Anticipating these DEX tokens to outperform in the near term - setting up on a strong uptrend in Q2 and hopefully we can see regulatory clearance + fee split toggle increase value on this.
Whereas the previous failed rallies were only fueled by short squeezes the previous few have been directly caused by them. We can see the same trend repeating again as shorters are again still at all time high levels with what I assume to be short positions trapped underwater as we climbed very slowly to our current level around 6700, I'm watching for the domino...
Tons of shorts now trapped as short orders reach a new all time high and bear traps scooping up bears left and right. Despite the previous liquidation which was the result of obvious manipulation shorts continue to climb higher than longs. Congratulations to those that made easy profits off that last pump and dump but now we see the ramifications of a REAL short...
Looking at just Bitfinex shorts its clear theres a massive amount of active shorts eerily similar to the last two huge short squeezes in the past in the circles. I'm making the bet of another short squeeze coming up as the sheer volume of shorts right now is ridiculous. If we remain or hover around 6250 for a bit we might see another repetition of history. However...
Previous rally failed but looking at the bigger picture its to be expected as we are in a bear market after all. We've been getting consecutively lower lows and lower highs since January and the last rally confirms it completely as it didn't break past the previous high and is looking to now sink lower than the previous low of 5800, which I'm predicting to be...
Well it seemed like sunrise was on the horizon yesterday when out of nowhere we had a massive dump despite plentiful bullish signs.
I'd say that what we need is a significant increase in volume to overcome the whales manipulation.
For now, I think 7300 could be a critical point of conjecture if we do not hold our current levels and if we do indeed break below...
Its obvious we had a selloff due to the sudden unnatural buy volume spike a day ago however the selloff wasn't nearly as harsh as I thought it would be. The prophesized June 6th reversal doesn't yet look like its come to fruition yet as we barely hold the 7700 level ATM but it looks like we actually broke out the descending wedge which could mean either a rally...
Just as I was about to write my analysis for today Bitcoin decides to pull a fast one on me and spike immediately with a massive green candle killing off all my prior analysis, or so I thought.
Looking at it closer this recent spike seems entirely unnatural and I highly suspect its whales trying to kill leveraged short traders.
Going off on my earlier train of...
Yep we had a breakthrough with a nice engulfing candle building up but this failed again as we just lack the volume needed to breakthrough. The 21MA momentum shows us that we just don't have the required catalyst for a proper breakout.
Might have to settle back down to around 7000-7200 to garner support again and hopefully regain buy volume momentum, perhaps...
It looks like my prior prediction was wrong by a little bit, the 50MA is coming up to support us around the 7700 range which we'll have to see if it holds. From there it really could go two directions and TA is not gonna be able to predict that.
I am however bullish on this wave and think we could see a breakthrough to 8000 and sit there for a bit, only time can tell.
Quick notes for today, we held steady above 7500 currently at 7600 and the 50MA is coming to support us around what looks like back to the 7500 level. I predict one more retrace back to that support once the 50MA comes to meet us and will lead to either a breakout rally towards 8000 or another support failure meanining a retrace back to 7000.
Momentum not yet strong enough to break 7800 as we continue moving sideways. New support is higher than our last low of 7100 which is a good sign that we've gotten stronger resistance to bears at this moment, my prior bullish sentiment although strong needs to be re-evaluated in the short term as the next few stages of this could make or break the rally.
On a...
Haven't had the time these past two days to look at price action but combining some notes fro yesterday's pullback to today the overall trend is still bullish as I think we can make the slow climb back to 8000 support. There might be temporary selloff drops along the way but so long as the 50MA moves up to support us even close to 8000 we could see a rally as we...
Although just a shy bit from a real 7000 bottom like I predicted we got fairly close. This resurgence in buy volume could mean either the trading bots are back in action or more likely a lot of players waiting on the support have now entered. Whether or not this new volume can propel us back above the 50MA is up to the market and is unpredicatble from TA but I...
All signs still indicate as I have been predicting, an unfortunate slow bleed towards 7000. Positive news is that we may triple bottom at that level or perhaps sink a little lower before rebounding. A support holding at that level would indicate signals for a bullish reversal at last and we might finally see some reversal.
Just as I had predicted, the slow bleeding has continued with a few bounces in between but overall the trend is still bearish. Buy side volume simply isn't producing the momentum we need to test 10000 anytime soon but as a good news the 50MA is coming down to support us at potentially 7400 unless we break the support and fall first back to my original prediction...
