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This chart shows the Long/Short ratio in the daily timeframe.
Head and Shoulders pattern
The chart shows the four leg-down with their retracements.
In the first retracement is labelled the bull trap it occurred when the price exceeded the 0.618%
The current leg-down is still developing
So far the lowest resistance line of $5590 has not been tested, but the other two above it have. Once this line is tested and if the bears get a strong rejection we can then start to see a come back for the bulls.
Purging the parabolic uptrend
Support zone BTCUSD 2M
Lots of confluence to suggest a harsh move down is inevitable.
After BTC breaks out of what some called a diamond bottom it slowly crawls up with declining volume and to me doesn't really look like a strong bounce at all,(debates over twitter saying this type of bounce is stronger long term then a big bullish V shaped one or something along them lines, i cant see how but yeh) just about reaching the circle from the other day. ...
BTC bulls look super weak at the moment that recent bounce lasting a lot shorter than i expected !!
If you want a bullish trade within the next few days maybe even today by the looks of it, expect a reaction with this bullish 1 day zone @ 7900 - 7700!!
8000 psch just above it. swinging below 8 k into the zone then bouncing closing back above would be ideal, ...
ETH had a weaker bounce than LTC but still nice profits if you played it, managing to close above the diagonal support.
Currently in a 4 hour bearish zone breaking above this depends if BTC breaks the 1 hour bearish zone at 8600!
Next weak resistance being the diagonal and 715ish
LTC on the 4 hour seem to have the strongest bounce with the most potential profit,10%, something i always struggle with do you long the one which has fell the most in the dip or the one which has been the most bullish and held up the best during the dip ???
anyways LTC last major buy zone on my chart lined up perfectly with the BTC bullish buy zone which is ...
Strong high volume bounce just after the 4 hour bullish buy zone (swinging just below and closing above) reminded us to always leave some room with stop losses just in case we swing a bit lower, perfect example here to check orders books and look for big buy walls placing just underneath in this case 8190. If it falls through and stops you and still bounces and ...
ETH is the most bullish out of the the big 3, with a lot of potential supports to bounce on, i will be looking to long ETH when i think BTC will bounce!
630-615 will be the perfect spot if BTC is also in a buy zone, if not i will still be longing ETH through the BTC graph.
The next obvious target would be 715 area probably close just before around 710.
If you day/swing trade the big 3, LTC ETH BTC you should not be going long on LTC at the moment !!! always monitor the graphs and long the most bullish by basically trading the BTC graph. Example ETH is most most bullish on the day and it reacting stronger when BTC moves up, BTC is falling and it reacts strong to a support looking like it could bounce, Go long on ...
This is my first chart post i am by no means a charting wizard!! just simple ideas which i sometimes forget and it also helps me if i write them down and go over them myself :)
A sell off like this with the bulls having very little control or ability to have any type of decent looking bounce cant leave many people confident to buy the next dips. The strong high ...
We are at moment above the 50ma (blue line), closing above it will signal a bull run.
Pretty bullish for a move to at least $9k over this weekend if not today!
Update. New retrace 50% = $8,631.6. Price for now couldn't hold above 20 MA. Media concerns perhaps about daily moving average crossover if you follow 50, 100, 200 MA's.... Have added fibs for a price drop. I've included a Fib level of $7411, but may take out low of $7,240 (end of wave 5?). $7,365 was just an arbitrary figure I've used from a previous calculation.