Of course the unexpected can always happen but looking at this chart BTC is done. Stoch RSI is signing a reversal, there's a huge H&S which Peter Brandt suggested a few weeks ago, the daily RSI is about to take a bad turn, rejection at 40k and a nice sell off today and that will lead to a sudden increase of "red volume" once again. Normally I don't draw trendlines on indicators like RSI but somehow btc is respecting it this time, lol. Oh yeah and the death cross that everyone's talking about now...
But okay, let us not be so one sided and consider the overal condition of the market now and here's what I have observed:
- ETH is about to step off a ledge
- Total market cap is just pumping out, people are taking cash instead of hoarding cryptos
- There was just a brief chance that btc would have pumped it but that was essentially redirection of funds accumulated in the alts towards btc but that is failing
- The market sentiment is wearing off. Today's trading and the break of the upwards trendline (in the making) lead to a disappointment and chances of attracting new traders are getting thinner.
Unfortunately at this point I can't tell exactly when it's going to break but I may issue an update with a possible short target.
But okay, let us not be so one sided and consider the overal condition of the market now and here's what I have observed:
- ETH is about to step off a ledge
- Total market cap is just pumping out, people are taking cash instead of hoarding cryptos
- There was just a brief chance that btc would have pumped it but that was essentially redirection of funds accumulated in the alts towards btc but that is failing
- The market sentiment is wearing off. Today's trading and the break of the upwards trendline (in the making) lead to a disappointment and chances of attracting new traders are getting thinner.
Unfortunately at this point I can't tell exactly when it's going to break but I may issue an update with a possible short target.
Comment:
Looking at some alts such as Lisk you know the market is done for now. When it comes to Bitcoin though I would like to see a sharper move with a higher volume. There is still a chance for some accumulation and then a little relief rally but it's a small chance.
