EncryptShawn

EncryptShawn

GLM is about to breaks some long term resistance if it can break free, just a little higher as you see top of channel on the chart. Also Bat has broken out of s hort term trend and looks interesting for a potential run. i like GLM anyway, its always easy to trade a conviction because you dont mind holding it if you need to. GLM is distributed compute, they have...

EncryptShawn

Both appear to be breaking out, trying to early warn. Transitioning from ada/xlm once they break down. Dont have time for more, look at the charts, see the break, dyor, be vigilant. Oh one more thing another tool for your toolbelt. Watch the daily candle, it ends at 0000UTC which is in about 5 minutes from this post. Often it can shift directions, fuel fires,...

EncryptShawn

This market is great for trading trend lines, look at this chart as an example, the two thick dark purple likes. The short one represented resistance for about 5 months, we finally broke that resistance and we broke out, we ran to top of what had been resistance for about 18 months, we had a small hiccup in both places and the break out from that trend line lead...

EncryptShawn

Seems to be breaking out, next major resist seems to be around $10, thats it, nothing else, its a chart breakout, alerting as it breaks. Orderbooks have been looking pretty good too. Channel breakouts usually perform well in short order. Looking at the 4 hour chart, it may not be ready to break yet, may pull back a little before we see a solid break through. ...

EncryptShawn

I am no astronomer but I think I might see the moon! This breakout is significant. Look at the channel inside the major channel, the one we just broke out of a week or so ago. Now imagine in perspective a similar run as we break out of that much larger channel. Technically this is not confirmed, confirmation would be after we pull back some and prove that...

EncryptShawn

I am bearish BUT, with bullish optimism and a possibility of big a big bull, based on current market momentum. This is actually a great place and likely place for it to pull back based on its prior pattern, but this momentum could prove otherwise. I am marking this neutral and no one wants to review neutral reviews they want to see bull or bear. The thing is we...

EncryptShawn

We see that we broke out of a descending trend we had since March, we had an ascending channel that put us on the right track and once we passed that 200day moving average, we launched through the top of that ascending channel. We can see its consolidating on top of what is now looking to be support. It is possible that this could take well into next year to...

EncryptShawn

As we see by the chart, we had a series of events mostly around mega-stimulus for Covid and a massive dilution of currency as triggering events. Inflation rose and is now back down close to the desirable 2% inflation. We don't want prices to go back to where they were, that is deflation and is not healthy for an economy. We want prices to stay near the same year...

EncryptShawn

We have taken the prior ascending support line we had lost before with a strong showing on the US election results. It hasnt confirmed the old support line as support again so until we see that, it could still pull back. Assuming it regains its prior ascension line, It looks like somewhere around Christmas time BTC will have to decide between bouncing off of the...

EncryptShawn

BTC did manage to break out of the descending channel and did pull back on the previous ascending trendline as I pointed out in my last post would be likely. What does this mean? At minimum it means less likely to see a dramatic fall, very possible to keep moving upwards in a slightly lower ascending channel. Its a sign of early correction. We never did hit...

EncryptShawn

We have been in a descending channel for a while, we broke out of a long term ascending trend via this channel. We had a fast wick lower a couple of weeks ago that threatened to chart an even steeper descent but as mentioned, sometimes single wicks can be ignored and it looks like that one was ignored. As you can see in the chart, we reach top of descending...

EncryptShawn

We had nearly a year of bullish trading on an ascending trend line from October of 2023 to July 2024 where we broke through that support. By the time we broke that ascending trendline we had already had a descending channel above that trend line since March that appeared to be the path BTC was tracking. We also slightly breached that descending channel with a wick...

EncryptShawn

We lost the ascending support we had since last October and we see it has transitioned to a descending channel and well confirmed with 6 touches back and forth and we are about to reach the top of channel and likely to pull back, bottom of channel is in the GETTEX:54K range. RSI also signals its pretty well exhausted on the daily candles. We could break out...

EncryptShawn

Anything that can be put into numbers is subject to quantitative analytics and can tell a story. Dominance is just calculating how much of the market a specific asset owns, for global market cap of crypto, BTC was responsible for the majority of the market cap for a long time and had around a 96% dominance until the first alt season we had some years ago. ...

EncryptShawn

BTC and ETH and pretty much anything that was still hanging on, broke loose yesterday. BTC has broken its major ascending trend line and its 200 day moving average. While we may see some pull back up from here, we are now in a descending pattern and likely to meet resistance at our prior support. The only shining ray of sunlight is that BTC dominance looks like...

EncryptShawn

BTC is looking at support around $62,500 and ETh around $3200, both charts look fine, they are in a short term descending channel but still well above a very strong long term ascending trend line. On the other hand, Alts look abysmal, many have broken their long term support and recently lost their 200d moving average and now the only significant thing for them...

EncryptShawn

We lost that support and now the next major support is important as it will identify if we are still in a bull market or if this rally is winding down. I did expect to see BTC at around $80k+ on this rally and we did not reach it yet so I am hopeful that when we hit this next support line, it will be the end of this pullback and we continue back up in this bull...

EncryptShawn

Overall the chart is still bullish for BTC but there are some things we should be paying attention to here after a few days of blood in the streets. This last Friday looks like there was nearly SEED_TVCODER77_ETHBTCDATA:1B in liquidations that fed the fire and with thinner orderbooks, another half a billion in liquidations yesterday that fueled the fire. We...