Bitcoin Daily Update (day 322)
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Consensio: P < S MA < M MA < L MA = bearish
Patterns: Phase 7 of hyperwave | Bear Channel | Daily Close Below Symmetrical Triangle
Horizontals: S: $3,350 currently being tested | R: $3,374
Trendline: 3 week bear TL is holding as resistance
Parabolic SAR: $3,479
Futures Curve: Backwardation with 1.4% spread. Paying very close attention to decreasing spread.
BTCUSDSHORTS: Appears to have formed a higher low
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: R6
Ichimoku Cloud: Cloud is starting to thicken
Price Action: 24h: -0.4% | 2w: -4.8% | 1m: -14.6%
Bollinger Bands: Fully bearish, bands are starting to squeeze again
Stochastic Oscillator: Daily is back in oversold territory, 3D failed to make bullish cross
Summary: I have been watching for a bounce off the trendline support from the symmetrical triangle. In yesterday’s post I used the 4 hour chart for the first time in months while i was watching the reversal candles form on top of my trendline.
That failed to amount to anything over the past 24 hours and now I am right on the verge of turning bearish again. The LTCBTCSHORTS being severely overleveraged is the main reason I am inclined to remain tentatively bullish. The 3D red 9, daily red 6 and backwardation are providing confirmation at this moment.
However the spread in the backwardation has been consistently narrowing over the past few days and it is getting dangerously close to re entering Contango. If that happens then I will disregard the Litecoin short sellers and look to join the party myself.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: P < S MA < M MA < L MA = bearish
Patterns: Phase 7 of hyperwave | Bear Channel | Daily Close Below Symmetrical Triangle
Horizontals: S: $3,350 currently being tested | R: $3,374
Trendline: 3 week bear TL is holding as resistance
Parabolic SAR: $3,479
Futures Curve: Backwardation with 1.4% spread. Paying very close attention to decreasing spread.
BTCUSDSHORTS: Appears to have formed a higher low
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: R6
Ichimoku Cloud: Cloud is starting to thicken
Price Action: 24h: -0.4% | 2w: -4.8% | 1m: -14.6%
Bollinger Bands: Fully bearish, bands are starting to squeeze again
Stochastic Oscillator: Daily is back in oversold territory, 3D failed to make bullish cross
Summary: I have been watching for a bounce off the trendline support from the symmetrical triangle. In yesterday’s post I used the 4 hour chart for the first time in months while i was watching the reversal candles form on top of my trendline.
That failed to amount to anything over the past 24 hours and now I am right on the verge of turning bearish again. The LTCBTCSHORTS being severely overleveraged is the main reason I am inclined to remain tentatively bullish. The 3D red 9, daily red 6 and backwardation are providing confirmation at this moment.
However the spread in the backwardation has been consistently narrowing over the past few days and it is getting dangerously close to re entering Contango. If that happens then I will disregard the Litecoin short sellers and look to join the party myself.
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