BTC NOT GIVING ME ANY REASON TO BUY YET
Updated
More personal chart journalling. My last chart I posted privately but it played out well (hopefully I can successfully link it).
It was a bit of a CONTRARIAN post of my bearish view on BTC despite the bullish market sentiment that people get so caught-up in.
This is a really simple chart, but will be my guideline as to when I buy in. MAs work so well, and are crossing bearish.
My charts are now more-so focused on macro market sentiment rather than micro movement because this is where i've found the most profits. BTC is still the market driver, whether rightly so or not.
From a fundamental perspective I still visualise the market as two paths: one the amazing possibilities of blockchain tech. (& other innovations), and the other the price of the cryptocurrencies. The issue: the FAT WEDGE I call SPECULATION hammered in the middle. This is why I think this accumulation level is possible. Especially considering I remember not long ago when we first hit those levels. Not long ago at all.
If we're not breaking above those MAs (and closing candles with CONFIDENCE [volume = confidence]), we're not moving back up yet. 50DEMA will cross 100DEMA soon and that will confirm more bearish sentiment.
All the micro FA & TA you see along the way to these levels are just the convergence to the psychological patterns which analysts know to be true on a macro scale.
Will update if things change,
cal
It was a bit of a CONTRARIAN post of my bearish view on BTC despite the bullish market sentiment that people get so caught-up in.
This is a really simple chart, but will be my guideline as to when I buy in. MAs work so well, and are crossing bearish.
My charts are now more-so focused on macro market sentiment rather than micro movement because this is where i've found the most profits. BTC is still the market driver, whether rightly so or not.
From a fundamental perspective I still visualise the market as two paths: one the amazing possibilities of blockchain tech. (& other innovations), and the other the price of the cryptocurrencies. The issue: the FAT WEDGE I call SPECULATION hammered in the middle. This is why I think this accumulation level is possible. Especially considering I remember not long ago when we first hit those levels. Not long ago at all.
If we're not breaking above those MAs (and closing candles with CONFIDENCE [volume = confidence]), we're not moving back up yet. 50DEMA will cross 100DEMA soon and that will confirm more bearish sentiment.
All the micro FA & TA you see along the way to these levels are just the convergence to the psychological patterns which analysts know to be true on a macro scale.
Will update if things change,
cal
Note
Closed above the 10DEMA!! Looking more bullish
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