I hope this downtrend is finally over. Divergences @MACD and CCI suggest that for now. And inverted H&S formation (see lower timeframes) at the final dip of this downtrend suggests that too. Do not invest however here "all in". Deeper downtrend in BTCUSD and this upmove will end with new dip. Now upmove is fueled mainly by coinchecks victims refundation.
i assume that "whales" are producing this waves to make "average joe" confused. They know direction, we have only charts an media - they manipulate every day with theirs "bull...t news".
Three black crows on daily chart dont lie this time
This is not a trading advise! I will only show (if that entry will fail) how many bad entries must be made before You can win with "market". This time entry is @9030 SL 9600, TP basically @5000 but can be changed.
Downtrend is clearly resumed here. Many will say "lol it's impossible" (my drawing). Okay maybe, this is not prediction, this is one of possible scenarios, after denial @downtrend reddotted line. For me BTC has started dynamical wave 5th in this correction from ATH. It's end in range 3000-5000 will not surprise me at all. Invalidating of the above scenario,...
This is not a trading advice! risk/reward ratio 3, risk to lose 500$ from 10000$ of capital for playing shorts.
I publish this only for observing (not for trading!) how XEMUSD (@Bittrex) works in price formations (or not works at all - i want research that).
I think this downtrend tend to be much longer. But how long will last? Let's see the last deep correction (much deeper than 60%) of XEMs bubble in the past, and RSI indicator behaviour (in second half of 2016). What we need on XEMUSD chart now is much more divergence on RSI. For now there is no divergence so it should be created by market players. It should...
Total Market Capitalization shows H&S formation for the whole crypto market: drive.google.com If this formation will be in play, drop down to 300-350bln$ may happen (to fulfill that formation BTCUSD needs to dump to around 8000$) In case of BTCUSD we have now probably bulltrap. Daily volumes are significantly lower when the price is nearing the red dotted...
H&S was not fulfiled in 100% (only 60%), than invalidated after break trough blue line (invalidation line for H&S formation). And now i bet it will dump to the previous target level for this H&S, or even more after some bounce. Big players dont let You earn much in their game. That's the lesson for newbies. And that's the main reason why i use for now only...
but not confirmed yet. H&S invalidation (blue line, H&S was fulfiled only in around 60%) and break trough the downtrends red line will be nonfirmations in that matter. Bitfinex looks similar in that matter, only downtrend line is nearer:
and bearishness has ended? I dont play on this market tough. If You will play, the target is 12950
Accumulation phase should be in range between 9000-14500sat, along with dumps in BTCUSD pair.