prefabsprout

prefabsprout

I am in a short on FTM because of the breakdown of a rising wedge pattern on the 4h chart. How long can it go? Will depend on how far BTC and ETH can dump the rest of this week.

prefabsprout Updated 

This is a pretty straight forward short. This bullish exuberance on the part of BTC and crypto is totally in conflict with what the charts have been telling us the past few days. This looks by all means to be a bull trap/stop hunt before the real journey down. The weekly on BTC is the key to understanding why we are headed down from here. I will close my short...

prefabsprout

We broke out but seemed to have stalled and broken down out of the bullish channel. 63.5 range was the target but it is looking unlikely BTC can even make it there atp. That said, I don't really think this is tradeable either direction. We will just wait and see what develops on the chart.

prefabsprout Updated 

When we dump out of this shortly which I assume we will, you can say bye bye to FTM and all your bullish plans. Short now while you can. Really crushing on my AAVE short rn I might add. Thanks for watching!

prefabsprout

We could see the bulls push as high as 69k if we can break up out of this up channel here on the 4h. Friday/Saturday has tended to be exuberantly bullish historically so the timing is right. Again I am not mid or long terms bullish, but I am in a 5x long rn In BTC and APT.

prefabsprout Updated 

We have a classic Descending Wedge on Declining Volume indicating BTC will have little pump coming on the 4h time frame. I'm going to enter a low margin long here for a scalp. I'm also looking at a classic Bullish Megaphone on APT which has already made big strides up, but if this plays out it can really head up for the short term scalp idea. Did really well...

prefabsprout Updated 

Everyone is high on hopium about AAVE rn, but the 4h chart has a signal that the end of this bull run may come soon. Ascending Broadening Wedge pattern is a bearish pattern so I am looking to establish and add to my short position up to around 180. This matches my sentiment that this current flurry of bullish spending is a bull trap, and I base that primarily...

prefabsprout

On the 4h timeframe we see a classic Rising Wedge with Decreasing Volume. This usually ends up with a break to the downside. I will be looking for short entries on ETH.

prefabsprout Updated 

Resistance was broken before but then ETHUSD dropped back into the bearish trend channel. So even a break up here will not mean the downward trend is finished. I will be curious to see if ETH can break up away from this channel on the daily or if it will continue it's downward slide.

prefabsprout

Two up channels being respected for now but ultimately we are forming a rising wedge which is a bearish signal. We might get a blow off top even above 2600 which would act as a bull trap and signal a dump. This is all on the 1 hour chart so lets see if it resolves today and tomorrow. I'm short for now and i will close if close a candle above around 2850. All...

prefabsprout

This morning's price action supports the formation of a second smaller pennant coinciding with the large one on the daily chart for BTC. Will be curious to see how this develops. What do you make of this sort of pattern? Will it break up or down ?

prefabsprout

Pull out to the monthly. We have been losing steam all Summer. RSI has crossed over bearish. We are making lower lows and lower highs every month. The best we could really hope for in September is an inside bar. If we drop down below 50 then that is a huge indication the bleeding will last several more months. Everyone wants to see the blow off top now. Halving...

prefabsprout Updated 

If it weren't for the deadly bearish monthly chart this would look like too obvious a short set up. Curious to see if they drag it up to the top of the pennant again, or if it breaks down from here...

prefabsprout Updated 

help me out here. this looks like dump continuation for the next couple months. could dump as low as 25k. comment below thanks!

prefabsprout Updated 

Need to break 61.5 and then around 68 to lift off to ATHs. If we break down out of this we will be looking for support at the bottom of the larger channel. Please post your comments, curious to get feedback.

prefabsprout

this could very well be in play. it respected this trendline today.

prefabsprout Updated 

This wedge would appear to indicate another trip to 56ish territory for this month, and up again from there. Whether it will rise up (or down) out of the wedge before Thanksgiving is the question. Anyone have evidence either direction?

prefabsprout Updated 

Shorting until around $44. If we hold there it may be a good spot for a buy. This is congruent with BTC chart, which is calling for a further dip into the 50s and possibly 40s.