BTC is probably going up and biased bears are going to get REKT
Since only 1-2% here on TV can actually chart, I thought this colourful and distracting chart would look appealing to the masses. However, I have put in some actual knowledge that will break the minds of blinded Elliot bears. It is called Wyckoff.
We have had distribution, it was quick and sharp, since then we have had a period of accumulation with peaks of retail fomo breakouts. There are several triangles and wedges inside this generic wedge that most of us have tried to draw. Within this, we have had a spring and price has started to rise with volume again (demand greater than supply) instead of volume rising with price falling (supply greater than demand)
We could go into actual crazy detail as to what the market is doing and extrapolate this chart. I could post something serious; but there is no saving the Elliot bears, and I am not wasting my early retirement on explaining things to people plagued with cognitive bias, and get a greater kick out of trolling people that ignore Wyckoff and what a market is trying to do.
We have had distribution, it was quick and sharp, since then we have had a period of accumulation with peaks of retail fomo breakouts. There are several triangles and wedges inside this generic wedge that most of us have tried to draw. Within this, we have had a spring and price has started to rise with volume again (demand greater than supply) instead of volume rising with price falling (supply greater than demand)
We could go into actual crazy detail as to what the market is doing and extrapolate this chart. I could post something serious; but there is no saving the Elliot bears, and I am not wasting my early retirement on explaining things to people plagued with cognitive bias, and get a greater kick out of trolling people that ignore Wyckoff and what a market is trying to do.
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Sorry I missed the 2014 vs 2018 chart
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Here is another way of looking at it.
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I know I don't like long-term oscillators but
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THIS CAN STILL GO DOWN.
RISK MANAGEMENT
DYOR
RISK MANAGEMENT
DYOR
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We have entered the void.
We have support on the middle band of BB
BB contracting
Tested and broken downtrend resistance
Tested and staying above downtrend support.
Seriously close!!!
Big up or down, or down. Up then down is very unlikely.
BB contracting
Tested and broken downtrend resistance
Tested and staying above downtrend support.
Seriously close!!!
Big up or down, or down. Up then down is very unlikely.
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Possible next move. Green triange 2 isnt really a triangle. I expect it to fall from here. Not saying it has to.
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Found support on downtrend line "in the void"
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"The Void"
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1D looks good. On middle BB, and forming an upward channel.
Dark part of my mind is expecting some kind of V drop bounce - Low volume + MEX Cant translate Mex support levels off Tensor charts as they are changing a lot, but STRONG support around 6K. Also potential short squeeze in the mix. Usual kind of stuff. Its going to be big.
ALTS are moving up. Particularly VET, THETA, QASH, ICX, ZIL, DGB... Positive signs.
Dark part of my mind is expecting some kind of V drop bounce - Low volume + MEX Cant translate Mex support levels off Tensor charts as they are changing a lot, but STRONG support around 6K. Also potential short squeeze in the mix. Usual kind of stuff. Its going to be big.
ALTS are moving up. Particularly VET, THETA, QASH, ICX, ZIL, DGB... Positive signs.
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This candle! Watch it!! 1 hour left on the 4hr close. If it closes above 6565 then we have a phenomenal bullish hammer.
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"Tedious" : adjective
too long, slow, or dull; tiresome or monotonous.
synonyms: boring, monotonous, dull, deadly dull, uninteresting, unexciting, unvaried, unvarying, lacking variety, mind-numbing, mindless, soul-destroying, soulless, humdrum, dreary, ho-hum, mundane, wearisome, wearying, tiresome, soporific,
Looking more like a shape on the 4HR now it has dropped (as expected) The shape in question is everybody's favourite reversal pattern from the last 8 months - The Falling Wedge
too long, slow, or dull; tiresome or monotonous.
synonyms: boring, monotonous, dull, deadly dull, uninteresting, unexciting, unvaried, unvarying, lacking variety, mind-numbing, mindless, soul-destroying, soulless, humdrum, dreary, ho-hum, mundane, wearisome, wearying, tiresome, soporific,
Looking more like a shape on the 4HR now it has dropped (as expected) The shape in question is everybody's favourite reversal pattern from the last 8 months - The Falling Wedge
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This is what I want to mention. These are our basic signals telling us what is going on.
Price is declining with volume (losing selling interest) and volume is increasing when the price goes up
All this time OBV is going up (these are your big dawgs buying) Bullish div
These are bullish signals. In a bear market all these signals are in reverse.
Price is declining with volume (losing selling interest) and volume is increasing when the price goes up
All this time OBV is going up (these are your big dawgs buying) Bullish div
These are bullish signals. In a bear market all these signals are in reverse.
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What a surprise!
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Come down to the 5min to have a look. Not really sure what BTC is trying to form here. Volume is so low that the flag/pennant/channel could become anything here.
But the 1hr view shows that we could have extended the size of our falling wedge pattern, and that BTC has broken long-term downtrend resistance yet again.
If we see a move up to 6800 here, then I expect there will be more stopped buy orders than there will be supply, and there will be fireworks.
However, it is also worth remembering that Finex will be going into "Maintainance" for 2hrs today. The last time that happened there was a very synthetic market crash - followed by a BIG short squeeze, forcing price upwards.
But the 1hr view shows that we could have extended the size of our falling wedge pattern, and that BTC has broken long-term downtrend resistance yet again.
However, it is also worth remembering that Finex will be going into "Maintainance" for 2hrs today. The last time that happened there was a very synthetic market crash - followed by a BIG short squeeze, forcing price upwards.
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Upside Target
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Lets do that again
Good idea. Equities.
This is the US Equities market.
Notice the rising wedge
Notice volume declining with price
Notice OBV flattening
Notice its about to crash
We could do this all day, but the fact is, if you think shorting BTC right now is a good idea because of Elliot, Telegram, or someone on here, then you need to get your head checked as your risk management and knowledge of markets isn't good enough for you to be putting the money on the table. No one here is your friend, and if you want to play your money wildly, people with experience and bigger wallets out there will take your money.
DYOR