Indebth Analysis (ADA/USD) Part 2

Now switching to the weekly time frame. Things are pretty straightforward. After testing the $0.14 resistance level for the first time, we've moved rapidly below $0.96 again and it's already resistance.

Price has formed a head and shoulders pattern on the weekly which should send price down to the green support zone. The only thing remaining is the neckline at $0.076 which should break soon.

Once again, ADA looks healthy and if we should manage to close above the strong resistance on the weekly after tapping the green support zone, then ADA should be heading for the Bullish Resistance at $0.37.

So far the weekly has only shed light on the current bearish structure.

https://charts.cointrader.pro/snapshot/tLHtF

Indebth Analysis (ADA/USD) Part 3

The 3-Day chart much clearer for the asset. We can see the formed head and shoulders pattern.

There isn't much to go on with thay we've not covered on the monthly and weekly charts. We've fallen below the $0.088 resistance and until we reclaim it on the 3-Day, we have eyes on the green support zone.

The neckline can be found around $0.076 and with less than a day to go, the chances of closing below the resistance and breaking the neckline is high.

Our forecast for ADA still stands, we're expecting more downside until we're at support and then we monitor how price action develops.

https://charts.cointrader.pro/snapshot/ZOvAC

Yes I do sound sleepy 🤣 but I had to get this audio out before any of my lads get rekt.❤️

Another reason to sit on the sidelines.

⁠MicroStrategy CEO could ‘liquidate $200M in Bitcoin on Saturday’

‘We can liquidate it any day of the week, any hour of the day,’ said Michael Saylor.

https://ct.com/8yxt

To be honest, the real drop hasn't began yet. RSI and the chart on the 3D time frame all look very bearish. Any ideas of swing longs should be avoided, only shorts are recommended still. Longs should be very quick scalps.

We're sitting right on top of the support of the rising channel. Sometimes when price closes right on the support, it is a way for more buyers who are not seeing the bigger picture to be lured in to buy.

Then they get dumped on and stopped out or liquidated. It seems $9600 will only be a brief pause. We have eyes on $8550. This is where we may get some consolidation for a while before we continue dropping.

We've been shorting since $12000, we take partial profit at key supports and re-short on bearish retests. This is what we'll keep doing until the market shows more bullishness.

https://www.tradingview.com/x/Omdn4EVA/

The general trend is bearish for the whole crypto market and this makes it easy to spot bearish patterns such as the HS we have on COMP.

Seeing a nice head and shoulders pattern forming on the COMP asset. This is the 1H chart. The target is a bit aggressive. We could fall lower than that.

https://www.tradingview.com/x/PUAus7hs/

Credits CryptoPro

Daily dose of TA from OnePoint

https://www.tradingview.com/x/CebZXGwI/

Bitcoin : A review on the higher time frame

Bitcoin is entering a very long consolidation phase which makes the volume decrease over time which causes a lot of manipulation in the short time frame and lower degree in the intraday basis. Therefore, I choose to cover the movement on the higher time frame which makes the significant zone become more clearer.

Currently, the price is still trending above the white zone which is becoming a strong support zone for bitcoin. You can see that this white zone could be the neckline that has been broken by the price which previously formed an inverted head and shoulder as well. Therefore, we can assume that the current drop could be the phase 2 of break out strategy which is retesting previous broken resistance as a support. In other word, the next huge movement will be determined by whether the price can breaks below this white zone or will it able to hold the price and having a bounce to confirm the next cycle of bullish market.

For now, the MACD histogram on the weekly time frame is printing a tick toward the negative side for the first time which is showing us another weakness in momentum as well.

In my opinion, the price will has another consolidation continues above the white support zone before it determine the next target to be. That's why we have to be extra patient at this level. Under a long consolidation like this, there will be a lot of choppy movement even it's on the weekly time frame. Watch the liquidation zone toward the $9000 region as well (as the potential WXY pattern which I've anticipated at previous analysis).

