Ok, I'm going to be honest, there isn't much new here, you've all seen this.
The chart is a weekly VWAP chart of BTC, and linked below is the the famous bubble bursting chart.
IMHO We are just starting to enter "Fear"
What are you're thoughts?
A good series of up thrust days presenting a strong upward trend in progress
A spike day on the 6th, suggesting a reverse in trend and a new relative bottom in place
A cross over on the 10/20 moving averages
A wide ranging day with a strong close (on an upthrust day!) further enforcing our trend
and to top it all off - a classic flag...
Might have missed a few - haven't accounted for the coins that got stolen.
But this is each time Tether are created logged on a daily BTCUSD price chart.
I've included some annotations, basically the colors match up to the values, though I got bored after a while and stopped tracking the exact values.
Please note, I'm not trying to say there is or is not any...
The pitch fork in this chart has generally held since September (I drew it on back then, so it's not been retrospectively fitted) the last time it broke down from it, we saw a large corresponding drop in short interest as can be seen at the top of the chart in red (shorts) and green (longs) there was also a large spike in volume - quite probably the shorts...
I think this chart shows quite nicely how "close" we were to it happening, of course, it could still quickly change ;)
In times of high volatility and panic, I find these high level views really useful and to keep things in perspective. Too often things look a lot more dramatic than they are.
Stochastic/RSI and VWAP giving mixed signals, edging towards the oversold, but not quite there.
Recent 20/50 MA cross makes keeps us in a generally bullish trend
Key Zones: 5725 and last weeks R4 of 5611
I wouldn't place a trade either way here, but I'd speculate that we are headed down towards 5600 and if that breaks convincingly our next stop would be...
Price is below cloud,
Tenkan-sen below Kijun-sen, price below cloud, lagging line, chikou span below price all bearish indications.
Volume has crossed 20 sma, so there is volume to support this move downwards.
Give today's pressure on ETH, there is clear further downside here - sell until you see indications the downward trend is over!
Invalid if price touch...