[BTC] I am not convinced. Short term analysis.
HI All, Crypto Sludge here.
Today was a an interesting day, it seems the bear and the bulls were equally strong, and BTC's price seem to be stabilized for now in the 8K$ area, but i am not convinced we are ready for a new rally, not yet. I still believe the down movement was part of a bigger trend and we might have synced with the traditional markets. I really want to see a detachment from them if it's at all possible at this stage.
But for the short term, i am returning to the 4H chart, and on it we are going to close a TD9 Sell signal, which usually signals a 1-4 candle correction, and then re-evaluation (usually to the upside). We also have the stochRSI flattening out in the oversold area.
I still believe the market is in a too uncertain position to enter a good trade, i think 7300 (50MA and the top of the cloud) and 8750 (TD risk line) is a no trade zone, a movement to any side beyond those two points will serve as the confirmation of where the market is heading.
Let me know what you think
Stay Strong.
Trade ON!
Crypto Sludge
I´m pretty convinced, that BTC will go to 5k over the next 2-3 days before we see a real bounce. Just sit on your hands and wait this through...
Solid thoughts and I agree with you. I don't really see a resolution to the current situation before the weekend. Too much uncertainty.
Indeed.
There must be a short of manipulation behind all this.As soon as the price is where they want big sharks to be they ll buy cheap and then the price will go up again.till then patience from all and hold
I am not sure if this is manipulation, or unfortunately as much as we want to, BTC is still not considered a hedge for traditional markets specially with all the FUD that was running around in the last couple weeks. and looking at how they been dumping, it's very much possible they dragged BTC with it.
you can read about it in my previous posts.
I was ready to put the order in for ethereum the other night for $550 and it immediately shoot up ..... and I missed it. But I bought many litecoins at $104....... waiting for funds to buy a bitcoin. What price would you buy a bitcoin at this point?
It really hard to say my friend, this kind of pattern is how a bear market is formed. We really need to see a confirmation to any direction.
Did you write on how to read the signs or you just go by 1-4 candle down? Thanks
support my post I give you a vote
We have got to stay strong !
I prefer being neutral at this point. Elliott Wave count is on pause. I do not mind to take a pitstop at that point.
This is not a prediction, rather something to out watch for.
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Good analysis. Not sure what to think of the last few days. Looks like it's trying to correct upwards. Bottoms of the last 3 mini humps have been higher than the one before it, which is positive. But on a wider view it looks to be still trending down. Very hard to say. I think caution is still prevalent.
Even more then trying, looks like price was attempted to keep down, looks like we are about to have a 5th attempt to break that line (it's TD risk line btw, been made by the TD9 Sell 8 hours ago...