Any bear market is followed by consolidation period. Even the best traders are not so cool profit from range as this time of market is very unpredictable.
Here are reasons to be with cash and expect some sort of washouts before the real bull market will begin.
1. Daily Bolinger Band was nailed for 2 times.
2. Two inverted hammers
3. We are sitting at VolumeProfile Support
4. This may be double bottom or head and shoulders. Volume is weak.
5. THis is freaking me out the most. Retail traders are 80% long. Though hedge funds are 50/50, they will definitely try exploit poor retail traders. tradingster.com/cot/futures/fin/133741
6. If you look at LTC, ETH, XRP to USD chart. They all show some sort of head/shoulders, double tops on 4H.
7. www.tensorcharts.com/ - somebody placed lots of bids on 3800 on Bitfinex. Those were never filled.
I have no edge to trade in this type of market. But If you want me to bet, I expect the price to fall at least to this zone.
Lets see were we it's heading. I wont buy and i wont sell.
Here are reasons to be with cash and expect some sort of washouts before the real bull market will begin.
1. Daily Bolinger Band was nailed for 2 times.
2. Two inverted hammers
3. We are sitting at VolumeProfile Support
4. This may be double bottom or head and shoulders. Volume is weak.
6. If you look at LTC, ETH, XRP to USD chart. They all show some sort of head/shoulders, double tops on 4H.
7. www.tensorcharts.com/ - somebody placed lots of bids on 3800 on Bitfinex. Those were never filled.
I have no edge to trade in this type of market. But If you want me to bet, I expect the price to fall at least to this zone.
Lets see were we it's heading. I wont buy and i wont sell.
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I decided to leave my believe about chart patterns. They are cool! But only if they look great. And head/shoulders above looks radiculous and it isnt backed by logic.
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Instead, lets use WyckoffDitribution Theory
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Longs were decreasing from the beginning of the squeeze and started to increase right at the top.
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Shorts are not easy to read. I can't find anything useful with them
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which one will play out?
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