This post is a continuation of my previous post on BTCUSD titled “Jan 22 2018 (2:00 UTC): What is the price resistance against BitCoin (BTCUSD) that must be broken to change its trend?”
Jan 20 and Jan 21 2018(UTC), BTCUSD formed perfect bearish tweezers. It is a sign that some large investors(also known as whales/sharks) are slowly unwinding their positions.
Since Jan 23 2018 until today(Jan 30 2018), BTCUSD has been in a sideways trend between $10800 to $11500. Since Jan 22 2018, NEO, ETH and tokens took away a lion’s share of capital from investors leaving BTC with very little to thrive on. This may be the root cause of BTCUSD to trend sideways between $10800 to $11500.
Screenshot of BTCUSD(coinbase) daily chart showing last two days inside red resistance band:
As you see, by abductive reasoning, the red resistance band only widens as time progresses which implies that it gets more and more difficult for BTCUSD to breakout of the red resistance band as time progresses. This may be due to facts that the Crpto markets are facing shock waves from Governments exacerbated by hackers(guessing institutional) drowning retail investors in a series of shocks debilitating them so much so that they leave the markets.
Therefore, I think BTC is not a buy, may be a hold or a sell as of today(Jan 30 2018, Time: 5:20 UTC)!…Please let me know what you think!
Screenshot of 30min BTCUSD(Coinbase) Chart encompassing Fractals:
Since the wedges are slanting/have a slope, I used pitch fan lines to encompass fractals/waves.
Therefore, I think BTC is not a buy even on 30 min charts, may be a hold or a sell as of today(Jan 30 2018, Time: 5:20 UTC)!…Please let me know what you think!
More Details will follow as time permits. Please let me know if I am missing anything…..
Legal Disclaimer: I am not bribed to write here and I am not seeking insider favors. I wrote here so I get replies from fellow viewers to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Safe Trading!
Kal Gandikota
PS: If you found this blog post interesting and edifying please follow, upvote, resteem.
PS2: Please kindly donate for my daily expenses (atleast as you would on streets) at the following addresses:
BTS Wallet - chip-maker
ETH Wallet - 0x0450DCB7d4084c6cc6967584263cF6fBebA761D1
QTUM Wallet -QhqqV3WQV236Tz5ZbPceXXvU8aK2N4i78A
NEO Wallet - AUdiNJDW7boeUyYYNhX86p2T8eWwuELSGr
PS3: To open a cryptocurrency trading account at the brokerage where I trade most for now, please kindly use the following website(with referral code attached):
https://www.binance.com/?ref=18571297