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Consensio: S MA < P < M MA < bullish L MA - M MA attempting bearish cross today
Patterns: Phase 7 hyperwave | Seeing a parallel channel forming inside the bear channel Horizontals: S: $3,542 | R: $3,675 Trendline: Bear channel Parabolic SAR: $3,923 Futures Curve: Backwardation with 3.99% spread. Increasing spread is very bullish. BTCUSDSHORTS: Took out local low. I view this as bullish in that I expect shorts to continue to pull back to the 20,000 area which would indicate less selling pressure over next week or two. Funding Rates: Longs pay shorts 0.008% TD’ Sequential: Bullish price flip Ichimoku Cloud: Cloud continues to hold as strong resistance. Relative Strength Index: New local low while price stays flat Price Action: 24h: +0.9% | 2w: -6.9% | 30d: +2.8% Bollinger Bands: MA = $3,764 Stochastic Oscillator: Making bearish re cross < 20. Very bearish sign.
Summary: The overall picture for Bitcoin is starting to turn more bullish as far as I am concerned. At the same time things are starting to turn more bearish for alts. That has me scratching my head and very interested to see what happens.
ETH:USD is getting a death cross with the 9 and 33 MA’s while also forming a h&s looking pattern on the daily. The only reason I did not short at today’s close is because of an expectation for it to pump along with BTC (if that does happen).
XRP:BTC appears to be breaking down the symmetrical triangle as well as rolling down the 33 MA. The only reason I feel comfortable holding onto that long is because my view of BTC.
However I strongly believe that we will see alts decouple from BTC before this bear market is over. That can only happen in one of two ways: BTC pump, alts flat / dump or BTC flat and alts dump.
Just because alts have been pumping harder than BTC over the last few months, when it bounces, does not mean that will continue to happen. I can honestly say this is the first time I have sensed a divergence in the technicals. Will be watching very closely to see how everything proceeds from here.
the volume of the future contracts are not really of any significance... also why are you bullish when shorts are low and longs are high - i do not quite understand? longs are sellers - they will cash out on a move to the upside?
Sawcruhteez
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@volmaandcan, I am not concerned with the volume of the futures contracts, although I do find the futures curve to be of utmost importance. When in backwardation it is one of my most reliable indicators. BTCUSDSHORTS took out the local low and look like they have a ways to fall before the next area of support, in other words should be weeks before selling demand increases from shorts, which is why I view that as bullish confirmation.