Bitcoin fell to new lows as I'm sure everyone frantically knows and my previous trade was stopped out. In hindsight I should not have been using Bitfinex charts. The discrepancy between exchanges makes for inaccurate TA so I'll be sticking to Coinbase for my market direction until there's parity again. Not all bad news though, we may have had the capitulation we were waiting for. Before all the lucky perma bears start screaming the dirty $3k number all over the place, Bitcoin seems to have found support on the larger previous trendline connecting the highs in December 2017 to the highs in July 2018. This could potentially mean that the pop we had on 15 October was a break out from a prior falling wedge and we have now successfully tested that wedge as support. If we drop back into this wedge I am expecting a large rebound. RSI is also oversold at the lowest levels it has been since January 2015, so I don't believe that there really is not much room for additional selling pressure. Same applies to all relevant time frames so get shopping and load your trolleys.
A move back into the apex of the previous wider falling wedge will hopefully see a breakout from there. When tether drops like this the market becomes unsettled so hopefully the volatility keeps on creeping back over the next week so the breakout can take place with strong volume.
If we have a deathcross on the 3D chart between MA50 and MA200 then this trade is trade is invalidated and we stay below the trendline resistance at least until SEC decision date on 29 December 2018 imo so keep an eye on your 3 day moving averages and use appropriate risk management, especially at these levels (if you're swing trading).
A move back into the apex of the previous wider falling wedge will hopefully see a breakout from there. When tether drops like this the market becomes unsettled so hopefully the volatility keeps on creeping back over the next week so the breakout can take place with strong volume.
If we have a deathcross on the 3D chart between MA50 and MA200 then this trade is trade is invalidated and we stay below the trendline resistance at least until SEC decision date on 29 December 2018 imo so keep an eye on your 3 day moving averages and use appropriate risk management, especially at these levels (if you're swing trading).
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2015 compared to now:
