For a bearish scenario:
Charts are showing the same pattern
RSI is very high
ETF decision is delayed in September
The outcome of the last Congress hearing on cryptos is worst then the previous one
The article mentioning insiders saying that it is almost certain that ETF will be approved are unknown or even not anymore part of the decision circle
BTC is still above its long term up trend and I expect BTC to come back to its logarithme curve.
Log Scale ON - Weekly timewrame
Log Scale ON: - Daily timeframe
Log Scale ON - Daily timeframe
Log Scale ON - Daily...
BTC -0.75% is breaking the red triangle we see in the chart.
RSI is high on the 4h timeframe. Last time it was so high (early May), BTC -0.75% felt consequently.
First target price: 6200$
Another sign that makes me bearish is the trend of long positions on Bitfinex (see below). It is increasing more than reasonably while the price of BTC -0.75% will not make...
ETH logically moved up during the last hours while stayed within the descending wedge
Since May ETH used to drop each time it gets close to the upper part of the descending wedge which is now more or less the equivalent of the EMA 10day
Same behavior when the RSI comes close the the line you can see on the graph.
ETH drops again when the above mentioned...
Interesting move in the last hours.
Breakout of the RSI down trend => Buy signal
We are finally above the ichimoku cloud (buy signal) but the Tenkan Sen (thin blue line) did not crossed Kijun Sen (thin red line)
BTC is close to the upside of the descending wedge => sell signal unless BTC breaks it
BTC is close to the 10day EMA => sell signal unless BTC cross it
I don't short BTC this time because I consider we are too close to a very strong support level but I am bearish on the short term.
BTC almost completed the triangle pattern and RSI shows a bearish trend.
I think BTC will break the triangle with a down trend move to reach a first step at 5800$ in the coming hours/days.
On the Bear side (4h timeframe)
We see that every time BTC comes close to the limit of the descending channel drawn on the screenshot below in white BTC falls sharply. On the BTCUSD pair we did not brake the RSI trend (yet) but on the pair XBTEUR on Kraken BTC did already revealing a sell signal.
Right now I have no position on any cryptocurrency but I am still pretty bearish for Q3-2018 for the following reasons:
• Bitcoin used to experience a 80% retracement after a hugh rally like the one we had in end 2017 (Cfr. Screenshot 1)
• Ichimoku reveals strong bearish signals when using the weekly charts. On the screenshot 2 we see both a TK cross and a twist....
BCH and BTC are strongly correlated and I would be long on both.
My first decision is made on the real Bitcoin - BTC - because Bitcoin is the original one on which other cryptocurrencies are correlated and we see buy signals when using Ichimoku. The price is above the cloud and Tenkan Sen - the thin blue line - is above kijun, thin red...