Hi all cryptoses thank you for joining me . Btc has again declined against the backdrop of Consensus 2018 an industry backed conference. Apparently the pump that we were told was about to happen did not start for a month or two after the previous years Consensus conferences. Be patient, the beauty is everyone that is locked in a long position will have to wait for another few weeks until the moon. For the moment I am confident that a drop below $8000 now will signal a retest of the 61.8 fib line at $7787. Wait a minute.......have you guys noticed every TA streamed have all made reference to that mark the $7800 and waiting for a bounce to the moon. Well, this is where the contrarian strategy can come into play. I just don't think the pro's are gonna let the retail investors get away with it that easy. What is their plan? All I know is most of the exchanges are in some way corrupted and when the bounce happens the retail investors will be locked out and told scaling issues have caused buy and sell orders to stall. On another note who loves the Ichimoku cloud? OK lets go through it nice and slow. On the 2hr chart the first thing we notice is the CHIKOU (dark green line) is under the cloud and under the candles in clean air. This is confirmation of a declining price trend. We need that CHIKOU line to punch through the candles, MA 's and cloud into clean air above the cloud to be bullish. Next the Tenkan (9 day) blue line needs to cross back over the yellow Kijun(26 day) line, because at the moment it is showing declining trend. Next up is the cloud itself and the while the candles are well below the cloud we can conclude the market is in decline. The future cloud is also projecting further falls as it hovers well above price action. Finally the price needs to break through all the other resistance points, EMAs and MAs. Overall, I am neutral because even though all indicators are showing market declining a short squeeze maneuvered by the manipulators will see the the bears incinerated. The target to confirm a bullish reversal is $8489 while a drop below $7787 will signal a high probability of a $7200 retest.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.