Forwarded from Plutus Capital
Let's talk about neutral patterns. A symmetrical triangle is a neutral pattern, meaning it is inherently neither bearish nor bullish, which means price can break above or below it. So in such situations that we have a symmetrical triangle, we need more data to be able to forecast where price might break out of.
This is the 4H chart for BTC and we have a symmetrical triangle formation. We can know the chances of price breaking up or down based on the previous trend before the symmetrical triangle was formed.
In this case the trend was and is still down from $12500 before the formation of the symmetrical triangle, and since the symmetrical triangle is a continuation pattern, price would most likely continue its trend by breaking down from the triangle. If the triangle was however formed after a move up, then we'd expect price to continue and break up.
Based on statistics, there is a 16% chance that price will go in the opposite direction of the trend in a symmetrical triangle but fortunately we don't have to worry much about that because we have another bearish pattern inside of the symmetrical triangle.
This is the ascending channel, which is also mostly a bearish channel. There is the upper half and lower half of the channel and price is currently stuck below the lower half of the channel, which confirms the bearish narrative.
So we have two potential bearish patterns on the 4H time frame, together with multiple moving averages serving as resistance on higher time frames, the idea that price will continue lower is still valid.
Price has two paths now, either we begin falling from current prices or we make a last touch of the ascending channel mid-line before falling. Whatever be the case, the bearish narrative is stronger than before and we may have a long bearish winter season ahead of us.
October is deemed one of the bullish months for BTC, this time might be different. Is there a chance we can break out above the symmetrical triangle and trend higher? Yes there is but even then we'd have to make firm volume backed candle closes above certain price levels which we'll cover next.
Shorts are still favored over longs.
https://www.tradingview.com/x/0MTQVs1o/
This is the 4H chart for BTC and we have a symmetrical triangle formation. We can know the chances of price breaking up or down based on the previous trend before the symmetrical triangle was formed.
In this case the trend was and is still down from $12500 before the formation of the symmetrical triangle, and since the symmetrical triangle is a continuation pattern, price would most likely continue its trend by breaking down from the triangle. If the triangle was however formed after a move up, then we'd expect price to continue and break up.
Based on statistics, there is a 16% chance that price will go in the opposite direction of the trend in a symmetrical triangle but fortunately we don't have to worry much about that because we have another bearish pattern inside of the symmetrical triangle.
This is the ascending channel, which is also mostly a bearish channel. There is the upper half and lower half of the channel and price is currently stuck below the lower half of the channel, which confirms the bearish narrative.
So we have two potential bearish patterns on the 4H time frame, together with multiple moving averages serving as resistance on higher time frames, the idea that price will continue lower is still valid.
Price has two paths now, either we begin falling from current prices or we make a last touch of the ascending channel mid-line before falling. Whatever be the case, the bearish narrative is stronger than before and we may have a long bearish winter season ahead of us.
October is deemed one of the bullish months for BTC, this time might be different. Is there a chance we can break out above the symmetrical triangle and trend higher? Yes there is but even then we'd have to make firm volume backed candle closes above certain price levels which we'll cover next.
Shorts are still favored over longs.
https://www.tradingview.com/x/0MTQVs1o/
Forwarded from Plutus Capital
Looking at a different scenario on the 8H chart, we can see the possibility of price breaking out above and trending higher. Even with this idea, which is highly unlikely, there are many factors to consider.
On the 8H picture we still have a bear flag which is also another bearish pattern. Bears flags are formed when price breaks down and then starts forming and ascending channel.
This means even with the situation where price breaks up, it needs to invalidate the bear flag on the 8H chart. The most important level is the $11400 red resistance zone. Price needs to close 8H to daily candles above this level with strong volume.
After that price then has a chance of moving higher. If price gets to the resistance zone, it can get rejected, fall back below the mid-line for the ascending channel and then drop lower.
In conclusion, we so far know that to our knowledge, bulls have one path to invalidate about three bearish patterns before having a chance for new highs. The ideal path is to first drop, accumulate or consolidate before finally climbing back up to new highs and that's what we expect to happen.
https://www.tradingview.com/x/LtYwsNUD/
On the 8H picture we still have a bear flag which is also another bearish pattern. Bears flags are formed when price breaks down and then starts forming and ascending channel.
This means even with the situation where price breaks up, it needs to invalidate the bear flag on the 8H chart. The most important level is the $11400 red resistance zone. Price needs to close 8H to daily candles above this level with strong volume.
