Some might assume we are already seeing capitulation but I think capitulation may not have even started yet. Then again, that is how capitulation works. It doesn't stop because you have felt enough pain. It generally stops when you give up all hope (assuming you don't short).
I am seeing a lot of articles from folks looking for reasons, such as China cracking down and such but the reasons don't matter, we have charts and that is all we really need to be able to see what is happening.
We had a parabolic run and it came to an end this summer, depending on what chart you look at. However, looking at the 24 hour Bitfinex chart, one could argue the confirmation that the run is over is happening right now. We are losing the fight to maintain the last swing before the parabolic top.
If you look at patterns, this is a giant descending triangle, which had a descending triangle inside of itself. What this means to me is that if you are kicking yourself for missing an opportunity to short, you likely have a huge opportunity to find another entry to short right now.
Personally, I am not long. I don't care about finding the absolute bottom, or the absolute top. I follow trend and I don't enter until I see a major shift in trend and confirmation. Right now we can see another major sign of confirmation that you should be in a short position if you didn't believe so earlier. That is my opinion anyways. Probability is strong that this major sell off is just beginning. You can either cower in fear for your longs and hope for the best, or maybe see this as another opportunity for a very good day. Then again, you can also disregard everything the chart is telling you and gamble on your gut feeling but if you are doing that, why would you even look at a chart to begin with.
I am seeing a lot of articles from folks looking for reasons, such as China cracking down and such but the reasons don't matter, we have charts and that is all we really need to be able to see what is happening.
We had a parabolic run and it came to an end this summer, depending on what chart you look at. However, looking at the 24 hour Bitfinex chart, one could argue the confirmation that the run is over is happening right now. We are losing the fight to maintain the last swing before the parabolic top.
If you look at patterns, this is a giant descending triangle, which had a descending triangle inside of itself. What this means to me is that if you are kicking yourself for missing an opportunity to short, you likely have a huge opportunity to find another entry to short right now.
Personally, I am not long. I don't care about finding the absolute bottom, or the absolute top. I follow trend and I don't enter until I see a major shift in trend and confirmation. Right now we can see another major sign of confirmation that you should be in a short position if you didn't believe so earlier. That is my opinion anyways. Probability is strong that this major sell off is just beginning. You can either cower in fear for your longs and hope for the best, or maybe see this as another opportunity for a very good day. Then again, you can also disregard everything the chart is telling you and gamble on your gut feeling but if you are doing that, why would you even look at a chart to begin with.
Trade active:
Don't get caught on the wrong end of a weekly TTM squeeze!
TTM Squeeze on the weekly is going to fire down. Why should you care?
Dump of Nov, 2019 TTM squeeze fired down leading to capitulation.
Parabolic run of April through June of 2019 the TTM weekly fired up.
The last two most major moves were after the TTM squeeze on the weekly fired in the directions of those moves.
This may be your last opportunity to get into a short position before the next major dump!
TTM Squeeze on the weekly is going to fire down. Why should you care?
Dump of Nov, 2019 TTM squeeze fired down leading to capitulation.
Parabolic run of April through June of 2019 the TTM weekly fired up.
The last two most major moves were after the TTM squeeze on the weekly fired in the directions of those moves.
This may be your last opportunity to get into a short position before the next major dump!