Eldal

Eldal

NEO had a major pullback with the rest of the crypto market yesterday. However, it still seems to be ranging in this parallel channel on the daily, and has jumped the creek in wychoff terms, pulling back to just under the pink line and back above it and the middle line of the channel. If it loses support above the pink line, I think we will revisit $13 or so on...

Eldal

Getting some bearish action on the whole today. Seems like bears are back in control at least temporarily after the Fed threats of more rate increases. On the weekly I think we are still bullish, as we see a lot of bullish divergence on different pair. But even if we take off, I think we only get a fool's rally.

Eldal Updated 

Bitcoin Possible Spring Post Spring Fakeout Reasons for this outlook: More people are now much more familiar with Wychoffian patterns. New patterns emerge to psych out the expecting. The diagrams online were only ever meant to give an idea of the different developments in a trading range. At the beginning of this trading range, the development started...

Eldal Updated 

Tomorrow I think we breakout of this consolidation on the 4hr and take a trip up to the 19k POC. That is all for now.

Eldal Updated 

Today we are seeing some bullish relief on the Daily, but the Monthly and Weekly total crypto market cap is pointing down from overbought on the stochastic. As well the weekly and monthly are both red (yellow in my case). Would advise to only be doing long scalps if trading today and be aware that you are trading against trend and is potentially very dangerous...

Eldal

We've been in this consolidation range since June (red box). Given the master pattern moves in the last couple days and the near doubled volume , it look to me that bitcoin is ready to trend in one direction or another and get out of this range. On the other hand it could play out as a multi-leg extpansion and just keep widening the range. Either way,...

Eldal

Dxy is is right at the previous brief 2001 support area. I think it will get rejected from here and time with the spx and crypto relief rallies before ultimately.oving up past resistance into the value area or beyond through 2023.

Eldal

Please follow the following analysis according to my left pane. Still have a little room down on the RSI, but the stochastic is already oversold on the daily. Could see a wick down to beginning of the selloff range as a spring for higher highs, but my money is off the diagonal trendline since we have a lot of volume there on the VPVR as well. Unless btc...

Eldal

Based on the value area highlighted with the rectangle on the left chart, I think we will see a drop down below the value area to collect liquidity around the 36k area and find a possible short term support. We could see a domino effect if panic selling comes in and create a wick down to mid 20s and then quickly back up in my opinion.

Eldal

Do you have trouble with FOMO or sticking with your plan? One of the most simple tricks to help take your emotions out of the game and stick with logic is to change your candle colors. Yes, it really makes a difference! Psychologically we are hard wired to react to red and green as STOP and GO reactions. This is actually the opposite of what you want when...

Eldal

I'm overall bearish on BTC and expect it to dump to the mid 20s, but just wanted to see how much more engagement I get for a bullish title. There actually is a play for a quick scalp here, but it's very risky and requires a tight stop in case the longer term traders do go ahead and dump everything harder.

Eldal Updated 

BTC heading for underside of the previous support trendline on the descending wedge prior to the drop. My bet is we reject straight down from it in the next day or so.

Eldal Updated 

Personally I have some buys in at the 61.8 and 78.6 with expected bounce to scalp on short timeframe. I believe we are firmly moving to a bear market in crypto as a whole, so quick in and quick out in terms of longs are all I'm playing. Possibly some futures shorts on other coins with tight stoploss.

Eldal

Be very careful here. We've had months of rising prices on falling volume and a major Bearish Divergence here on the RSI. I can only speculate that this second rally is pure moonboy hype and the market is going to capitulate. Remember this chart is weekly so you will still see small rallies within it, so don't be fooled. See white trendlines on price vs RSI....

Eldal Updated 

From the look of things, this shakeout could just be getting started. We've got the false bar stoch letting up on daily timeframe. TOTAL ticker is at 3.618 fib on weekly and highly overbought stochastic. See comments. Moving averages just starting to death cross on daily timeframes.

Eldal

So far it looks like this old chart of mine is starting to play out pretty well with demand zone pretty clearly around the 36k mark. I think this could be the first major support level we hit, but the bounce may be short lived and keep traveling down to 19k as a low. However, from an elliott wave perspective, right now it seems wherever we find the local bottom,...

Eldal

From the looks of it we've retraced to the .618 fib off of the Daily 4. Could still go lower to daily resistance at about the 75% mark. From here we should see bullish impulse up, unless the higher degree 4 is invalidated.

Eldal

Since we saw a lot of consolidation around this range (black rectangle), I think we will see a retest of this area 36.5k-ish as a retest before btc decides to go up or down further. A drop to 34.1 is also quite possible due to the high volume node there with the VPVR. Most indicators are still showing overbought, and volume is still declining. But it is btc,...