PsychonauticalTrader

PsychonauticalTrader

Pretty simple setup. We have a "diamond top" pattern (reference in chart) that seems pretty classic, although the volume profile doesn't look quite right. Should lead to a downside target of around 8.3K in most cases. Wait for the breakout to go short.

PsychonauticalTrader

* the "traditional post-halvening dump" has already happened - in March (3/12) * BTC is currently trading above a significant zone of support / resistance that's held the price since June of 2019 * HOWEVER, it's currently below the major macro downtrend of resistance that's held the price for over 2 years! Expect it to bounce between the macro downtrend and the...

PsychonauticalTrader

1) Note January 2018 and March 2019 pumps - are we setting up for another? 2) Note support line that was established October 2019, with accompanying strong volume, indicating market interest 3) Note downwards-trending resistance line was just broken. Wait for a retest of the resistance and accompanying S/R flip (good place to long and/or refill bags) 4) ENJ is a...

PsychonauticalTrader

Neverending QE, "QE infinity" just announced by the Fed 2 trillion in helicopter money just announced by Congress. This looks to me increasingly possible - you just have to get into your head that the S&P 500 could actually be at all time highs while at the same time the broad economy could be in the toilet. Possible? I think so!

PsychonauticalTrader Updated 

Fib lines, 200 SMA, the CME gap (presuming we stay above 10K through Monday) and the "global triangle" all seem to converge on this PA. I think we may go sideways for a bit longer, possibly until Monday, and then we will start retracing. I think 8.9 will be our bottom in this last retrace. I don't think it will stay there for long and I also think that's going to...

PsychonauticalTrader

OK, so while I think "alt season" hasn't started yet (at least, not the late-2017, early-2018 phenomenon where every shitcoin with a webpage posted 500% gains), I do think that we've reached a point where the overall market (sans BTC) has bottomed and quality projects with good fundamentals can start posting some good gains again. ENJ is one of those projects. It...

PsychonauticalTrader

I'm mostly posting this so I can recall what a really clear bullish divergence looks like. My understanding is that bull divs like this almost always play out. Currently long from 8756 with leverage, stops right above liquidation, because I'm a degenerate gambler.

PsychonauticalTrader

I'm leaning towards a dump, and I'm short currently. Reason being we're clearly below the EMA ribbon and also because I think the upwards-trending support of the triangle is now resistance (currently at around 9234). If we pump above 9234, this is invalidated. I think we dump from there. Stops at 9250, very tight, because this is all chop I'm playing here.

PsychonauticalTrader Updated 

So, I think I've covered everything here. Critical piece is that it looks like the PA going on now is a classic falling wedge, which, while bullish, does not guarantee a bullish breakout. I think the most likely scenario is we will go sideways until about late November, and then likely break decisively below the 7.7K support - reason being the top of the wedge...

PsychonauticalTrader

Just buy and HODL. If you like taking on risk, pool your investment and buy back in at around the high 6K level. If it breaks 6.2-6.4, this trade is invalidated. Over the next year (barring any black or white swan events) I see BTC trading volume going down and investors and traders losing interest. Halving event will be a sell the news event, or at least a...

PsychonauticalTrader

Note the very large bullish divergence.

PsychonauticalTrader Updated 

Since I'm not an expert trader, and I just do this for fun, I like to keep things simple. So, here it is: Yes, I get that BTC doesn't have to "mind the gap," but it almost always does. Note the last major gap to be filled from the CME futures is approximately the 8500-9K level (8515-8985 to be exact - see ) At this point the downward channel (black parallel...

PsychonauticalTrader Updated 

You never know

PsychonauticalTrader Updated 

Full disclosure - I am long BTC and it makes up 85% of my long term portfolio. I don't leverage trade or short. But - I really enjoy this TA stuff. Since we broke the parabola everyone has been desperately trying to figure out the direction this goes next. I would say that there's about a 60% chance we will be visiting the 9K level in the next 2-3 weeks, or lower...

PsychonauticalTrader

Visible on the 15 minute chart. We're currently trading at 11.8 resistance so that may just keep this pattern from confirming. But if it breaks 12K with volume, I'd say we're back to the races again in short order, should be a pop.

PsychonauticalTrader

Ascending triangle on the 1hr

PsychonauticalTrader

CND super bullish right now, particularly if BTC doesn't shit the bed. Chart is mostly self-explanatory, just playing with visual levels and eyeballing volume expansion over recent breakouts and past resistance.

PsychonauticalTrader

Will be raging bullish after it breaks 470-485 zone. I think that's happening very soon unless BTC shits the bed in a big way. My charting otherwise says it all.