Europe is going through a serious trial while maintaining a weak stance on interest rates. US markets are on a steep edge, and I wouldn't recommend you trade stocks in the current market condition unless you have a good strategy for volatility. If conditions remain the same or worse in Russia, Europe, and China I wouldn't count lower 0.90's for this Euro pair...
Enerplus is absurdly undervalued. On 11/09 TD Bank upped their target. This 4 month chart looks ready for $4.5 minimum if oil prices and corona virus vaccine keep up.
Unemployment claim numbers coming out in a few hours!
Have bears run out of steam?
We're clearly consolidating and preparing for the next move.
Look at this pattern even the indicators are exactly the same.
Bitcoin has yet to find a good reversal point. A few whales bought in the last few days and confused a few TA's. But just look at how fast indicators became overbought. Too much bear momentum for those whales to continue pumping. If the monthly starts defining its direction it wouldn't surprise me if we saw 5k this month.
Here's what might happen if we topped off at 7500. This prediction is based on price patterns I see over and over again.
There is a VERY high probability that 6700 was the reversal point. If that's not the case I'm almost certain that $6000 will be the reversal. Too many patterns are repeating across small and LARGE time frames.
Look at this previous reversal compared to what price is doing now. Every bend is exactly the same even on the indicator. I'll remain neutral for now.
It will temporarily stop when we cross into the red zone in momentum.
Hopefully I helped some of you all stay out of these fake bull rallies "traps".
I hope you payed attention to how to find tops and bottoms. You saw how well it works I called tops literally at peaks. So the next question is when will BTC have bottomed? Let momentum drop and oscillate within the red zone. When it clearly crosses into the green you know that bears lost all their steam. Wait for the pullback down then buy. For now we...
We are in dangerous territory. We crossed the trendline on momentum to the downside and we're waiting for the retrace to sell (daily chart). In my opinion it's selling time we retraced already but it's not like we couldn't retrace even more. I'm on the sidelines for now. I don't use leverage or short. But if I did I'd short.
If bulls have anything left here's what might happen in the next few hours. Otherwise down we go.
On my previous two posts I drew a trend line on momentum. I said that by the 23rd maybe much sooner the momentum line would cross under the black trend line "red zone" and that it would mark a TOP "high probability trend reversal". All you had to do was wait for the pullback and sold as instructed.
Read yesterday's post: I said that as soon we crossed into the red zone we would have a bottom and that I would make an update as soon as we did reach the red zone. Well here we are. A top has likely formed. So now we either continue going down or BTC will have 1 last attempt at going up. This chart is on the 2hr frame.