- Leveraged longs are closing but price is rising - CME news is bullish - The whole crypto market is in an ascending triangle and is bullish - Capital flow from alts into BTC for 2x - TD sequential monthly and weekly indicator suggests more upside - Targets would be 7k and upward after a retest
Bearish Case
- Touched rising wedge resistance - Longs are exposed and whales will go hunting - TD sequential is on an 8 on the 4 hour at the top of the trend.. 9 says take profits and you can see this has bene important in this trend - I would expect the coins to be bought back cheaper before the hard fork. - We are overdue a biggest pull back in the market but it will probably come after 2x.. or not at all!
I am currently 100% in cash waiting to see what happens next.. sometimes the best trade is no trade until we have clear confluence!
Ill try to keep you updated as things develop.
Phil
Komen
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This is crazy guys - congrats!
Komen
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Touched long term pitchform but stilll looks hungry
Am I seeing this right? The 1hr chart is forming an inverse head and shoulder pattern?
filbfilb
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@rarea, Hi rarea i have updated in the above, i dont think its a H&S but more of an Adam and eve. I still dont feel confident in it being th ebottom yet so am not trading with high leverage and am using tight stops.
filipnr1
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I see it other way, h&s on the top, and market is overbought.
filbfilb
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@filipnr1, yes possibly, but its also been doing that all the way up and i follow the trend until its violated.
Farbridge
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@filipnr1, its only a h&s if the neckline breaks, its useless to chart it now.
@filbfilb I'm curious what your plan is with the fork?
Wait until the fork then sell btc and 2x?
sell before at a peak?
or wait and hold?
I am planning to wait and sell both but am not sure what exchange will let me do it the fastest.
filbfilb
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Don’t have a solid plan, need more info. it’s very volitile right now and I need to see what happens, but currently largely hedged in cash. I will long some cryptos before the fork.
ruraldisturbance
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Im currently sitting in cash as well. Sold way to early like @sifeij but only on this run, I wouldn't have predicted 6700 let alone 7450. Im always looking for your analysis Phil, you were the first guy I followed on here. It's maddening waiting on an entry point when were this far into the run and just KEEPS GOING UP!