Much more confirmations are needed, but there's a good chance that the local top is in.
You can call me crazy, permabear, stubborn or whatever, but in my opinion the bearish scenario is still likely. Every single day I check the hundreds of charts for hours and hours and see the exact same thing.
Sentiment right now is extremely bullish. Fundings, F&G index and other indicators confirm this, but you can just check Twitter or any TG channel and you will notice the same. This sentiment and and the PA don't correspond to the current macro state (forming a divergence) and most charts look over extended and with declining volume. They are prolonging this run as much as possible, but the longer the artificial run...
Stay safe.
You can call me crazy, permabear, stubborn or whatever, but in my opinion the bearish scenario is still likely. Every single day I check the hundreds of charts for hours and hours and see the exact same thing.
Sentiment right now is extremely bullish. Fundings, F&G index and other indicators confirm this, but you can just check Twitter or any TG channel and you will notice the same. This sentiment and and the PA don't correspond to the current macro state (forming a divergence) and most charts look over extended and with declining volume. They are prolonging this run as much as possible, but the longer the artificial run...
Stay safe.
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CryptoCapo TG
First of all, congratulations to all those who have been respectful and are profiting during this move. Recognition to those who have earned it. Secondly, for those who followed some of my altcoin analyses (even though they are not financial advice) that…
It's important to know how to close losing positions in time to avoid further losses. The shorts I closed 2-3 weeks ago (AAVE, SOL, CRO and TRX) are going up much more and the losses would be much worse now.
Overall I think BTC is forming a local top. Some altcoins could run more in the meantime, but everything is very over extended as explained in the previous post.
Not opening any new positions yet until clear confirmations.
Overall I think BTC is forming a local top. Some altcoins could run more in the meantime, but everything is very over extended as explained in the previous post.
Not opening any new positions yet until clear confirmations.
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BNB update
Bounced from the range low once again. It has a strong resistance level right above. Interaction with this level is going to be important for the short-term:
-A clean rejection from that level + break of the current mid tf bullish trend = good for bearish continuation. A clean close below $220 would be a good bearish confirmation.
-S/R flip of that level would be a short-term invalidation of the main bearish scenario for BNB and I would cut my short with profits to re-enter later, doesn't matter if higher or lower (avg. entry is still $301)
The entire range keeps looking as a massive distribution range of almost over 1000 days already, with lots of reasons to think that it will eventually break down.
Bounced from the range low once again. It has a strong resistance level right above. Interaction with this level is going to be important for the short-term:
-A clean rejection from that level + break of the current mid tf bullish trend = good for bearish continuation. A clean close below $220 would be a good bearish confirmation.
-S/R flip of that level would be a short-term invalidation of the main bearish scenario for BNB and I would cut my short with profits to re-enter later, doesn't matter if higher or lower (avg. entry is still $301)
The entire range keeps looking as a massive distribution range of almost over 1000 days already, with lots of reasons to think that it will eventually break down.
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Whether you like it or not, whether you want to look away or not, this is what has been happening all year. Not only with USDT, but also with BUSD, USDC, TUSD... These are just some examples (first image the last movement from 25k to 37k. Second image is the movement in June from 25k to 31k)
If you managed to get on the trend at a good time, congratulations. But you have to know that it's been mostly artificial and when it turns around, it's not going to be pretty.
Built on sand, unstable ground.
If you managed to get on the trend at a good time, congratulations. But you have to know that it's been mostly artificial and when it turns around, it's not going to be pretty.
Built on sand, unstable ground.
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BTC
Decreasing volume and high funding rates indicating potential distribution pattern.
First bearish confirmation below $34k
Decreasing volume and high funding rates indicating potential distribution pattern.
First bearish confirmation below $34k
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MATIC update
Still holding the short position from $0.91
Htf: same idea with same targets. I would TP in the first target most of the position, leaving some for the second target. Third target is just an idea for long-term buy.
Ltf: potential H&S. Waiting for confirmation.
Still holding the short position from $0.91
Htf: same idea with same targets. I would TP in the first target most of the position, leaving some for the second target. Third target is just an idea for long-term buy.
Ltf: potential H&S. Waiting for confirmation.
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CryptoCapo TG
BNB update Bounced from the range low once again. It has a strong resistance level right above. Interaction with this level is going to be important for the short-term: -A clean rejection from that level + break of the current mid tf bullish trend = good…
BNB update
Reaching the resistance mentioned in the previous update. Showing some rejection.
I wouldn't take the news as good news, like most people are doing. It means they have a criminal case against both Binance and CZ, which is not good for sure. Doing a bit of research you will understand the why. This just confirms it.
Reaching the resistance mentioned in the previous update. Showing some rejection.
I wouldn't take the news as good news, like most people are doing. It means they have a criminal case against both Binance and CZ, which is not good for sure. Doing a bit of research you will understand the why. This just confirms it.
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CryptoCapo TG
BNB update Reaching the resistance mentioned in the previous update. Showing some rejection. I wouldn't take the news as good news, like most people are doing. It means they have a criminal case against both Binance and CZ, which is not good for sure. Doing…
BNB
Nice rejection from the resistance zone. Bearish confirmation below $220.
Lots of reasons to think that the entire range is distribution and that it's going to break down eventually. With the liquidity gap created in 2021 by the same owners using BUSD, probably the same ones that have been distributing knowing what was coming, and now that the truth is finally coming out (more to come imo) it's even more likely that the main scenario plays out.
This has been my biggest short position during the entire year.
Nice rejection from the resistance zone. Bearish confirmation below $220.
Lots of reasons to think that the entire range is distribution and that it's going to break down eventually. With the liquidity gap created in 2021 by the same owners using BUSD, probably the same ones that have been distributing knowing what was coming, and now that the truth is finally coming out (more to come imo) it's even more likely that the main scenario plays out.
This has been my biggest short position during the entire year.
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CryptoCapo TG
BNB Nice rejection from the resistance zone. Bearish confirmation below $220. Lots of reasons to think that the entire range is distribution and that it's going to break down eventually. With the liquidity gap created in 2021 by the same owners using BUSD…
BNB/BTC
To add confluence to this scenario, the BNB/BTC chart also looks bearish.
First chart: posted 1 month ago after the support break.
Second chart: update, after retesting that level as resistance (hammer) and making a new low.
It should go much lower.
To add confluence to this scenario, the BNB/BTC chart also looks bearish.
First chart: posted 1 month ago after the support break.
Second chart: update, after retesting that level as resistance (hammer) and making a new low.
It should go much lower.
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