Detailed BTC+LONGS T.A!Indicators screaming for shorting Cryptos
Updated
Well, after couple of busy weeks, I'm happy that I'm back! Seems as if seasonality is kicking in, and my previous bearish btc prediction may kick in even earlier than what I initially anticipated (in autumn, not the summer, but here we go!).
Both of the charts are in great detail, so there isn't much to say. It's a very basic yet effective approach (do not like over complicating). I'm also trying to avoid being repetitive and I've seen similar analysis from quite a large number of people, but there's always something to be added.
And so, the bearish triangle has been quite obviously observed, but what next?
-Few areas where bitcoin can seek support, bear in mind(not pun intended) it's always hard to guess the bottom, and so:
1. Around 4800-4500, 1.27 ret support line. This can be a good area to bounce back from however, I think that bitcoin could definitely go even lower.
2. +/- 3000. Psychological support, and plenty of analyst are calling it as the possible bottom in case BTC breaks bellow 6000.
3. 2460-2600 1.62 ret support line. I would say that this should, and most likely will be the end support, since BTC on it's way up was supposed to at least get as close as possible to 12000/12300, but that didn't happen(only 11780), and such a pattern shift could push btc from 3000, to the above mentioned bottom.
For the analysis of the BTCUSDLONGS , RSI downtrend could be noticed, as well as a possible breaking of the current uptrend in number of contracts, which could lead to bitcoin being sold-off bellow 6000. Having a continuous uptrend in longs is the key for an uptrend in value for any type of asset, and when people/institutions start selling-off their long positions, bear market is on the horizon.
Side note: Bullish scenario(Green arrows), very very low probability, noted on both charts. Breaking of the downward triangle trend line, could be a buy signal, but until then, I'll most likely avoid entering the market.
P.S. At 6000 a very very large volume, could signal a great bull trap(yet again low probability).
Disclaimer:
//This is not a buy or a sell signal, you decide what to do with your own money!//
Both of the charts are in great detail, so there isn't much to say. It's a very basic yet effective approach (do not like over complicating). I'm also trying to avoid being repetitive and I've seen similar analysis from quite a large number of people, but there's always something to be added.
And so, the bearish triangle has been quite obviously observed, but what next?
-Few areas where bitcoin can seek support, bear in mind(not pun intended) it's always hard to guess the bottom, and so:
1. Around 4800-4500, 1.27 ret support line. This can be a good area to bounce back from however, I think that bitcoin could definitely go even lower.
2. +/- 3000. Psychological support, and plenty of analyst are calling it as the possible bottom in case BTC breaks bellow 6000.
3. 2460-2600 1.62 ret support line. I would say that this should, and most likely will be the end support, since BTC on it's way up was supposed to at least get as close as possible to 12000/12300, but that didn't happen(only 11780), and such a pattern shift could push btc from 3000, to the above mentioned bottom.
For the analysis of the BTCUSDLONGS , RSI downtrend could be noticed, as well as a possible breaking of the current uptrend in number of contracts, which could lead to bitcoin being sold-off bellow 6000. Having a continuous uptrend in longs is the key for an uptrend in value for any type of asset, and when people/institutions start selling-off their long positions, bear market is on the horizon.
Side note: Bullish scenario(Green arrows), very very low probability, noted on both charts. Breaking of the downward triangle trend line, could be a buy signal, but until then, I'll most likely avoid entering the market.
P.S. At 6000 a very very large volume, could signal a great bull trap(yet again low probability).
Disclaimer:
//This is not a buy or a sell signal, you decide what to do with your own money!//
Note
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