CRYPTO - 4 Year Cycle May Fail But AltSeason May Yet Arrive Late

17 giu

50 minutes depth TA covering many aspects of crypto + considerations of the dominant influence of stock indexes.

If you appreciate the effort given for FREE then do hit the BOOST - it encourages me to continue to operate on this website 👍

Not advice.

23 giu

Nota

This is a high time frame call, but in lower time frame Bitcoin has just bounced tidily from a 1:1 Golden Window (1+ overshoot up to 1.13)

So this potentially is a 3 wave correction completed:



The way I trade is that the lower time frame leads the higher time frame.

Although I currently think Bitcoin has a good chance to dump, a low time frame buy signal just appeared.

This may end up being a small / moderate bounce, but there is of course the possibility that Bitcoin can make a new high.

So I have taken profit on short positions such as FARTCOIN.

I showed my short entry in that in a previous thread and closed a very pleasant 30%:



Now looking at longs - ETH has looked one of the strongest for some time.

It has little overhead resistance compared to other altcoins, had been signalling strength in printing a sideways channel while most altcoins were getting slammed...

And it has bounced with a bullish lower wick (arrow) from a 0.382 retracement. If you've done your Elliott Wave homework, you'll know that a 0.382 is a strong retracement should a pivot arrive which often occurs in an uptrend:



So it is a better choice than most other altcoins.

If you watched the video, I covered indexes that are more likely to top in higher liquidity above ATH.

And it may take them some time for them to get there and top out.

In that time Bitcoin / altcoins etc can be having a bullish phase; either a small bounce or something more significant.

- This is what I do; trade in the lower time frames and let the story develop without being too rigid.

I bought some BTC and ETH and may buy more over the next few days if the trend looks positive.

I won't be constantly updating the thread, but this is a bearish thread and so I wanted to make the point that there are potential low time frame signals developing.

I'll be looking to see if Bitcoin can hold this area as markets open tomorrow.

And we'll see if it does or not.

For now this is just an early signal and it may perhaps chop around over the next few days before a more decisive move.

In the end though I still favour the high time frame bearish case in tandem with a dump in stock indexes 👍.

23 giu

Nota

ETH

Has some low time frame bullish divergence through this slump - so could be a more significant bounce coming 🧐.

23 giu

Nota

Quite a nasty slump in the last hour and that impulsive action potentially signals that bearish impetus is taking over again.

I will be flat in this area - looking for dips as they arrive.

23 giu

Nota

More updates on this thread

I can't be doing with updating both and so this thread is now closed, but you can of course BOOST and leave comments if you like.