S&P’ of the last few days, looks so similar. I had this in mind for BTC’, something like this at least for the right shoulder. But the first wave down of was much bigger than i thought it would be.
So of course this is not very reliable, since it’s an S&P’ and not of bitcoin’ itself, but looks like it has al the same stages. So worth to watch it if we see another small drop and a good bounce up after. So i would only start to use it, if we see a good bounce up first. There is just too much weakness still in the market. But, the low Open Intrest from the past week, what was bugging me all the time for a continuation of the rally, has been moving up again. It’s 370 mil now and went up while the price was dropping. Now this doesn’t say a lot, but it says we have much more bulls now since the 3800 and down. Of course also just as much bears as well.
If we see another drop happening, with OI increasing even more and the drop becoming smaller than the previous one, than it becomes more likely that accumulation is going on. But we still have not seen a good bounce up, so as long as we don’t see that happening, it’s still very dangerous to look up. Because all the alts are in very bad spots at the moment. Most are below necklines of patterns. So we need a push above those necklines to make a bear trap.
Published at Fri, 28 Dec 2018 14:03:20 +0000
