The bigger double bottom is in play.
Target around 4570$. Volume is still decent. But I would be taking profits on the go if I would take that trade.
I think it is some mixed signals, green and blue lines are weekly and dayly (corrected) suport lines from 2017
we got volum to go up massiv but is hard to say
2017 side of the chart
ETN is testing the E point on the Elliot wave pretty hard that I drew yesterday. Based on the overall market momentum currently rising and neutral RSI, I don’t see why we shouldn’t break through convincingly and head toward 215 sats.
If the elliot count is so good as it looks and the bull market is starting, i will teak a bear to night. Happy days
I would hold off saying this is a trend reversal. We have some major barriers to break before we can say that. This price action is very specific in this time range but can be very temporary. We need to start making some higher highs (roughly 227 and 238 sats respectively) before I’m comfortable saying we have the makings of a trend reversal. But…for the time being we are looking good to start heading towards that direction…it’s like a long march to a big battle to decide the mid term fate of the market price.
I agree on that. BTC shoorts are almost all time high, and longs are growing rapidly so a rocket candle is not out of the question
American sentral bank with Powell are keeping the interstate at this level and S&P500 moves up, this is giving som positiv sentiments in a market that will be heavily exposed for BAKKT and Fidelity so it might be the news that fuels the market. This is giving institutional better conditions for investing in risky assets like BTC.
This guy is still bearish…he thinks it’s a bull trap…hm…
He is one out of to i actualy listen to. He do the best trade i have seen and he seldom get it wrong. if ther is one youtuber to follow it is crypt kirby, i have learn a lot from him. He is a swing trader.
Yes, everybody can see that he knows what he is talking about… will see how it plays out
I think for ETN to clearly be trending upwards we need to break 300sats even. There is lots of resistance.
I agree we probably wont moon right away. Especially 6k will have huge resistance since it was huge support before.
But its also not impossible with BAKT and the ETF coming. All we would need to break 6k would be HUGE volume to satisfy all the people that will sell around 6k.
One things some TA guys always seem to forget about BTC is its scarcity. Once the biggest amounts of BTC is in hodlers hands we can make rapid moves.
I will not say if we head up or down though short term. I’m rather neutral with a bullish bias. Also I dont see a trend reversal yet. A bounce doesnt equal a reversal. What I want to see is a double bottom. Or some huge Green or red volume candle where price stays stable or goes up.
PS: I usually dont watch other youtubers(with one exception) I prefer to make my own TA. Everyone says something else anyways and lots of info out there is really bad imho.
I agree with everything you said. I have the exact same outlook and feel 300 is the real big hurdle right now. But, there are some mini hurdles in the mid to upper 200 sat range that we need to jump before we fight that bigger battle at 300.
Elliot wave pattern complete. We closed above right at the E point as hoped and retested the former resistance line now acting as support as a test and had an initial success. We may test it again in the next few candles, but this is a very good thing to see after the last couple weeks.
In terms of the calls for a drop to 2400, it is possible. But after watching CryptosRUs’s review of the richest wallets in Bitcoin during the run up, they were still making large buys in the $4300 range. To me, that would not signal a dump is coming…but who knows. I’m cautiously optimistic.
I want the market to turn, but shorts are close to all time high so this can be the bottom or a trapp. But i expected a harder bounc if this was the bottom. I am confused right now because i dont understand the TA in this situation, and the bounce did not trigger any shoorts so some is playing hard. If we did see the shorts dropp i will be a lot more bull and be thinking we are in a consolidating fase
Here is an update to the daily ETN chart I shared 9 days ago. We are still trading within the downward sloping wedge for the time being. I turned on the 200MA, 100MA, and 50MA. We are currently below all MAs and they will try to act as resistance if we eventually break to the upside. Still, this thing could blow like a powder keg at anytime if positive news is released by the team. Lucky for us, the next year seems likely to be filled with many positive news releases. It’s good to be an ETN HODLer.