A friendly reminder that every set up in this post is given in my telegram group with entry, exit and stop loss placement. Check here if you're interested!
Hello and welcome to another analysis.
I've been absent from Publish0x for about 5 days now, mostly due to the tons of life stuff happening.
I recently moved to a new place and have resumed trading Forex again, leaving me with little to no time to post.
However, since we're here, let's not waste any more time and get into the analysis!
BTC is topped, period. By the look of things, it seems that we may visit 10.6k again.
Given that that region acted as a strong resistance, it should also act as a strong support.
However, if it breaks down, we might see a retest of the equal lows below. And that would not be a pretty sight.
On chain analysis has shown that miners are unprofitable below those equal lows. That means that if price dares to cross those levels, miners would capitulate their holdings, which would give rise to a faster depreciation in price.
There's also a 9.6k gap below, so price should also gravitate towards filling that in the nearer future.
That said, I'm short from 11052, and will remain short till further notice. It was originally a hedge for my margined long positions, but I have since then closed those and focused on this as a short. The priority is downwards for BTC.
ETH doesn't look so great either. Price is below the EMA20, which is a pretty bad thing for any asset.
Both the RSI and price are bound by a down trend line, which doesn't look like it would be broken any time soon.
Although we have demand right below the 20EMA, I'm uncertain that demand would hold.
I'm not short ETH though, but I wish I was.😅
Locking up 5% of the total supply wasn't enough for CZ to save his token, and it shows on the chart.
I was burned longing demand shown on the chart( and would probably never blindly long demand again😅) and tried to short too late.
Essentially, I was impatient and jumped the gun twice. And paid for it.
That said, BNB does look good for a long here. Not sure about trading alts now though, as Bitcoin is behaving like a drink kid now and affecting the entire market.
If Binance can continue bringing up new ways to have BNB locked up, I will look to long this.
Until then though, BNB is a no trade token for me.
BAT is currently being bound by a down trend line. I have outlined how I feel price will react with a squiggly line on the chart.
I feel that BAT will bounce a little, and I have put an "X" on where I would look to long it should I be given the opportunity.
BAT is rather strong fundamentally, and longing this would be a good idea anyway.
However, with BTC being uncertain, I won't want to be exposed to alts currently. Just food for thought.
Thanks to reading. Leave a like and tip on this article if you enjoyed it. See you next time!