We've already done an indebth analysis on ADA so this should be easy. We're at resistance and we'll be loading shorts in the red zone. Our eyes are on the green zone.

Almost all the assets have head and shoulders pattern which is bearish.

https://www.tradingview.com/x/YzxL2BMg/

LTC is doing its rising channel thing again which makes it much easier to short it. We'll be loading up shorts until $46.5.

LTC is still an asset we'd love to short because of how much it can fall if it begins.

https://www.tradingview.com/x/CGNw9ZdG/

Closed our long scalps and started gradually shorting some of the majors. Considering we;re entering at resistance zones, these trades are low risk.

We're expecting the big head and shoulders to play out. We'll be loading up shorts for ETH from here till $360.

Don't lose sight of the bigger picture. Not until we move higher. If ETH stop is hit, then we'd consider $500 on the table and start looking for longs.

https://www.tradingview.com/x/SLdy3gQZ/

Doing same for BTC. Even though we're still swing short from $12300, we've been taking profit lower and are adding more shorts in this resistance level. The highest we'll expect BTC to go is a wick to $10820.

Just like ETH, we expect BTC to start facing some resistances here. A close above $10820 and we'll start looking for longs.

This is a swing trade with target at $9600 and $8500.

https://www.tradingview.com/x/J39RK7vn/

If you're not already short, then this might be to your liking. Also something for the EW lovers.

We don't use EW in our analysis but once in a blue moon we reference it. In this case we're using EW because of the Fib tool. The Fib tool is something we use a lot.

We ca see that BTC just did a 61.8% retrace of the move down. Now we'd expect price to continue down.

If you're conservative, short after breaking below the 50% Fib line.

https://www.tradingview.com/x/yRtOjMFx/

Those who are conservative should have gotten their shorts filled in. Before the 12H close, price tried to pull a quick bullish move up but bears were strong enough to halt any significant up moves.

The attempt however caused some anomalies in some assets such as ADA but the general market is still exhibiting some bearish signs. Looks like bulls couldn't do anything to save the day.

Now $10646 has become a crucial level that bears need to defend. The next step is to close 1H or better 4H below $10547. The moment this happens, bears have total control of the market again. All bears need to do is defend $10646 until we close below $10547.

https://www.tradingview.com/x/53liMw0q/

Cryptocurrency Exchange KuCoin Hacked.

A lot of Bitcoin, Ethereum, and other cryptocurrency left the exchange all at once. About $150 million worth, actually.

https://decrypt.co/43015/cryptocurrency-exchange-kucoin-likely-hacked-reports
https://www.kucoin.com/news/en-kucoin-security-incident-update

Our ETH short got more fills in the red zone. Now all we need is for price to get back below the green support zone on this 1H chart to gain more bearish strength.

We still think we're seeing distribution here because we recently broke below a rising wedge.

https://www.tradingview.com/x/plmSV3ES/

LTC short is also fully filled as we hit resistance at $46.5. This is the 4H chart and we can have confidence that price will drop because of the rising wedge.

Rising wedges are bearish patterns that lead to price continuing a down trend. In the case of LTC, we have been down trending for a while now and finally broke $45.5 as support.

Now, after a level is broken as support, price mostly comes back to test it again to see if it holds as resistance, if it holds then price continues down.

There are instances where the breakdown would be just a fakeout so we would see price do a V-Shape recovery back above the broken support.

V-shapes mostly happen quickly and their patterns for rising back up are not bearish. For LTC, we see a rising wedge pattern as we rose to retest $46.5 which means price will still continue downward. This is not a V-Shape recovery.

After the breakdown, we're looking for price to stall a bit at the green support zone ($43 - $43.45) before finally breaking it. If the move down is very strong then we'll just break through it at a go.

https://www.tradingview.com/x/4tnauzPw/

Deadcat bounce in overall Alts market. More detail here 👇

#LINK is leading market and great example to review 👇

https://tradingsim.com/blog/dead-cat-bounce/