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30m chart short trades active (red open short | green profit)\u2028
4h diamond bottom (continuation or reversal). Has 69% chance to break to the upside. However it can also be a continuation to the downside, called half-staff breakdown.
4h sideways ranging near key support is not good!\u2028Daily OBV falling wedge, could go into late 2018/2019
Daily TD 13 + Ichi was perfect reversal sign\u2028
Weekly Bearish engulfing\u2028
Monthly hammer did not follow-up, yet
30m chart short trades active (red open short | green profit)\u2028
4h diamond bottom (continuation or reversal). Has 69% chance to break to the upside. However it can also be a continuation to the downside, called half-staff breakdown.
4h sideways ranging near key support is not good!\u2028Daily OBV falling wedge, could go into late 2018/2019
Daily TD 13 + Ichi was perfect reversal sign\u2028
Weekly Bearish engulfing\u2028
Monthly hammer did not follow-up, yet
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You can thank me for warning you that diamond bottoms can also be continuation patterns (31% chance that the are), especially when volume is declining.
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September 9, 2018 BTC Update:
Woke up to a bullish engulfing daily candle (candle still has 10 hours till close). The pump was from ~$6100 to ~$6400. Definitely accelerated the jump due to shorts covering their positions.
Woke up to a bullish engulfing daily candle (candle still has 10 hours till close). The pump was from ~$6100 to ~$6400. Definitely accelerated the jump due to shorts covering their positions.
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BTC Shorts definitely got squeezed a bit but they are still in a rising upward trend. Looking to break that 40.7k resistance. The longs (blue) on the other hand area actually in a falling channel. Unable to muster the strength to long this market.
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Update 3: This current U-shaped turn around move (small short squeeze) is almost reminiscent to the move back in the middle of August as shown by the chart on top. If this were true, watch the arrows to play out the same in that area. The red dotted line ($6324) is the bottom target to watch for a small long trade and the gold box is the target + a short opportunity ultimately to low $6k or into $5k. Not financial advice :)
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As mentioned we broke down. Creating a bear pennant on 15m tf.
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ETH looking mega bearish. Target supports listed
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Symmetrical triangle looking to break. Lots of resistance above. The tenkan line (light blue) is now acting as resistance. If the mid-6100s breaks, look to the 5k level to come in play.
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Fractal from middle-August may be playing out similarly now in BTC
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Sometimes it helps to look at charts in an inverted fashion
We are clearly trending "up", meaning we're in a heavily bearish environment and trending in the same direction.
I've held my target of $3500-$4500 since March
We are clearly trending "up", meaning we're in a heavily bearish environment and trending in the same direction.
I've held my target of $3500-$4500 since March
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