$BTCUSDHard rejection off the 111 day MA, Totally wasn't expecting that.
Definitely not expecting #btcusd to retrace to 30k
Ouch
BTC you SHORT beast, sub 23,000k incoming. Nice, short and concise.
8 Weeks of bearish sentiment, now one thing to consider is a td 9 count will complete at the end of the week. So, factoring in TD Sequential, it'll be important to watch for a 4 count correction to the reverse, or whether it continues bearish sentiment and goes on to complete a 13 count to the downside. However, I play particular attention to a rejection of not only the 0.618 resistance level in this chart, but also how it co-occurs with a rejection of a MA cross-over right on the fib retracement at 0.618 level, which led into heavy downwards pressure.
Moving averages, MACD, MFI indicate mid term bearish continuation. As what we expect from crypto trading such as whales dumping, exchanges going into server overload mode and tether printing, ANYTHING CAN HAPPEN. But the charts have spoke thus far, and it is irrefutable despite bias, the technicals and data of btc and the picture being painted does not in the slightest suggest a worthwhile long entry, unless swing trading, and in the the hope we go back up to test new resistance, and just get slammed backed down.
Also, just to conclude on and close on a litte challenge. Open a btc/usdt chart, change to weekly/monthly. TA Done.
Low lev, low contract for Future traders
BTC Dominance to 70%?If not 70%, watch out for 67.42%
Time frame July 11-14
BTC.D seems to be marching towards the 70 to 71% threshold. That's higher than I expected and the next fib lines are 80 to 82% BTC.D (but this could be a 5th wave target?)
This current next wave in BTC.D is driven by, what else, trade war tensions. Most recently Washington approved the sale of $2B in weapons to Taiwan and that's really pissed off the Chinese Communist.
(For those unaware, Taiwan is essentially the pre communist Chinese government. in exile.
These are the people who were defeated and fled the mainland when the communist took China by force.
The Chinese Communist Party is very adamant other nations, especially the US, adhere to the "one china" policy, which essentially means nobody acknowledges the Taiwan nation state. They sort of have a pesky claim to the Chinese "throne")
Anyhow...
Using Fibonacci, we can come up with a target dominance of approximately 70%
The advancement is measured by taking the bottom and the top.
The bottom is measured at the lowest wick down. See April 5th.
From there place your "1" line to the peak of that first mini wave on April 11th and notice how this predicted future local caps.
Place your other "1" at the top of the completed wave 1 on May 14th for the larger wave pattern.
70% BTC.D corresponds with the 1.618 advancement of the full wave and the 5.618 advancement of the initial mini wave.
As mentioned above, the next Fib target is 80 to 82%. The people who say 90%, I would ask what their basis for that is.
Not a fun time to be holding alt coins either way.
Everyone point and laughThe mass of the average VEN/VET bag generates enough gravity to trap the cries of those 'hodlers' forever.
Stay safe out there guys, and don't forget it's all going to zero.
This is also a prime example of blood, from a purely technical PoV...
Sysco Earning Miss: NOT A FLASH SALESYY was moving bearish before the miss but this is not looking good for them at all. This is not a dip buy opportunity but rather the opposite. This is an opportunity for puts as they pullback towards their 55.81 and then 47.2 supports. The market conditions should compound this problem as it pulls the index down, the panic from the miss and poor chart movement leading into additional selling and further failures of support. This is one of many reasons why 55.81 support is already toast and it doesn't even know it yet.
WTF on this stockSure shares are down. but we can still buy and wait for some good news.
www.gurufocus.com
