ETH - BTC Market is 50-50 bearish/bullish today.. what now?

Updated

Been visiting the BEST TA pros on TradingView

No one is certain which way we are going.

Indicators and Fundamentals are all over the place.

Will be reporting more on this as things develop over the next few days.

Manipulation Report:

I see evidence of SHORT TERM manipulation by AI bots
This is NOT major... and the big manipulation forces seem to be waiting
For what, I do not know.

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5 Day Chart View

Possible patterns I see emerging

Remember.. I am looking at ETHER, which mirrors Bitcoins movements.. but the shape of the movement is easier to see in ETHER.

If you view the charts and look at the last two days are if they were a plateau... then on a smaller scale... it looks like a small H&S is going to complete.

This would result in a price drop.. perhaps to 500ish

If you view that same chart and look at the last three or four days, it can also appear to be completing a double neck.. which also means a drop and sharp retrace of movement. even MORE steep.

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Niote.. the chart I published in my IDEA is one year and you cannot see the details I just mentioned. This is why it is important to zoom in and out to different chart perspectives.

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Has everyone been watcing?

We've been sliding down over the last twelve hours.. I would like to see all the TA charters who are pumping us with bullish predictions what that is all about...

Let's face it.. there is no real market volume right now and any whale or AI can nudge us in either direction with little effort.

I posted my chart as 5050.. but if was forced to take a bet.. it would we are heading down.

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So as most of you noticed.. at the time of this comment, we're dropping

Wasn't sure at the time of the original IDEA publication (I gave us a 50-50 rating)

but that was YESTERDAY.

If you read my updates, you would see that I started hedging for a drop.. about twelve hours ago... ironically WHEN WE WERE RISING.

So how did I do that?

More or less weighting the fact that there is NO volume...

and then using general TA rules.. like a forming double neck peak - which usually results in very bad news (a fall and a retrace)

and finally, we might be exiting out of a rising triangle wedge, which usually, though not always... is a reversal to the current trend (we were trending up in the very short term)

It's NOT over yet...

More or less we are still in a price range that might bring surprises.. because currently, there is a STRONG support below the current price.

So the burning question..

is this just a small bounce down in the wedge and the wedge is NOT done yet?

Possibly.. yes, we could exit the wedge and move up...

Or.. are falling?

Or can we exit out with a bounce on the bottom trend line.. but with a false break up and then head down?

I still say we are heading down.. but it's going to be a lot of torment getting there.

The best thing for everyone is the we hit THE REAL BOTTOM.. so we can stabilize, re-accumulate and start the rise from the ashes.

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I woke up this morning and saw we hit Bitoins 6340.

So.. now you should be asking yourself the following

of all the TA ideas you visited...
- which idea publishers played neutral and showed more than one outcome
- who boldly expressed a preference for a rise... or called a drop
- who did the best TA and got it right so far (mined you, we dropped)

Can TA be called accurate in this era of manipulation? Do you see why if you are going to trade, you need to learn to do your own TA?

TA is a science that is still affected by bias. It is subjective and any ONE person who claims their way is dead accurate is fooling themselves, not just their followers.

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AND LOOK AT THE PRICE NOW

LOL I TOLD YOU we were heading to 5700...

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At this moment, we are inside the Hyo Cloud.. which slows down price movement to a snails pace.

And now that we had this big price drop.. that comes very close to our last April super low.. people are watching to see what will happen.

Bears know that when we get to a certain low level, the buyers will wake up. At the same time, the bulls are not going to buy until they are more sure we hit bottom.

I am fairly certain. .. in spite of the fluctuating price.. up or down by as much as 100 dollars USD.. Bitcoins not seen the bottom yet.

The target in the least should be 5700 and it's entirely possible we are going to see 5200 as an extreme.. though less likely.

TradeClass

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