I hope everyone is doing well and is getting to take some time with loved ones as we get closer to the year-end. I went off with my partner and we did a really refreshing snowshoe hike to some alpine lakes. It was quite a trek but very refreshing. She performed way better than I did, lol.
It’s important to take some time away from all the mess in the charts to:
1) keep yourself from doing things when you shouldn’t
2) live life
3) remind the people that care about you that you care about them too (a little more than charts)
BTC/USDT Weekly Structure
https://www.tradingview.com/chart/4v8qizyI/
From a market structure standpoint, we are entering into the danger zone. The week closed below the first market support that was set back in April then tested as resistance and broken in September. Since the actual pivot point to determining market, structure support is at the low close pivot in mid-September at $43160 we aren’t bearish in trend yet but the failure of this historical support is not a step in the right direction for bulls. Its possible 43k will be tested this week but the daily picture will need to be evaluated for a smaller picture.
BTC/USDT Daily Chart
https://www.tradingview.com/chart/jjSdFW4b/
The ranging price action and spikes below the support at 46k played out this past week as suggested. The price is still being compressed below the descending trendline and above the support. The RSI is trending down still so a bearish break is what I’m planning for. The floor at the moment from family would be the low from the wick at $42k to the weekly support at $43k. Even a bullish break from this descending trendline IS NOT a signal of a bullish reversal. The trading range is still $46-$52k.
ETH/BTC Weekly Structure
https://www.tradingview.com/chart/sacHlXOv/
This week closed back into the zone of resistance above. This week’s candle is a hammer candle but as I’ve stated before I don’t like single candle hammers as a signal for reversal. I anticipate further price action in between the resistance and support at the 0.076 mark.
ETH/BTC Daily Chart
https://www.tradingview.com/chart/gTkSjkj6/
Last week we got the test of the bottom of the support zone.The RSI remainder above the midline and the bottom band which likely would have accompanied a deeper retracement. With the RSI starting to curl over again and trending in line with price I’m expecting some ETH to decline in value relative to BTC. THe 50-Day EMA and ascending trendline are still supporting so I’m not planning for the value to get lower than 0.078 at the moment. Keep in mind the weekly support is at 0.076 as well. It’s likely ETH will fare better than BTC in bullish price action and decline less than BTC in bearish price action since this chart is still relatively bullish.
ETH/USDT Weekly Structure
https://www.tradingview.com/chart/JPTp0aXw/
The weekly chart just BARELY closed above the high close pivot of $3923 established back in May. The first cracks of weakness are showing as it closed lower than the more recent high close pivot of $3950. I wouldn’t be surprised with another down week. Bullish structure will be maintained until a weekly close below $3059.
ETH/USDT Daily Chart
https://www.tradingview.com/chart/xbB6lkZu/
The slight bearish bias last week came to pass. ETH now is struggling to close above the ascending trendline. With prices compressed between it and the 50-Day EMA and the failing RSI below the bottom band, I’m anticipating a bearish break this week. It’s likely the bottom of the range at $3700 will lend some initial support with the floor would be near the recent lows from $3400-$3500.
Basically, the market looks crappy. I know there are some assets out there that are doing great though. I trimmed some off of my LUNA position near the peak tonight. Always remember to take profits on the way up. I’ve got my bearish speculative piece finished and will share that tomorrow. Something to keep in mind with that proposed bearishness. DON’T DO ANYTHING UNTIL THERE’S CONFIRMATION. There’s nothing worse than front-running a move that never happens. I’ll talk about the things I’m looking at for confirmation.
@theprivacysmurf
"DON’T DO ANYTHING UNTIL THERE’S CONFIRMATION" - yeah thanks for that... I am done with catching falling knives in this kind of market.