area; we're seeing whipsaw in this area for that reason. Within the next 48 hours I expect to see a large (10%+) move in one direction or the either, and the big players don't tend to lose. Their setting up for either a pump or a dump, and it's up to technicians to figure out which. My gut...
Here is an annotated Bitcoin price chart (1hr) with markings and remarks using only price and volume. Fibonnacci Retracements are - of course - only overlays on price. There are no other indicators here, no tea leaves to read or secondary nonsense. This is the kind of trading I prefer. I've got a price target of $6840.57 which is slightly lower than where we're...
Bitcoin has formed a bear flag on the 2hr chart with downward sloping trendlines. Typically a continuation pattern, we are likely heading lower; however, I've included bullish price targets for a bullish breakuout scenario.
I bought back 0.36 BTC at $6660 and am waiting myself to see if I want to hodl or go short again.
The SPX is clearly bearish, I couldn't imagine any decent technician argue otherwise. We're in a clear downtrend. We moved down and then formed this area of considation (on chart as small triangle.) This is a classic bear penant setup, but I've also left the possibility that this is an inverted roof.
The red lines are shorting targets.
The primary price targets...
Ethereum (ETH) is outperforming the other major cryptos today, as seen on the charts. Following a spike downwards, ETH has formed a quick consolidation (flag) and presents the best shorting opportunity of the major cryptos. On the chart you can see my price targets - ranging from least to most aggressive. The last price target is simply cloning the flagpole and...