Have you ever seen something acting as support/resistance so perfectly? It's just amazing how the daily Ichimoku Cloud has been keeping the price inside.

If we get a daily close below the cloud, we'll break 0.768 Fib and EMA50 on the weekly too. That will be the last bearish confirmation. Keep an eye on it.

BTC weekly chart update

Support got broken. The 50-Week EMA that supported the price in Sept. - Oct. failed to do this again. Need to see the weekly close. We may have a bounce and close the candle above the EMA50, but the fact that we are visiting 7.8k again is pretty bearish.

So, the Ichimoku Cloud finally broke down yesterday and today we've got a flash crash. The Cloud is fully bearish, but it doesn’t rule out a bounce

💡Here is the interesting part: today's dump is pretty similar to what he had on Sept. 24th when we broke down the triangle, because we are dumping on a daily TD-9 buy. Will today's TD-9 reverse the price? Let's see.

📌 On the lower timeframes we see some signs of a reversal. Here is another interesting thing: the sentiment has drastically changed, because the majority flipped short on Bitmex (57% short right now).

#BTC

We have incoming Death Cross between the 50-Day EMA & 200-Day EMA, which we failed to get last time due to that crazy pump, but this time we will certainly get it. Bad sign.

​ETH/USD is dangerously reaching the same critical horizontal support for the third time. This is looking pretty ugly.

[ If the support gets touched for the third or fourth time, it becomes a level that is going to get eventually overtaken. Yes, it may bounce the price again, but the probability of that happening is 10% ]

So, we warned you about ETH: we touched the resistance for the third time and breaking below it was a just matter of time. Once the support failed, ETH fell down by 12% and bumped into the next support, which is not so strong as the previous one.

This is our idea we published on Oct. 15th.

At that time we were sitting at a very critical support (8k-8.3k)

Here is a quote: “If we lose this support, fasten your seatbelts again. We have strong horizontal level at 7300, but that’s not enough. In case of a breakdown, we can find strong support at 6.2-6.6k, because it is Strong Horizontal Level + High Volume Node + 0.786 Fib and it's the ultimate target of the Descending Triangle breakdown. ”

So, the support at 6.2k-6.6k finally reached!

Alts/Bitcoin Market Cap #update

We continue to consolidate under that horizontal resistance creating an ascending triangle. Once we break out, that will be huge. The most interesting part is yet to start

If a weekly candle is not able to close above the 100MA, things will not look great for BTC. At least we should expect the Strong Horizontal Support be tested again.

But will the high volume node save the price from further decline this time?

Might be a good time for BTC to come into a ranging market, because the price is between two strong levels.

So much selling pressure recent time and we see 20SMA & 20EMA produced a tricking bullish cross again. Previously this cross led to -15% decline.

LTC update: post-halving syndrome

On Aug. 5 (the day of LTC halving) we mentioned that LTC can have some issues after the halving like in 2015.

Right now LTC is playing with dangerous numbers by testing that horizontal level. This picture does not look good at all.

LTC/BTC: on the daily chart there is a descendent triangle - bearish formation at the low. Is there something bullish about LTC?

📉The LTC hashrate has dropped by more than 70% since its peak in mid July.
This was pretty obvious in August and we warned you about it.

Because of the declining LTC price and the upcoming BTC halving, miners lose interest to mine LTC.

​📌BTC Longs on Bitfinex keep piling up. This is something to pay attention to

[ Bitfinex: 86% long / 14% short
Bitmex: 48% long / 52% short ]

​Long term investment tool: 2-Year MA Multiplier

Selling Bitcoin when price goes above the 2yr MA x 5 (red line) has been historically effective for taking profit

Buying Bitcoin when price drops below the 2yr MA (green line) has historically generated outsized returns

Looks like we are now in the buy zone. However, this chart does not tell you for how long we'll be there and how deep the buy zone is gonna be.