MeiTrades

MeiTrades

Made this chart for clarity. Purple lines are the HTF ranges we're within. A break above them on 1D or 1W would make me HTF bullish. A break below them on 1D or 1W would make me HTF bearish. While neither happens, I'm neutral - we're just ranging. Green Xs are where I think a lot of long stops rest. Lots of liquidity in those areas. Red Xs are short stops....

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We just had a bearish pin bar close on the weekly - showing strong rejection not only from the key $6900 level, but also from the whole range above $6000. This indicates a strong possibility of more bearish price action, as bulls are looking tired. Close was a bit higher than last week, but still respected the same general $5900 level. My bias here is bearish....

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Right now, Bitcoin sits right between 2 extremely important levels: Under $6400, which is the lowest point it reached during the 2019 run. Above $5800-$6000, which is, historically, an important liquidity area which is now acting as a support. Price has been pretty volatile the last fe days, with long wicks both up and down, signaling the current uncertainty...

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Of course, it all depends on this weekly close. But, for now, if it closes like this, I've got a neutral bias towards it. While it shows strength - clean cut through an important resistance cluster (5600-6000), possibly shifting the market structure from bearish to bullish, with long wicks downwards singling strong demand at lower prices, this might just be a...

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Check it out.

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Fractals...

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Watching this big support line.

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What I'm expecting to happen in the next days/weeks. Basically the scenario that'd screw the most people possible, which is what usually happens in markets.

MeiTrades

As you can see in my chart we're clearly following a downtrend channel in the short-term. Overal scenario is pretty bearish. Market sentiment is definetly at a pretty low point - lower than the one we had when we crashed to 6,000. It's obvious right now the crypto bubble is finally popping and we have a long way to go down. How low can we go? Hard to say....

MeiTrades Updated 

Yep, we went to 8,100, just as predicted in my last post. Pretty much spot on. Anyways, as you can see in the chart, all indicators show we're heading down. This last mini rally we had over the last week, which brought us very close to breach the 9,000 mark, proved to be a gigantic bull trap, and there's really no reason we shouldn't fall to the 7,000 range like...

MeiTrades Updated 

We got rejected pretty hard by the 55 EMA and ended up finally dropping to the 8,400 range. The pumps we had along the way were also suspicously low volume, as i highlighted in one of my last published ideas. Add to all that our pretty bearish weekly candle close, we can safely say that we're heading towards a rough week. There really aren't many scenarios where...

MeiTrades Updated 

$OMG looks ready to break out again. Should be a nice and safe trade as long as $BTC doesn't shit itself in the next days. Target is the recent high, although we'll probably adjust it along the way according to $BTC's behaviour. Tight stop-loss to protect us from possible crashes along the way, as the market is way too unstable right now.

MeiTrades Updated 

Notice how all recent dumps have large volume when compared to the recent pumps. It means the sell pressure is really high right now, and there's simply no way for the price to hold it's ground whenever bigger sell-offs start to happen. Shorting @ 8,550-8,600 is probably a good move, with targets to the 8,300 range. Just a matter of time until we dump hard again...

MeiTrades Updated 

As predicted in my last published idea, we went down after failing to break out from the 8,900-9,200 zone. Personally, I don't like to talk about fixed resistance lines, because I think most of the time that's stupid. Talking about resistance zones/clusters make more sense - a price range where we'll meet a lot of buyers (support) or a lot of sellers...

MeiTrades Updated 

We're failling to break into the resistance zone from 8,900-9,200. We can expect a dump if we continue to fail this breakout. If we do end up breaking out though, we can expect at least 9,200, and then we can work towards the next resistance zone.