Just posting to show that even low cap coins follow the same mechanics as the big boys. Markets and exchanges function the same way, regardless of volume. Moves may be bigger (either direction) but TA is still a thing and the same rules apply.
I am still long on MWAT from a long term position.
When we lost the parabolic trend by losing the swing high to the prior ATH, I knew we were in trouble. When we fell below below the 11 year parabolic trend line, I felt that was confirmation we were heading for a capitulation. We then saw what appears to be an amazing recovery but my outlook remains the same, I feel like we are going to see a sell off.
When a...
Some might assume we are already seeing capitulation but I think capitulation may not have even started yet. Then again, that is how capitulation works. It doesn't stop because you have felt enough pain. It generally stops when you give up all hope (assuming you don't short).
I am seeing a lot of articles from folks looking for reasons, such as China cracking...
Lots of folks are pointing out a potential inverse head and shoulders trying to form on Bitcoin. It would be great to see that play out, but I am not so sure about it. If you zoom out to the weekly close you will see a high wave candlestick on every BTCUSD chart, as well as the XBTUSD chart on Bitmex. Speaking of Bitmex, I also see the price action respecting a...
Note: For this update I am using the Bitmex chart.
In my last post I called for a Bitcoin rally but was also expecting a possibility of a dip before it played out. It appears I got lucky on my call and it played out just as I expected. We had a textbook breakout from a falling wedge (which I did not discuss) and a beautiful rally as a result.
So what is Bitcoin...
I am not convinced we have hit the bottom of this current sell-off, but we may be close. I am seeing signs of relief and a potential rally. Sell pressure is running out of steam, and buy pressure is increasing. While some are saying we have formed a double bottom, I am not convinced we are out of the woods yet.
For this daily chart I am using two indicators, RSI...
