Still a little bit to go before the bottom, which I think will be around 12.5k. For now it looks like we are completing a flag which will signal the continuation of the dump to 12.5k from the initial 21k. There is still a little possibility that we will spike to 18.5k to test it one last time as resistance, but get ready for a historic dump potentially touching prices not seen since 2017.
Comment:
Comment:
Comment:
Still no significant movement, game of patience at this point. Good to have stop loss in case it does decide to fake out after such long consolidation and people getting anxious for the bottom. From what I read, a lot of people think we reached the bottom (general sentiment on TradingView and Reddit), so many will jump in if it does pump back up to 18.5k.
Comment:
Still no significant movement since mid-November. Yesterday feds have announced a 50 points increase instead of the initial 75 predicted, but this mixed with the fact it's December (stocks and crypto go down around December-January) means that we will have some significant movement down soon, probably to the 12.5k area from the current 16.5k support.
Comment:
We are approaching the end of December and it's becoming a ''now or never'' moment. I am expecting significant move in the next few days down, but first we have to break through the infamous 16.5k support which we have been slowly reproaching. If it doesn't drop a decent amount in the next two weeks I will become a lot more bullish, for the short-term that is.
Trade closed manually:
First week of January is over and staying true to my word I will close the trade. I still think recession is going to hit hard and tank prices, it's just a matter of time given there is a delay with the size of the sectors and bureaucratic entities that will be affected. We didn't break 16.5k and I anticipate a relieve rally or a fake out all the way to 18.5k, even potentially 20k, which would make this a decent entry point. Till the next drop !
Comment:
Comment:
First target of 18.5k is reached. Relief rally is reaching it's peak... looks like we might break 20k, but I am not anticipating much higher then that. Cautiously anticipating a quick spike up and reversal.
Comment:
Comment:
We have reached just above my target of 20875, but couldn't stabilize above. There is some good moment in the market, but I believe the relief rally has come to an end by hitting a resistance line AS WELL as the 200MA on 1 day candles. If we do break and stabilize above 21k, we might go up to 25k, but right I am mostly thinking that we will be going down to just under 17k.
Comment:
The 200 day moving average has stopped us and is acting as resistance, even though we broke 21k momentarily with decent price movement. However, on the daily:
- stochastics was more or less topped out
- rsi spiked into a oversold zone
- positive volume is losing momentum and getting into a good selling zone
When looking at the 200 hourly moving average, it looks even worse.
We barely made it to the 200MA and got pushed back down pretty hard. That being said, a lot of positive news has been coming out of the financial markets and looks like people are buying a lot less, so the increase in interest has definitely slowed things which suggests a potential stabilization of interest rates in the mid to long term.
The other important thing to consider is that there isn't many whales going around crypto right. The number of overall whale accounts (1m+ holdings) has went down considerably and is more or less in a all time low. If a few ''manipulators'', or whales, come into the market it will have a powerful effect.
- stochastics was more or less topped out
- rsi spiked into a oversold zone
- positive volume is losing momentum and getting into a good selling zone
When looking at the 200 hourly moving average, it looks even worse.
We barely made it to the 200MA and got pushed back down pretty hard. That being said, a lot of positive news has been coming out of the financial markets and looks like people are buying a lot less, so the increase in interest has definitely slowed things which suggests a potential stabilization of interest rates in the mid to long term.
The other important thing to consider is that there isn't many whales going around crypto right. The number of overall whale accounts (1m+ holdings) has went down considerably and is more or less in a all time low. If a few ''manipulators'', or whales, come into the market it will have a powerful effect.
Comment:
Comment:
We have broken the 200MA and looks like we are going up to 25k, all we have to do is break through 22k.
Comment:
Trade closed manually:
We have broken past 22k and are stabilizing it above it. I don't trade against the market and it looks like opportunities for short are far and few in-between for now. It's looking more and more probable that we will not only bust through 25k, but also make it to 32-35k range. All in all, it would be risky to short even with swing trading for the next few weeks. I wouldn't call this a bull market, but the bearish sentiment is definitely getting weaker.
Comment: