This is a short term call, not a long term one.
As far as I can tell, looking back on my charts, BTC is about to do something it never has before. It is (unless something drastic happens in the next hour) about to post 7 red candles in a row on the 2D chart. It has NEVER done this before.
I think the chances of it posting 8 in a row, when it never has posted 7 before (which is eminent) right after making this history, are very very low. This, in my opinion, is going to get a dead cat bounce.
As far as I can tell, looking back on my charts, BTC is about to do something it never has before. It is (unless something drastic happens in the next hour) about to post 7 red candles in a row on the 2D chart. It has NEVER done this before.
I think the chances of it posting 8 in a row, when it never has posted 7 before (which is eminent) right after making this history, are very very low. This, in my opinion, is going to get a dead cat bounce.
Note
It's also never, in it's history posted 5 red candles in a row on the weekly. That may happen next week. But not without a dead cat bounce first on the 2D.Note
Given the inverse correlation with the stock market, paying attention to futures on tomorrows market, and how the market does will determine if this bounces tomorrow, or on Tuesday. If the futures and the stock market are down tomorrow, this will bounce on Monday, but if they are up, there could be some more pain before the bounce.Note
Given the inverse correlation with the stock market, paying attention to futures on tomorrows market, and how the market does will determine if this bounces tomorrow, or on Tuesday. If the futures and the stock market are down tomorrow, this will bounce on monday, but if they are up, there could be some more pain before the bounce.Note
I just noticed, the same is actually true on the 3D. We just posted 7 red candles in a row, which has never been done before. I think the chances of this current candle closing red are next to zero.
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At emcs.store, we offer our services in custom Pinescript development for Tradingview.
We also provide access to a wide selection of proprietary trading tools we have developed as a subscription service, and we continue to innovate.
We also provide access to a wide selection of proprietary trading tools we have developed as a subscription service, and we continue to innovate.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.