I think the SEC needs too look into Stablecoins and finally cut them out. Tether is acting like a bank without license. The Treasury has just been discussing the stablecoins and with these perfect examples of manipulation I think average users have a good cause for not allowing these things to happen. Michael Saylor just tweeted he bought thousands of bitcoins...
It seems that at least some traders had the same idea. Yesterday's volume was poor suggesting a trap. I took a small short position on XRP today. I'll go long if BTC goes above 53k. If it doesn't we may start to drop slowly and pick up speed as we roll down.
I have posted this idea previously but this time I'm clearing up some view. I find these 2 charts strikingly similar but there are some small differences. Especially on the RSI and Stoch RSI which seems to be more bullish on ETH.
I've found this similarity between the dot com bubble chart (NASDAQ) and Eth (same with BTC for that matter). I'm not an Elliot Wave specialist but the basic principle in this case is establishing a new ATH to call it a full blown bull market. Otherwise there's still a great potential for a downturn.
According to the Elliot Wave principles we may be in the B...
It's either coiling up or catching small fish into the nets. 30%+ run so far was nice, let's see what the whales got next.
BTC is perfectly respecting the resistance so far so do not get fooled by a correction in the downtrend.
The dot com bubble had just that, with a higher high and a higher low.
Any Elliot Waves experts?
Because candles at this scale and rate are not equal and bitcoin is not going to go to $200m in 10 years from now. It's an ever accelerating chart which is not possible to sustain. Any linear trend drawn on such a chart is in fact constantly parabolic.
Wyckoff, not Wyckoff, it all looks like a series of rejections from important levels. There was a time recently when I thought btc had a chance to recover. The volumes picked up a little but these recent rejections are a bad signal for the near future.
Today's drop was clearly visible to come on ETH chart - which had a rising wedge and divergences on both RSI and...
I'm generally more negatively biased person but there are some good signs on BTC now, at least until we hit one of the major resistances. Feel free to zoom in on the daily and hourly levels and resistances. In this case I'm not a fan of the Wyckoff accumulation theory. I'm not the most familiar with it but from what I've read some things are off (such as low...
Of course the unexpected can always happen but looking at this chart BTC is done. Stoch RSI is signing a reversal, there's a huge H&S which Peter Brandt suggested a few weeks ago, the daily RSI is about to take a bad turn, rejection at 40k and a nice sell off today and that will lead to a sudden increase of "red volume" once again. Normally I don't draw trendlines...
This is a neutral analysis as we need to see it unfold a bit more. There were some good volumes from buyers but unless we break out of this newly formed wedge, we may see more weakness. In fact I see the strength already wearing off but you never know when the "manipulated buy" comes or when people lose their hope.
I think we have a pretty good signal now seeing a pretty strong selling pressure. The break out to the upside was visibly weaker than the fall. There are just not enough buyers to drive the price higher but there will be more and more sellers to drive the price down.
If this analysis makes you uncomfortable just learn how to short.