After that price then has a chance of moving higher. If price gets to the resistance zone, it can get rejected, fall back below the mid-line for the ascending channel and then drop lower.
In conclusion, we so far know that to our knowledge, bulls have one path to invalidate about three bearish patterns before having a chance for new highs. The ideal path is to first drop, accumulate or consolidate before finally climbing back up to new highs and that's what we expect to happen.
https://www.tradingview.com/x/LtYwsNUD/
Forwarded from Plutus Capital
Like we said in our indebth price analysis for XRP/USD, our total take profit was at $0.22 and we did take all profit there because definitely we would expect some bullish reaction.
We realized XRP had the potential of forming some inverse head and shoulders patterns so it was better to take profit and watch the market.
This is the daily time frame and as we can see, we even have a potential inverse head and shoulders forming which could take price to our 3-Day resistance at $0.28.
Weekly close is a few hours away and if bulls can manage to close the week above $0.24, then there is a high chance of testing $0.258 (Monthly Crucial Point) and then $0.28.
So far things are starting to look good for XRP. And it also looks like all of the price action above $0.22 here is forming the right shoulder of the possible inverse head and shoulders on the weekly.
For now XRP is one of the major coins to give some bullish hope and this may mean more green days for the other major assets. BTC and ETH are still showing very bearish signs but with their weekly closes approaching, things may turn around.
We're cautiously considering bullishness for XRP and may consider looking for longs for a short term price appreciation to $0.258 and $0.28. But we're definitely not out of the woods yet.
https://www.tradingview.com/x/85xWUG72/
We realized XRP had the potential of forming some inverse head and shoulders patterns so it was better to take profit and watch the market.
This is the daily time frame and as we can see, we even have a potential inverse head and shoulders forming which could take price to our 3-Day resistance at $0.28.
Weekly close is a few hours away and if bulls can manage to close the week above $0.24, then there is a high chance of testing $0.258 (Monthly Crucial Point) and then $0.28.
So far things are starting to look good for XRP. And it also looks like all of the price action above $0.22 here is forming the right shoulder of the possible inverse head and shoulders on the weekly.
For now XRP is one of the major coins to give some bullish hope and this may mean more green days for the other major assets. BTC and ETH are still showing very bearish signs but with their weekly closes approaching, things may turn around.
We're cautiously considering bullishness for XRP and may consider looking for longs for a short term price appreciation to $0.258 and $0.28. But we're definitely not out of the woods yet.
https://www.tradingview.com/x/85xWUG72/
Forwarded from flocka
I'll be dropping an audio in a few minutes. Stay tuned.
Some OnePoint TA to accomodate
https://www.tradingview.com/x/vGa0dh8D/
The price is still trending inside this triangle which I've been anticipated and covered on my latest post about bitcoin. It's becoming the only pattern which I see is still valid. On the short term, the price has been trending in this structure since last month.
There is still the same perspective with my previous update and post. Currently, the price has already completed the potential E wave. Price is still trending closer to the APEX with a lower volatility over time. On the RSI, there isn't any confirmation yet with the RSI is still trending at the neutral zone between 40 and 60 level.
We must be patiently waiting at the moment until the price give us any type of confirmation. In the next 7 days will become a very crucial moment for the bitcoin.
https://www.tradingview.com/x/vGa0dh8D/
The price is still trending inside this triangle which I've been anticipated and covered on my latest post about bitcoin. It's becoming the only pattern which I see is still valid. On the short term, the price has been trending in this structure since last month.
There is still the same perspective with my previous update and post. Currently, the price has already completed the potential E wave. Price is still trending closer to the APEX with a lower volatility over time. On the RSI, there isn't any confirmation yet with the RSI is still trending at the neutral zone between 40 and 60 level.
We must be patiently waiting at the moment until the price give us any type of confirmation. In the next 7 days will become a very crucial moment for the bitcoin.
Hashed Plutus (Crypto Signals, Technical Analysis, Education and News)
Audio
Side note, this will activate bullish scenarios for XRP too
How irresponsible of me, for the past few days my eth address has had transactions. Surprisingly not mine. Looks like I have been locked out of my own wallet because of poor protection. Let this be a lesson for all of you. Even if the wallet is empty, keep it safe. Someone can use it for something fishy.
Let me break it down. I was the mnemonic guy so that with MetaMask password worked out well. Looks like the MetaMask password was changed.🤦🏻♂️
Thank you for all the lovely messages but yeah it's a lesson learnt the hard way.
