Hello Followers. Hope you are having a fantastic day
What an amazing week. And what is ahead of us?
Let's break together current move and what may be in play.
I don't want to give exact direction of the market, as i need few more candles, so i can know what we are dealing with currently, as we flash crashed.
You can see my current view on chart perspective.
I have an up trend-line which is drawn from 24. of june and still body closures respect the area around that.
From 4H perspective we had some closures below with some spikes to grey rectangle(6100-6250), which may easily happen in next upcoming days.
Second thing we have down trend from 24 of july and forming a nice sort of triangle from both of trends as you can see. The reversal that happened on 5th of september from enigma point, nicely respected the downtrend.
And now here we go. We are back at the bottom of the triangle.
What is the next play?
The most logic thing now would be atleast some re-test, spikes to grey rectangle or the green one where 1,27% fibonacci is aligned with. If we do sustain with body closure in this uptrend we may see some breakthrough in upcoming week or 2.
Second scenario will be in play if we break hardly the triangle and test bottom of the fibonacci 5820. There we will see how market will react to this downside and how hedge funds/whales would want to protect 6k as a bottom. I'm not trying to for market sentiment, but really? Too many times we tested this level without some sort of break. This could be the time to break through if we play this right. And bitcoin could be headed for my long term perspective. As i called from 10k, we will see 5.8 or so, as i'm calling for new lows, is 6k, won't act as a strong support. Worst case scenario 3.5-3.7k. Yep that level would be quite nice and we would make ton of money on this.
So i'm staying flat for now, and will wait for some days until market shows some stability and some moves which will lead to me some conclusion on next trade.
Q&A from instagram story.
BTCUSDSHORTS nearing ath.
Well this question, was in my mind for some time, as BTCUSDSHORTS was nearing ath week or so back. we flash crashed and got back up again with crazy amount of short orders which went in. My current TA on BTCUSDSHORTS is calling for new highs. But with some sort of consolidation and break of top of the fibonacci and crazy downside of BTCUSDSHORTS could lead to break of the BTCUSD triangle and we could be good for some upside. (BTCUSDSHORTS new high could be at 44k or so)(Top of the fibonacci 38371).
XRP.
Still the same play, you can click ctrl+f, type golden picks or xrp in my channel to see all charts which are in play right now on alts. Not sure if it's even logical, to look for some move in alts, better just to stick with BTC move and adapt buying alts with that. When we are having flash crash buy something, when we are nearing to the top, sell.
Golden RULE: When you think it's going to pop a little bit, and you are already in profit. - SELL. When you experiencing flash crash and almost have a feeling it's not going to stop dropping. Yep exactly this is the time to buy some for quick scalp.
Can you include ETF decision as well?
Well like, yeah ETF decision can make something, but i would suggest that decision as we will be getting close to the decision, so we can better countertrade. I'm rarely focusing on charts, than overthinking about market sentiment. You should also. Clear your mind with that. Like i said before, when you are trading, unninstal every fkin social media application that is blurring your decision. Like fking 4chan or so.
Well this one was kinda longer, but even tho i'm suggesting you to read it through.
Jeekis.