Hello traders,
If you remember from my previous analysis, I mentioned the possibility of attack last week, but bulls have been very stubborn and push the price above $4100 in the last few days. After breakout on March 25th, I expected to go further down to $3850 region, but I have to terminate that idea when I saw price went above $3950, and I made first entry on March 27th, followed by March 29th, and I exited at $4130.
I see a lot of people are saying “bull run is coming” or “bear market is over”, but I see a lot of red flags in the cryptocurrency market in general and I feel like bulls are getting a little bit desperate.
First red signal for me is Litecoin movement. Looking at the 4 hour chart, while price is going up litecoin price is struggling to go above $62 on binance. Additionally, there is a divergence in the 4-hour chart, which indicate weakness. Just be clear, I will not call bull market if Litecoin goes above $62 with convincing .
Another red flag for me is the binance weekly chart. The price of binance coin went up almost 330% since the rally from December without any weekly retracement. We see that histogram is turning from light blue to dark blue, indicating momentum is slowing down. Weekly is oversold and there was a crossover for quite some time. I would like to see at least 50% in next few weeks, where we see a confluent zone of .
Last warning sign is this formation when is on . If you look 4 hour chart in past one month, every time we see rising wedge/flag formation, we also had breakout. is a and we are starting to see this formation once again. I just drew (in pink) and (in black) for reference.
This is a very critical point for , and I really want it to go above $4200 and start bull run, but there are just so many indicators in the chart that can’t be ignored.
Published at Mon, 01 Apr 2019 18:27:33 +0000
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