BTC - Maybe this dump was more severe than you think..
Updated
Lets see.
Ain't so sure how many grasshoppers left right now. Hard to print a full picture to be honest.
I am posting a H4 Chart of BTC over a very long period here as you will see. The reasoning is a similarity I see dating back to NOV 15th last year!
- BTC flushed down red for the past 14 4hour candles which is unusual in the recent past.
- The 4H RSI flushed down to 10.6! - Levels not seen since November last year!
- What happend after the first bigger drop in November last year? Check the chart: After cooling up the 4H RSI levels for four days to a level of 43 the major dump started with BTC declining 43% in 27 days!
- For the shortterm I am expecting a small rally towards the EMA Resistance and a cool up of the RSI levels. This can take a day or a week, hard to tell. Probably longer than we would expect after such a dump.
- After the small rally I am expecting the dump to continue
- Looking at the LTC/BTC pairing we see that LTCBTC lies just above a huge longterm support level. This chart shows the first supportive reactions of this level dating back to OCT 2017, although this level has been supportive also in JAN-MAY 2015 before it broke down.
- Currently there are some similarities from NOV17 to now as you will see in the chart. Notice that this is a 3 Day chart for visual reasons.
- Notice that the supportive areas here are not perfect and just represent a guess. Also notice that this area has already acted as support three times and might be worn out now.
- This current 0.007 level is a pivotal point of huge importance.
- The daily chart of LTCBTC also offers some midterm insights as to what might happen.
- The white marked "3 wave pattern", whatever you want to call occured before major upwards trends:
For the reasoning above we are currently cautiosly bullish on LTC. Cautiosly!
For the moment we stay bullish on LTCUSD only short term, keeping the midterm picture of BTC in mind.
Latest LTC Short idea:
Ain't so sure how many grasshoppers left right now. Hard to print a full picture to be honest.
I am posting a H4 Chart of BTC over a very long period here as you will see. The reasoning is a similarity I see dating back to NOV 15th last year!
- BTC flushed down red for the past 14 4hour candles which is unusual in the recent past.
- The 4H RSI flushed down to 10.6! - Levels not seen since November last year!
- What happend after the first bigger drop in November last year? Check the chart: After cooling up the 4H RSI levels for four days to a level of 43 the major dump started with BTC declining 43% in 27 days!
- For the shortterm I am expecting a small rally towards the EMA Resistance and a cool up of the RSI levels. This can take a day or a week, hard to tell. Probably longer than we would expect after such a dump.
- After the small rally I am expecting the dump to continue
- Looking at the LTC/BTC pairing we see that LTCBTC lies just above a huge longterm support level. This chart shows the first supportive reactions of this level dating back to OCT 2017, although this level has been supportive also in JAN-MAY 2015 before it broke down.
- Currently there are some similarities from NOV17 to now as you will see in the chart. Notice that this is a 3 Day chart for visual reasons.
- Notice that the supportive areas here are not perfect and just represent a guess. Also notice that this area has already acted as support three times and might be worn out now.
- This current 0.007 level is a pivotal point of huge importance.
- The daily chart of LTCBTC also offers some midterm insights as to what might happen.
- The white marked "3 wave pattern", whatever you want to call occured before major upwards trends:
For the reasoning above we are currently cautiosly bullish on LTC. Cautiosly!
For the moment we stay bullish on LTCUSD only short term, keeping the midterm picture of BTC in mind.
Latest LTC Short idea:
Note
Actually BTC is performing perfectly as I predicted above (small rally, backdown - for now). But I have to admit, that I thought this would take longer:Zoomin on the cliffdive from November 2018:
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