This started as halloween theme colored TA and turned into a haunted house idea. Let me explain.
The turquoise lines are the descending resistance, which we've now broken through and backtested. This is bullish.
The purple channel represents the next horizontal resistance at the breakdown point. Once we wicked through this region, the resistance is lost since the long term sell orders were filled. Any new ones would be short term orders, which are mostly negligible. Overall, this move is bullish.
I noticed this wick made a sort of wall structure, and I also marked my sell orders in grey ticks.
The remaining trendlines seemed to create a house when trimmed, with the back of the house marking Halloween day.
Which floor do you think we end the month in: attic, main floor, or lower levels? Let me know in the comments. I think we will break below the floor before Halloween back into DCA territory, and that this rally will soon come to an end. I base this off the entire altcoin market, TOTAL3, beginning the breakdown of it's multi-month wedge that will take Bitcoin down with it.
The turquoise lines are the descending resistance, which we've now broken through and backtested. This is bullish.
The purple channel represents the next horizontal resistance at the breakdown point. Once we wicked through this region, the resistance is lost since the long term sell orders were filled. Any new ones would be short term orders, which are mostly negligible. Overall, this move is bullish.
I noticed this wick made a sort of wall structure, and I also marked my sell orders in grey ticks.
The remaining trendlines seemed to create a house when trimmed, with the back of the house marking Halloween day.
Which floor do you think we end the month in: attic, main floor, or lower levels? Let me know in the comments. I think we will break below the floor before Halloween back into DCA territory, and that this rally will soon come to an end. I base this off the entire altcoin market, TOTAL3, beginning the breakdown of it's multi-month wedge that will take Bitcoin down with it.
Comment:
I admit I was not sober when writing this idea. However, we've since broken into the attic and i've taken a little more profits at $29,700. I do not plan to take anymore profits below 30.5k, as I do expect a larger pullback soon. With bonds and stocks falling, I struggle to see a scenario where crypto doesn't follow suit in the near term.
Comment:
So this idea couldn't have been more wrong, even after calling out the bullish setup. I was bearish because I expected altcoins to capitulate on their bitcoin pairs, since many were nearing resistance. However, I didn't anticipate that while altcoins did drop on their bitcoin pairs, especially eth, it was due to people selling their alts for bitcoin, and not USD, which fueled the rally.
If you look at TOTAL, you'll see that it triple topped while bitcoin has been going higher, which reflects the rotation of capital. I expect this rally to be short lived and correct back under 30k.
If you look at TOTAL, you'll see that it triple topped while bitcoin has been going higher, which reflects the rotation of capital. I expect this rally to be short lived and correct back under 30k.