What's up guys!
I must say, I am surprised bitcoin is holding up so high and not more volatile. Low volatility shows a potential floor in a market that isn't rebounding hard (we didn't). That said, there are so many reasons that I am still bearish. But let me share a few bullish things I am seeing:
Bull Case:
1. Holding 200 weekly average nicely.
2. Currently on favorable ashis for the weekly
3. Monthly RSI has already reached same level it did last bear market
4. low volatility
That said, there are way more reasons to be short right now because we are at resistance at so many levels. It's like inception, y'all! April is the moment of truth the way I see it because that is when we will see whether we breach or reject the 200 daily MA. We are also very likely to close the monthly ashis favorably next month if we don't drop by end of April. These are both very bullish events. Without any more blabbering, let me explain my case...
YoungShkreli Case:
1. low risk shorting here, we are at a multiple clusters of resistance (testing resistance)
2. rsi is retesting the previous low which is now resistance (testing resistance)
3. stoch rsi looks poised to dump
4. cmf is flat, no new money is coming but price is rising (bearish divergence)
5. volume is decreasing, but price is continuing higher (bearish divergence)
6. 200 ma is coming down in April which is previous resistance (resistance)
7. we are at the weekly SAR (resistance)
8. we are on a monthly down ashi, which is more important than weekly in terms of LT trend (downtrend)
9. we have yet to test the 2014 high in the $1000 region
10. the last bear market stayed flat at the bottom from January to October, we still have months to wait so downside is limited under the theory they will be similar
11. ETH is super leveraged - see last post
12. We have yet to break the price resistance since the yearly low (resistance)
Like my work and follow if you don't already!
-YoungShkreli
I must say, I am surprised bitcoin is holding up so high and not more volatile. Low volatility shows a potential floor in a market that isn't rebounding hard (we didn't). That said, there are so many reasons that I am still bearish. But let me share a few bullish things I am seeing:
Bull Case:
1. Holding 200 weekly average nicely.
2. Currently on favorable ashis for the weekly
3. Monthly RSI has already reached same level it did last bear market
4. low volatility
That said, there are way more reasons to be short right now because we are at resistance at so many levels. It's like inception, y'all! April is the moment of truth the way I see it because that is when we will see whether we breach or reject the 200 daily MA. We are also very likely to close the monthly ashis favorably next month if we don't drop by end of April. These are both very bullish events. Without any more blabbering, let me explain my case...
YoungShkreli Case:
1. low risk shorting here, we are at a multiple clusters of resistance (testing resistance)
2. rsi is retesting the previous low which is now resistance (testing resistance)
3. stoch rsi looks poised to dump
4. cmf is flat, no new money is coming but price is rising (bearish divergence)
5. volume is decreasing, but price is continuing higher (bearish divergence)
6. 200 ma is coming down in April which is previous resistance (resistance)
7. we are at the weekly SAR (resistance)
8. we are on a monthly down ashi, which is more important than weekly in terms of LT trend (downtrend)
9. we have yet to test the 2014 high in the $1000 region
10. the last bear market stayed flat at the bottom from January to October, we still have months to wait so downside is limited under the theory they will be similar
11. ETH is super leveraged - see last post
12. We have yet to break the price resistance since the yearly low (resistance)
Like my work and follow if you don't already!
-YoungShkreli
Note
Title should be by April. It could dip today. End of April latest. Would short here.
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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.
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.