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*Using Weekly Chart*
Consensio: P < M MA < S MA < L MA | S MA made first cross with M MA since July and it appears to have immediately reversed.
Patterns: Phase 7 hyperwave |
Horizontals: $3,500 support being tested | R: $3,592
Trendline: Channel is included on today’s chart
Parabolic SAR: $5,170 and accelerating down rapidly
Curve: Backwardation is only reason I am not short.
BTCUSDSHORTS: Consolidating at support. Will we get higher low or not?
Funding Rates: Longs pay 0.01% | Very surprised that longs are paying shorts after the last couple days.
TD’ Sequential: price flip
Cloud:
Index: Finding resistance at 38.
Average Directional Index: Shows that bear trend has only just begun. Estimate that we are on the 50 yard line.
Volume: Not all too impressed with the on the selloff. Would like to see a bar that is closer to the we saw on the week of Nov 19.
Price Action: 24h: -2.1% | 2w: -7.9% | 1m: +9.1%
Bands: Didn’t even retest MA on this last move. Bottom band = $2,572
Oscillator: Made cross < 20 which is as as it gets
Summary: This is a very tricky spot. The daily close below $3,550 support combined with the weekly is a strong indication to enter short. However the market is still in backwardation and I refuse to enter short as long as that is the case.
I got whipped around too many times shorting during $6,000 consolidation and I could have avoided every one of those entries if I used the curve as my final confirmation.
That is the most important indicator to me right now and I will be watching it closely. If the market re enters Contango then I intend to start shorting again. I am as confident as could be that we have not seen the bottom yet, however I also thought this would be an ideal area to provide the support needed for a relief rally.
Therefore both sides of the trade are appealing. Great time to sit on my hands and wait for a clearly picture to present itself.
Published at Mon, 14 Jan 2019 01:18:02 +0000
