Hello traders,
I want to share this chart with you because I think the Crypto market, Bitcoin and the ALTS are struggling.
There are no rises that last but drop back every time. There is low volume and negative patterns are forming on the way. I personally don't find that particularly bullish.
I do not say this negative scenario would play out it is just a warning and nothing more. You need to judge yourself if you find this true or you want to ignore!
Here on the 90 minute chart we see a bearish sysmetric triangle. that has NOT broken out yet. A bearish head shoulder pattern is forming and we also see 2 bearish rising wedges.
There are also negative divergences in several indictors.
So we have:
1. Bearish Negative divergences in indicators
2. Low volume
3. Bearish Rising wedges
4. A bearish head shoulder pattern
5 A bearish symmetrical triangle.
--> A symmetrical triangle in a trend up is bullish but a triangle in a downtrend is bearish.
Personally, I am closing all my positions until there is more clarity on whether we are breaking out of this triangle upwards or not.
It doesn't make sense to hold alts if BTC is going to be again bearish. Possible I do some shorts but it depends only on what the market do and how it choose it's direction.
Traders, this is NOT advice, it is my view and my positions that I am closing out of safety. Everyone do what they want because as always there are bulls and bears fighting a battle. That only keeps the market always priced fair and in balance whatever the price is.
Also I trade what I see and I am NOT Bullish nor Bearish at all. It doesn't matter me if the market goes up or down, just want to make profits out of it.
By the way, there is always another danger and that is a tweet from Musk who is creepily manipulating the market. Also, larger funds can just make the price go up if they want to. These are truths and not hypotheses.
So please discuss what you see in a constructive way and also why you think this or that. Only saying it is going up is pretty useless. The market doesn't matter waht you feel. It just works the way it does with the bull and the bears and of course the hyper manipulation here. In the end, the biog funds are looking for your money! That is the way, they earn their money!
Wish you all good luck!
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
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