LTC major uptrend broken. H&S in play . All cryptos have this ominous H&S pattern now and i wouldnt touch ANY of them at this point in time. I expect more lows on all cryptos coming soon.
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I believe we are heading toward the 50 dollar area which is the confluence of the upsloping major trendline and the major horizontal consolidation S/R. Another important thing to note was the US dollar sold off heavily on friday and lit a fire under gold, but did cryptos budge? NOPE... meaning they are weaker than even they appear. Bearish.
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Here's TOTAL crypto market cap. H&S inside right shoulder of H&S inside right shoulder of H&S ! Wanna talk about a triple bearish pattern? I think we are heading for a meltdown that will shake out even the hardcore HODLers. Actually this HODL thing is the stupidest thing ever. New money will NEVER come in until most of these HODLers have capitulated. HODLing is just prolonging the misery until they are forced to UN-HODL...lol. Hey dont blame me, that's just the way markets work!
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LTC and most all cryptos are in the process of breaking down from the flag (right shoulder) pattern after retesting the neckline.
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High volume on ETH selloff confirming downtrend. Let's watch and see how it reacts to the bottom of the yellow triangle. Should accelerate once we get past there.
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We had a massive USD dump tonight. BTC and cryptos had a brief bounce but are again showing weakness. I think it's stop hunting above the right minor shoulder. BTC cant remain above the major channel... even during a massive dollar dump, now that's pretty bad. Store of value? On this chart i have BTC, USD in black and GOLD in orange. Gold responded to the dollar dump with another fresh set of highs. It should start to be obvious to some what the true store of value is ? Hint: it aint bitcoin! Gold and crypto are about to diverge at an accelerating rate shortly. The gold is dead HODL crowd is about to eat crow... extra rare!
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Looking at BTC resistance 10484-10784. If we can take out 10784 i might be looking at some long trades here.
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Brief BTC strength didnt materialize into anything significant and i remain extremely bearish here. USDT.D is looking to breakout of flag formation here on the H6 chart. If this happens expect the crypto market to go into major selloff mode as they all break down from the triple H&S pattern in play.
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ETH is at the apex of the triangle now, breakout is imminent Which way will it break? Well we tried breaking out upwards several times and failed so my guess is down... we will see.
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Dinner is served !
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Where to next? I dont rely on long term targets as i feel they are a waste of time. Instead i use wave structure as it evolves to make decisions. We have reached the minimum target of 66-67 and we may see a bounce from here but i believe we ultimately head lower because the trend has changed to down. We may find support at the 50ish level if we get down that far.
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although LTC is the stronger of the 3 now we must analyze BTC and ETH as well. Here is BTC retesting overhead resistance and preparing for the next drop. To those HODLers out there... better get woke or ya gonna go broke!
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rounding bottom on LTC... potential long play developing.
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BTC takes out triangle plus multiple levels of resistance. Now looking for a pullback to 10,200 or lower for long entry on cryptos.
I also see the pattern, I don't have a short position just yet
because
a. H&S is fragile pattern, Especially for crypto market which is a highly manipulated market by whales.
b. The indicator such as MFI, Stochastic isn't confirmed bearish movement for now. When you look it in a bigger time frame(Weeks), It is bearish though, but in the short term, It is still uncertain.
Is there any evidence that backing up the idea other than the chart pattern? I would love to hear about your opinion.
etfsandstuff
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@BubbleBubblePop, I only trade chart patterns and Ewave. I believe H&S is one of the most common but also reliable patterns but yea it can fail often in which case it is an even better reversal signal ie. take out the right shoulder. Cryptos IMO are bearish AF right now but all the reasons i have for being bearish are technical which is all i need. Channel breakdown, massive triple H&S patterns, bear flag, weak volume etc. If going stickly by ewave id say we are good down to 67 at least but i seriously think this count is wrong and it will get much worse. Will see.
etfsandstuff
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@BubbleBubblePop, if you want to be more sure you are with the trend enter short a break below the low @ 70 (bitfinex)
etfsandstuff
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@BubbleBubblePop, make no mistake the best time to short this is gone which was the top of the right major shoulder at wave C. The next place wouldve been the retest of the breakdown of the H&S neckline. I posted this because of the fact we broke down i feel we are now in a larger down structure, possibly a W1 of 3 or a W wave. Anyway i think its got a lot more down coming.
BubbleBubblePop
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BubbleBubblePop
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This was my original thought and it seems like it is happening.
because
a. H&S is fragile pattern, Especially for crypto market which is a highly manipulated market by whales.
b. The indicator such as MFI, Stochastic isn't confirmed bearish movement for now. When you look it in a bigger time frame(Weeks), It is bearish though, but in the short term, It is still uncertain.
Is there any evidence that backing up the idea other than the chart pattern? I would love to hear about your opinion.