BTC - Where did all those gains go? D'oh!
Updated
Remember when we thought BTC was on the rebound? Simpler times! We were so young and innocent! With dreams!
Yes, I am aware I called a Bart and it didn't happen, then said we were probably clear of the bart, just to have a mini bart happen. I can practically taste the irony. But hey I was right... eventually :\
Now to the topic at hand, on the daily chart, yesterday might as well have not have happened. Well for BTC at least. We're below EMA 50, Possibly heading towards another downward cross with EMA 100.
Watch over the coming hours and into tomorrow how we treat the EMA levels on both daily and 4H chart. If we use them as resistance, that is a very bad sign for short term price growth and likely a clear indication we're still in the correction phase.
INDICATORS 1D:
INDICATORS 4H:
BOTTOM LINE:
Interesting to note a lot of alt coins that were absolutely popping off are holding their support very well despite this drop. *Ahem -SXP & OMG*
If you're into the alt coins, get your gain face on. If you're just trading BTC, be VERY careful right now. It seems to be having less solidity to it's price than some alt coins which is concerning.. The fact that the price moved from between liquidity areas, up to a new liquidity area, hung out there all day today and then dumped makes me concerned as well. Could be a sign of market manipulation; keeping the price in a swing zone to fill their orders on the upswings.
Tin foil hat maybe, but I am not comfortable suggesting a long with these signs at all.
--
And on the pedestal these words appear:
‘My name is Ozymandias, king of kings:
Look on my works, ye Mighty, and despair!’
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare
The lone and level sands stretch far away. - Percy Bysshe Shelley
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Yes, I am aware I called a Bart and it didn't happen, then said we were probably clear of the bart, just to have a mini bart happen. I can practically taste the irony. But hey I was right... eventually :\
Now to the topic at hand, on the daily chart, yesterday might as well have not have happened. Well for BTC at least. We're below EMA 50, Possibly heading towards another downward cross with EMA 100.
Watch over the coming hours and into tomorrow how we treat the EMA levels on both daily and 4H chart. If we use them as resistance, that is a very bad sign for short term price growth and likely a clear indication we're still in the correction phase.
INDICATORS 1D:
- MACD divergence shrinking. Could be a bear cross coming.
- Stoch is pretty middling right now. Not doing a whole lot in either direction. Considering the recent drop I'd call that not a good thing.
- Volume big spike on the recent drop from liquidity area. Otherwise low volume.
The market manipulators showed themselves on the previous candle. But may show a shrinking bear trend overall? - EMA We're below EMA 50. Like right below itAs I said, how it behaves here will tell us the rest of the story as to where we're at. Resistance and we've got more drops a comin'.
- Trading a hard fib level right this second. D
INDICATORS 4H:
- MACD already bearish.
- Stoch is in freefall with room to go.
- Volume big spike on the recent drop from liquidity area. Otherwise low volume. The market manipulators showed themselves on the previous candle.
- EMA We're below All notable EMA's and it's using them as resistance it seems.. Quite a bad sign there bud.
BOTTOM LINE:
Interesting to note a lot of alt coins that were absolutely popping off are holding their support very well despite this drop. *Ahem -SXP & OMG*
If you're into the alt coins, get your gain face on. If you're just trading BTC, be VERY careful right now. It seems to be having less solidity to it's price than some alt coins which is concerning.. The fact that the price moved from between liquidity areas, up to a new liquidity area, hung out there all day today and then dumped makes me concerned as well. Could be a sign of market manipulation; keeping the price in a swing zone to fill their orders on the upswings.
Tin foil hat maybe, but I am not comfortable suggesting a long with these signs at all.
--
And on the pedestal these words appear:
‘My name is Ozymandias, king of kings:
Look on my works, ye Mighty, and despair!’
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare
The lone and level sands stretch far away. - Percy Bysshe Shelley
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Note
Someone asked me if this is potential Head and Shoulder. Definitely could be the right shoulder now. Watch if we stay below the previous price area from yesterday.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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