Here's a 20 minute TA.
Quite a complex area - enjoy 👍.
This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.
Quite a complex area - enjoy 👍.
This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.
Note
Bitcoin on the bounce and altcoins having frothy breakouts.Just as I described in the video.
But will their be a twist in the tale or is this a real breakout?
A lot can change in a short amount of time...
Note
Both TOTAL and BTC have printed multiple oscillations through resistance.Interestingly TOTAL made a third oscillation but Bitcoin slumped.
This divergence is where altcoins having been popping like popcorn in this area.
But most of those pops have now whipsawed and slumping down.
So it is potentially quite a bearish look - the bearish whipsaws increase resistance.
And this type of fast whipsawing action generally occurs at peaks.
Its not impossible that this can continue with more pops but the market appears to be moving through a complex but bearish pivot.
And with stock indexes thrusting up to make a new ATH, risk on markets are very dangerous for longs rn 🧐.
As shown in the video - this is turning out to be a very accurate predictive illustration:
For long positions, my trading portfolio is now empty.
I have higher time frame longs that I will hold in Bitcoin and choice altcoins, but for trades I'm back on the short side and will look for dips to buy down the road... 👍
I have been short COIN throughout this area and that might just be a real winner.
I posted this idea on TradingView a few days ago:
Lets see how this area develops.
Note
SOL 4H / 1DSolana had a big pop that became a whipsaw.
Notice how different time frames can lead you to a different interpretation:
On the 4 hour chart that pop and whipsaw could be read as overexuberance at the end of a trend that could perhaps lead to a sideways trend and moving on up.
But on the day chart, there is a large whipsaw - the upper wick.
And as a manual trader, whipsaw is a key detail.
...
The whipsaw completes a 3 wave 1:1 upside correction.
There is no proof in the chart that it backs down from here.
But that wick on the day chart signals significant resistance in this area.
It is the type of chart event that will regularly be seen through bearish pivots.
So, this in combination with the oscillations on TOTAL / BTC leads me to lean bearish in this area 🧐.
Note
Boom!Crypto capitulates and this has to be the most accurate crypto thread on TradingView:
From here I may take some short term profits on my COIN short if we get an impulsive plunge through these support.
This is on the basis that there can be large bounces, and for my own trading endeavours I am aiming to achieve an elegant equity curve - and to do this it is important to not get caught up in big bounces.
This is something that can get you up in trader leaderboards etc.
But I will also keep some short positions open because I think COIN may have a major collapse:
Nice little wick into ATH resistance may well be a liquidity sweeping re-test as part of a continuation pattern down.
...
This is another great example of the opportunity loss in high time frame trading / investing / HODLing (whatever you prefer to call it) in crypto.
The whipsaws are enormous.
If you can trade them efficiently then it can be very pleasant.
Note
NQ1Nasdaq into low time frame higher liquidity below support.
This makes the case for a bounce, unless this is actually the big moment we've been waiting for.
If Nasdaq does bounce then this may reflect into Nasdaq stocks such as Coinbase, and crypto.
So I've taken some profit here to maintain an equity curve that moves north.
But I still hold some COIN short.
Worth noticing also that COIN is now in higher liquidity below ATH resistance, so market makers may want to weave somewhat before the real smackdown (see chart above).
Either outcome is fine, but if I arrived back to breakeven having not taken profit that would be a little annoying and would not look great for my equity curve.
Note
TOTALQuite a large hammer printing with whipsaw printing a long lower through support as I was waiting for (see previous post)
It looks like a bounce is on .
Note
ETHJust printed a liquidity sweep below the trading range low that has whipsawed to print a potentially bullish hammer.
Rolling into ETH longs here 👍
Note
Already up 9% since this perfect dip buy yesterday.Could be more to come 👍.
That said, plenty of danger in this area with stock indexes approaching a 1.618 extension.
The last top was a 1.618.
Stock indexes have to hold and not capitulate for crypto to remain bullish.
So I won't be resting on any AltSeason laurels in this area.
The bots are ready to crush dreams at any moment.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.