Everybody is talking about the 6th of month theory. Even the people with slightest knowledge about crypto started to say "we are going to moon on June!".
For whom that hasn't heard of the theory, every month trend starts to make reversal; so people say that we are entering a bull run starting with June 6.
Yesterday a guy in telegrad channel asked "at what time the pump starts?"
I am not even looking technical analysis here, the price may rise to 7800-7900 I don't care. If the market sentimental is this positive, then I am extremely bearish!
Making money in crypto is not piece of cake. The events, news are priced even way before the events. Remember Consensus 2018 hype? What happened, have we gone to moon?
I don't trust this market, not even a little bit. I don't think 6th of June will be the time of the reversal. I don't say it won't happen in June, I am still bullish in medium term; but 6th of June looks too easy for me. I wouldn't be surprised if whales do a shakeout before going to bullish reversal.
Ok now let's get the TA (1 hour time frame)
- RSI is starting to declining.
- MACD is getting ready for a bearing cross
- The price has already tested EMA 20
- 7550-7600 proved itself a strong support and 7650 is a strong resistance once again.
Still there are mixed signals and making up a decision is very hard. I will take risk however with thight stop loss. Take minimum risk since price is in a tight range, if my stop loss breaks, I won't be sad at all. You cannot win everytime in any market.
My short entry position 762x
My stop loss point: 766x
Good luck everyone.
For whom that hasn't heard of the theory, every month trend starts to make reversal; so people say that we are entering a bull run starting with June 6.
Yesterday a guy in telegrad channel asked "at what time the pump starts?"
I am not even looking technical analysis here, the price may rise to 7800-7900 I don't care. If the market sentimental is this positive, then I am extremely bearish!
Making money in crypto is not piece of cake. The events, news are priced even way before the events. Remember Consensus 2018 hype? What happened, have we gone to moon?
I don't trust this market, not even a little bit. I don't think 6th of June will be the time of the reversal. I don't say it won't happen in June, I am still bullish in medium term; but 6th of June looks too easy for me. I wouldn't be surprised if whales do a shakeout before going to bullish reversal.
Ok now let's get the TA (1 hour time frame)
- RSI is starting to declining.
- MACD is getting ready for a bearing cross
- The price has already tested EMA 20
- 7550-7600 proved itself a strong support and 7650 is a strong resistance once again.
Still there are mixed signals and making up a decision is very hard. I will take risk however with thight stop loss. Take minimum risk since price is in a tight range, if my stop loss breaks, I won't be sad at all. You cannot win everytime in any market.
My short entry position 762x
My stop loss point: 766x
Good luck everyone.
I am still not convinced about the current situation, I am staying out of the market for today.
Good luck to all.