Thank you for all the lovely messages but yeah it's a lesson learnt the hard way.
Bitcoin’s recent consolidation phase has come about concurrently with traders stacking up on short positions
This indicates that they expect the turbulence within the traditional markets to continue suppressing BTC’s price action, potentially leading it lower in the weeks ahead
That being said, this has caused negative funding rates to surge as of late, making it costly to be short
Historically, funding rates – when slanted towards one direction for extended periods – work as a reliable counter-indicator
https://bitcoinist.com/negative-funding-could-act-as-a-launchpad-for-a-massive-bitcoin-rally/
This indicates that they expect the turbulence within the traditional markets to continue suppressing BTC’s price action, potentially leading it lower in the weeks ahead
That being said, this has caused negative funding rates to surge as of late, making it costly to be short
Historically, funding rates – when slanted towards one direction for extended periods – work as a reliable counter-indicator
https://bitcoinist.com/negative-funding-could-act-as-a-launchpad-for-a-massive-bitcoin-rally/
Bitcoinist.com
Negative Funding Could Act as a Launchpad for a Massive Bitcoin Rally
One analyst is noting that Bitcoin's mid-term prospects remain bright, as negative funding rates could act as fuel for the cryptocurrency.
Close the longs.
https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers
https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers
FCA
FCA bans the sale of crypto-derivatives to retail consumers
The FCA has published final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of cryptoassets to retail consumers.
Hashed Plutus (Crypto Signals, Technical Analysis, Education and News)
Audio
If you paid attention, you would know we have entered the chop zone
Julio has some updates for you
https://www.tradingview.com/x/hmkeNuP3/
Cardano : The Psychology behind the Break Out Strategy and TA
If you've followed me since a long time ago, you'll understand that my favorite criteria to enter position in the market is based on the break out strategy. I've already acknowledged you about my 3 phases of break out strategy and when to enter the position. Whenever there is a trend line or horizontal level which acts as a support or resistance, I'll patiently waiting for the break out characteristic to enter the position. The main reason why I like to enter at the break out is that there MUST be a lot of volume which enter the market no matter a net buy or net sell. An increase in volume will bring the volatility which means will eliminate or at least minimalize the risk of manipulation in the market. Another reason is that the shifting on the psychological aspect which means the investors see something that could change in the future.
That's why at current Cardano chart, I'm still waiting for a long opportunity. The validation of it is clear, whenever the price can breaks out from the white resistance trend line and the white zone which is moving in alignment with the .382 fibonacci levels. If we see any sign of break out and of course with a decent volume, we can expect a moves higher to the above fibonacci levels. The .5 fibonacci level will be a minor or less significant resistance. On the other hand, the golden pocket is always be a strong resistance zone.
Yes, I know that the latest news and rumor about the Shopify thing has attracted a lot of investors in the market to enter the Cardano. But, we must not be ignorant about the confirmation on the technical analysis too. The above paragraph could be the bullish fact which I am expecting a break out too. But, the bearish could still in the other side waiting for the good opportunity. If we get another confirmation of rejection from current level, we might see further push toward the blue region on the short and middle term.
https://www.tradingview.com/x/hmkeNuP3/
Cardano : The Psychology behind the Break Out Strategy and TA
If you've followed me since a long time ago, you'll understand that my favorite criteria to enter position in the market is based on the break out strategy. I've already acknowledged you about my 3 phases of break out strategy and when to enter the position. Whenever there is a trend line or horizontal level which acts as a support or resistance, I'll patiently waiting for the break out characteristic to enter the position. The main reason why I like to enter at the break out is that there MUST be a lot of volume which enter the market no matter a net buy or net sell. An increase in volume will bring the volatility which means will eliminate or at least minimalize the risk of manipulation in the market. Another reason is that the shifting on the psychological aspect which means the investors see something that could change in the future.
That's why at current Cardano chart, I'm still waiting for a long opportunity. The validation of it is clear, whenever the price can breaks out from the white resistance trend line and the white zone which is moving in alignment with the .382 fibonacci levels. If we see any sign of break out and of course with a decent volume, we can expect a moves higher to the above fibonacci levels. The .5 fibonacci level will be a minor or less significant resistance. On the other hand, the golden pocket is always be a strong resistance zone.
