Daily chart is showing signs of momentum weakness + as a contrarian the moon talk is too high and global risk is too high coming into the US election.
Looking for a dip to shake out some longs before a definitive attack on the big resistance at $12,000. Don't be dismayed to see this drop like its hot.
To be clear I am very long term bullish but wouldn't trade...
As you can see ETH has been consolidating in a bearish descending triangle in the same pattern as we had in order to break $100.
If we fail to break out and hold above $90 then we will restest the support at $80.00.
CFM still under 0 on most time frames which is not looking that good.
Breaking this will lead to swift losses.
Slowly building a short through...
Looking to place long term (2-3 year cold storage bids in the green box).
Near term we will likely hit $2.9K area, rebound or go sideways into the green box.
If you think we have seen capitulation yet, we have not. Sorry
Trade with patience, targets on these buys are $20K - new ATH.
We have a nice wave structure here with a bull flag formation that if we break out of will take us to the $7K resistance. This would give us a 5-wave 4hr structure and bring us to a key decision point for the market with the close of BTC futures as well.
If the bull flag fails and if we breakdown we will retest $6200 and need to consolidate again, else we will...
ETH stopped its decent at the 1.414 extension level and just above the $150 resistance which is significant. Here are the current bullish indicators for the mother of ALTs.
1. Daily RSI divergence showing sellers losing momentum.
2. Daily TD 8 with hanging man candle + V bottom, we are looking for a 4 count to go aggressively long.
3. Record open shorts which...
Pretty clear here - if BTC gets above $7.4K we will have over 13,000 BTC of shorts under water.
Thats around 40% of open short interest - that is the worst its been since April.
Lets see what the bulls can do. $6.9K and above should start forcing closes...
Here is my view on BTC daily. Daily RSI is showing hidden bullish divergence if we make a higher low and lower low on RSI. Daily TD is a 9 but could go to a 13 meaning 4 more days of down which would be painful for BTC.
If we fall apart the next logical stop at this point is the lower area.
Suspect a period of range bound movements leading up to September "ETF...
My hypothesis, lets see which way we go.
My bet is down as there is too much supply.
Such patterns much profit
Target is lower support around $6-6.5K if this doesn't hold then capitulation....which we need!