NOTE: We could share many charts that show the same pattern as of today’s close, specifically a bearish higher high reversal pattern that usually means more downside. Considering today’s reversal happened one day after many large cryptos (BTC, ZEC and others) had a bullish reversal pattern today’s price action shows:
MIXED SIGNALS AND NO TRADING EDGE SHORT TERM
But the more important takeaway is we really can’t put too much faith in day to day patterns and indicators at this phase of the wave cycle. We need to respect that the market continues to do all it can to shake out both bulls and bears before the next big move.
MORE IMPORTANT PATTERNS AND INDICATORS
So short term trading is basically gambling at this time and that needs to be factored in your trading strategies. IT and LT are a different story but as the charts below show, we could see BIG MOVES either way before the market shows a real sustained move.
That said, based on many longer term patterns and indicators and understanding this can change once real moves start — we stand behind our prior updates that probabilities say:
IT and LT Edge is to the BULLS
However, for now, until we see a clear, confirmed breakout or breakdown, trade strategies need to consider much wider price ranges and tighter trailing stops and profit taking.
4 CHARTS — TIME IS NOW THE FOCUS
NOTE: Best not to front run these patterns — some of these patterns could still take more time to fully form (restest, etc). However, most are far enough along to have a BIG move at any time so have a clearly defined plan!
ADDITIONAL NOTES ON ETH CHART :
- Patterns are more clear on the USD charts — ETH and other altcoins vs BTC are similar overall
- Other example altcoins with similar chart to ETH include: BCH, STR (XLM), DASH, LTC and multiple others. Study individual charts to firm up your trade strategy but be sure to watch to see if all break down or create pattern failure together.
NOTE: EOS and ZEC have more bullish charts than most altcoins and therefore add to the bullish case overall but BTC and ETH still support no trading edge short term.
This site is for educational and entertainment purposes only and not in any way intended to be investment or trading advice. You are 100% responsible for your financial decisions at all times. It is highly recommended you DO NOT make any investment or trading decisions depending upon what you read on this blog/newsletter! All information presented (c) 2018 JBP cons, inc. All rights reserved.