Yes, I know that the latest news and rumor about the Shopify thing has attracted a lot of investors in the market to enter the Cardano. But, we must not be ignorant about the confirmation on the technical analysis too. The above paragraph could be the bullish fact which I am expecting a break out too. But, the bearish could still in the other side waiting for the good opportunity. If we get another confirmation of rejection from current level, we might see further push toward the blue region on the short and middle term.
Forwarded from Plutus Capital
Almost a month ago we warned everyone not to touch CRV until it was able to then climb above at least $2.215.
We suggested cutting losses early because price could fall -50% from $1.977 but price is currently down -75%. Imagine the number of people bag-holding CRV at the moment.
CRV even had the chance to maintain a potential falling wedge but the support trend-line failed. That is how bearish the asset is.
Now we've established a firm downtrend and seem to not be able to break above it. For CRV to start looking good in our books, it has to achieve the first step of reclaiming $1.1 as support.
Only then will it have the chance of testing $2.2. We're fully bullish on CRB above $2.6. We may start considering longing for a short term target of $2 if we can close above $1.1.
For now, we still consider CRV as a very high risk investment asset.
https://www.tradingview.com/x/H9iHXNZu/
We suggested cutting losses early because price could fall -50% from $1.977 but price is currently down -75%. Imagine the number of people bag-holding CRV at the moment.
CRV even had the chance to maintain a potential falling wedge but the support trend-line failed. That is how bearish the asset is.
Now we've established a firm downtrend and seem to not be able to break above it. For CRV to start looking good in our books, it has to achieve the first step of reclaiming $1.1 as support.
Only then will it have the chance of testing $2.2. We're fully bullish on CRB above $2.6. We may start considering longing for a short term target of $2 if we can close above $1.1.
For now, we still consider CRV as a very high risk investment asset.
https://www.tradingview.com/x/H9iHXNZu/
Oh and for all of you wanting to drop a DM for some help, @cryptopotatoes. Remember again. Nothing I post is financial advice. These are my opinions
Forwarded from Plutus Capital
LTC is telling us the other majors may be poised for some further up moves. Have to be setting stops in profit.
https://www.tradingview.com/x/jj7CyNFx/
https://www.tradingview.com/x/jj7CyNFx/
Forwarded from Plutus Capital
Everything still bearish and fortunately we didn't see BTC move significantly higher so our shorts still active.
Daily close is approaching and we may have another daily bearish retest of $10687 if price closes daily above $10540. If we do close below $10540 then we continue lower.
Remember, bears will milk as much bulls as possible for power to dump lower quickly. We're almost there.
https://www.tradingview.com/x/hFIlN51W/
Daily close is approaching and we may have another daily bearish retest of $10687 if price closes daily above $10540. If we do close below $10540 then we continue lower.
Remember, bears will milk as much bulls as possible for power to dump lower quickly. We're almost there.
https://www.tradingview.com/x/hFIlN51W/
Forwarded from Plutus Capital
We achieved 1st target ($8.67) on our LINK short and almost hit 2nd target. We don't think LINK is done dropping yet.
As we're expecting one last small push higher for BTC and ETH, we may expect LINK to also move higher, probably testing the new 2H resistance zone at $9.1 - $9.26.
If price does get there, it'll be another shorting opportunity for those who couldn't short at $9.5.
https://www.tradingview.com/x/9IN5J5Sv/
As we're expecting one last small push higher for BTC and ETH, we may expect LINK to also move higher, probably testing the new 2H resistance zone at $9.1 - $9.26.
If price does get there, it'll be another shorting opportunity for those who couldn't short at $9.5.
https://www.tradingview.com/x/9IN5J5Sv/
Forwarded from Plutus Capital
Our DOT short is also down -16% from entry. This keeps looking bearish and bearish and on top of it all, we finally dropped below the first green support, which should now serve as strong resistance.
DOT is on its way to our 2nd green support between $2.74 and $3.18. Price could move a bit up to $3.9 - $4 before finally falling.
https://www.tradingview.com/x/GtFhKes2/
DOT is on its way to our 2nd green support between $2.74 and $3.18. Price could move a bit up to $3.9 - $4 before finally falling.
https://www.tradingview.com/x/GtFhKes2/
BitMEX Open Interest Drops, Withdrawals 'Stabilize' (UPDATED) https://cryptonews.com/news/bitmex-open-interest-drops-withdrawals-increase-7910.htm
Cryptonews
BitMEX Open Interest Drops, Withdrawals 'Stabilize' (UPDATED)
The troubled major crypto derivatives exchange BitMEX has seen large drops in both open interest, and bitcoin (BTC) balances held on the platform.