The above monthly chart makes for very disconcerting reading. Viewer discretion advised. Bulls looks away!
On the above monthly chart the ETH/BTC pair is shown. Stochastic RSI (purple circles) WILL cross down 40 with the close of this monthly candle unless something amazing happens. This cross down has not happened since the November 2017 top.
The last time Stochastic RSI crossed down it stayed below 40 for a little over 2 years. Were that to repeat we would not see positive price action until November 2024.
There’s something else, the rising trend support line. Price action has broken market structure, the upward slopping trend line is the first support, -40% below current price action. That would easily take dollar price action to $600-800 region if Bitcoin dollar price action remains in the general area it is in.
Lastly is the volume. Selling pressure is increasing. Look left, you cannot buy into a market hoping for rising price action when selling pressure increases. You must wait for those red candles to shrink in size and a green one to appear.
Is there a positive side? Maybe.. price action appears to be printing a large inverse head and shoulders pattern. If the uptrend support is confirmed, this could be wonderful. However I would not expect such a formation to complete until at least quarter 1 2023.
Ww
On the above monthly chart the ETH/BTC pair is shown. Stochastic RSI (purple circles) WILL cross down 40 with the close of this monthly candle unless something amazing happens. This cross down has not happened since the November 2017 top.
The last time Stochastic RSI crossed down it stayed below 40 for a little over 2 years. Were that to repeat we would not see positive price action until November 2024.
There’s something else, the rising trend support line. Price action has broken market structure, the upward slopping trend line is the first support, -40% below current price action. That would easily take dollar price action to $600-800 region if Bitcoin dollar price action remains in the general area it is in.
Lastly is the volume. Selling pressure is increasing. Look left, you cannot buy into a market hoping for rising price action when selling pressure increases. You must wait for those red candles to shrink in size and a green one to appear.
Is there a positive side? Maybe.. price action appears to be printing a large inverse head and shoulders pattern. If the uptrend support is confirmed, this could be wonderful. However I would not expect such a formation to complete until at least quarter 1 2023.
Ww
Trade closed manually
Did you see what Ethereum / BTC pair has just done?3-day chart below.
Trade active
Changing this one back to 'active'.The weekly chart prints a monster bearish engulfing candle with strong bearish divergence.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.