Your zoom factor is not objective. Why 1d or why 1w? This is the problem with your TA, you see what you wanna see.

What I see in both situations is double top failures, supply took over demand. The price is the ultimate truth. Go hide behind numbers & indicators to avoid the cold hard truth because you are long (I am still neutral).

A song dedicated to idiots (like Tuur) that catch falling knives:

https://www.youtube.com/watch?v=5zqUGrnyZGY

Careful guys with that cup - the handle is broken! 

A summer hit to keep you fresh ask boy:

https://www.youtube.com/watch?v=knUDV_ppSyE

Meanwhile:



I am enjoying my frappe with objective PnF trendlines, clear patterns and strong signals!

Wake up! Coffee time!!! 

Any update? 

http://www.armstrongeconomics.com/archives/35391

"This is not about fundamental news. Good traders have always known to buy the rumor and sell the news, exactly as we just saw with gold and China. If the trend is bearish, good news is never good enough, and in a bull market, bearish news is disregarded. Beware of fundamental analysis who trade by short-term for it is the trend that remains your friend. The fundamentals come into play only for the long-term trends. Markets move in anticipation of what might happen even if it never materializes."

Meanwhile LTC moved 1 box up right onto the 5$ resistance yesterday:

See my thread - some interesting bullish cases even if we fall down to 265 area

Where are you from buddy?

Ok, I will give some possible scenarios now. Surprisingly enough I realised yesterday that a fall from 296 can be extremely bullish in some of them.

Let's forget the sideways scenario (which is of course possible) because no one cares here.

Scenarios:

1) Go directly to breakout from 296 at 300. This has been covered above. Wait for the 300-310 area to get cleared and FOMO.
2) Fall and then rise again at 300. Extremely bullish because we have triple top breakout which is more than enough to counter the previous triple bottom break. We buy with both hands!
The fall can have two cases:
    a) Lower Higher low down to 276
    b) Double bottom at 272.
Both very bullish

3) The most interesting one! Shakeout... Covered in depth above.
We double bottom break 272 down 1-2 boxes (probably in the 265 area) and reverse (3X). It is a shakeout pattern and is a BUY at the reversal.

4) Fall lower (box at 260). Bearish. Support at around 250. But be extremely careful with longs. If we close below 244 short every bounce. It is going sub 200s.

Happy safe trading everyone!

Nervous?

Need a tea?

To all perma bull/bears - I am neither.

But I think BTC (as most say) will have to either be at least 5 figure (minimum for me if it succeeds should be 50K USD / BTC) or almost 0.
I am not predicting the direction - I know though the importance of the 300$ barrier.
It is 4th time we retest it this year. IMO there is no room for another failure. Whatever that means..


BTW, below 50$ the project should be considered dead.

The bottom? 125 and then 50-75

Bulls you'd better break out because a double top failure (reversal at 284 and below) here would be the 2nd bearish signal in a row.

The third would be a double bottom break of 272 (AND violation of bearish resistance line). In that case any sensible person would close longs asap!

There are much at stake in the following supply & demand battle.

Soon the market will have to decide (>320 or <270) and you will be relative safe to invest accordingly...

296

Volume & walls are noise often - just focus on the price guys, supply & demand. At the end of the day the only that matters...