hi guys. i am back!
ok, i have to admit the bullrun short term is over. now lot of things are happening.
1. lower btc dominance which is at 66, 65 to lower levels, which indicate btc price go down
2.altcoins mostly bleeding
3.weekly btc candle indicate reversal to below
first you can see btc broke out of falling wedge to 11500 resistance. this is heavy, because 4hr ichimoku cloud resistance,
daily conversion line resistance, top line of upward trend. if price goes down it will find support at 10600, and make higher low. after that i think it will resume going down. so if we do not surpass 11500/11800 zone, most likely we go down again.
so good supports are 9000/9400 area, would most likely bounce there again to 10k. next is 8600 zone +- some points. at that point, it should be the end, end of the downtrend tunnel, should go out there make new trend up.
weekly basis, under the baseline we will see hell. above that we arae in bull trend. we see bearish divergence at moment so it will be difficult to trade.
also, btc would need 4hr divergence, maybe daily rsi oversold. so long way to go. now one tricky thing is that people think altcoins will pump when btc goes down, but reality is it is not happening which is very difficult.
this is because altcoins bleed when btc retrace, it also bleed when btc rocket. many are at support levels, but it is little skeptical to say altcoins will boom.
market is starting to see skeptical sentiment. its summer. it will bleed. big players go to vacation. so summer, secure your money. always try to scalp at this downtrend tunnel, only at support zones.
best
ok, i have to admit the bullrun short term is over. now lot of things are happening.
1. lower btc dominance which is at 66, 65 to lower levels, which indicate btc price go down
2.altcoins mostly bleeding
3.weekly btc candle indicate reversal to below
first you can see btc broke out of falling wedge to 11500 resistance. this is heavy, because 4hr ichimoku cloud resistance,
daily conversion line resistance, top line of upward trend. if price goes down it will find support at 10600, and make higher low. after that i think it will resume going down. so if we do not surpass 11500/11800 zone, most likely we go down again.
so good supports are 9000/9400 area, would most likely bounce there again to 10k. next is 8600 zone +- some points. at that point, it should be the end, end of the downtrend tunnel, should go out there make new trend up.
weekly basis, under the baseline we will see hell. above that we arae in bull trend. we see bearish divergence at moment so it will be difficult to trade.
also, btc would need 4hr divergence, maybe daily rsi oversold. so long way to go. now one tricky thing is that people think altcoins will pump when btc goes down, but reality is it is not happening which is very difficult.
this is because altcoins bleed when btc retrace, it also bleed when btc rocket. many are at support levels, but it is little skeptical to say altcoins will boom.
market is starting to see skeptical sentiment. its summer. it will bleed. big players go to vacation. so summer, secure your money. always try to scalp at this downtrend tunnel, only at support zones.
best
Comment:
this could be going on now~inverse h&s right shoulder. could take few more days
Comment:
bull trap, bear trap everywhere. price is very weak at the moment, it has found short term support at 10700, which is little short then 10600, which is daily baseline. however, this bounce could be short lived, see the 4hr ichimoku cloud. it should have hold 11400, and close above the clouds.