Bitcoin - Bloodbath Coming. Buy the Bottom in Late June.
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Daily Perspective:
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Weekly - TD Sequential:
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Charts should say "& STARTS SELL COUNTDOWN" on the right side. My bad.
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Weekly chart - simple to interpret.
The market is under the cumulative downward pressure following the 2017 bubble and the many years' following inability to reach the fabled 20K and realize the million dollar Bitcoin fantasy. Fansy English aside, the chart is simple.
Steve Nison's PB&J short strategy is active as SMA 10 / EMA 30 dead crossed. The short strategy is confirmed with the Shooting Star which sets horizontal resistance at 7469.00. Additionally, the current candle touched SMA 10 and is falling therefrom.
There are two scenarios, A & B. Note 'x' as the PB&J Sweet Spot between the moving averages.
Scenario A: Price falls to 50% retracement of upwave and finds demand. Failure of price to penetrate below 50% is a suggestion the this may develop into a higher low, setting an upward target at A, DeMark Sell Setup on/about 01 June.
Scenario A (x): Price enters the Sweet Spot, people mistakenly buy at EMA 30. The market falls, further confirming the PB&J short strategy. Selling short on the pullup into EMA 30 is a high probability trade.
Scenario B: Price falls to the nearest significant support level, Weekly Bullish Engulfing Pattern at 3322.19. Look to buy near DeMark Buy Setup on/about 22 June with a target of 6425.
Key: A relatively simple key to judge a good entry would be using Stochastic (5,6,2). Ideally wait for K&D to fall near/below 20. IFish Adoptive Stochastic by moementum is recommended for further Stochastic analysis.
Finallu: The prepoderance of evidence supports a falling market, for perhaps 9-10 weeks. TD Sequential on the Weekly chart with candlestick analysis is the key to making the most solid entries and exits. There's no reason to over-trade and lose sleep. Wait for the best entry and the best exit. It's simple. Wait.
The market is under the cumulative downward pressure following the 2017 bubble and the many years' following inability to reach the fabled 20K and realize the million dollar Bitcoin fantasy. Fansy English aside, the chart is simple.
Steve Nison's PB&J short strategy is active as SMA 10 / EMA 30 dead crossed. The short strategy is confirmed with the Shooting Star which sets horizontal resistance at 7469.00. Additionally, the current candle touched SMA 10 and is falling therefrom.
There are two scenarios, A & B. Note 'x' as the PB&J Sweet Spot between the moving averages.
Scenario A: Price falls to 50% retracement of upwave and finds demand. Failure of price to penetrate below 50% is a suggestion the this may develop into a higher low, setting an upward target at A, DeMark Sell Setup on/about 01 June.
Scenario A (x): Price enters the Sweet Spot, people mistakenly buy at EMA 30. The market falls, further confirming the PB&J short strategy. Selling short on the pullup into EMA 30 is a high probability trade.
Scenario B: Price falls to the nearest significant support level, Weekly Bullish Engulfing Pattern at 3322.19. Look to buy near DeMark Buy Setup on/about 22 June with a target of 6425.
Key: A relatively simple key to judge a good entry would be using Stochastic (5,6,2). Ideally wait for K&D to fall near/below 20. IFish Adoptive Stochastic by moementum is recommended for further Stochastic analysis.
Finallu: The prepoderance of evidence supports a falling market, for perhaps 9-10 weeks. TD Sequential on the Weekly chart with candlestick analysis is the key to making the most solid entries and exits. There's no reason to over-trade and lose sleep. Wait for the best entry and the best exit. It's simple. Wait.
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Bitcoin is within the short Sweet Spot. Bulls however appears poised to win given TD Sequential setup development.
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I think the Bloodbath hypothesis is going to play out now.
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