TOTAL - Dominant Trend In Question

3 天前

This days candle has 8 hours until close...

But notice that the long lower wicked candle has instantly been met with an upper wicked candle.

Prior to the current candle there was;

- A long 3 wave correction (May - June) with a very long lower wicked candle at the bottom (orange arrow)

then

- Another lower wicked candle as the first pull back of an uptrend (green arrow)...

In any other market, this is a very bullish look and you might expect simple bullish candles without whipsaw to follow and print a nice clean uptrend.

But the Crypto bots are much more elastic and so we see yet another bearish whipsaw (yellow arrow).

This doesn't mean that crypto can't recover to move on up.

But, I would suggest that it does bring into question where is the dominant trend direction....

Because if this candle closes like this or lower, then it is an invalidation of the short term uptrend at the retracement Golden Window.

With that in mind, its not at all impossible that this whole uptrend (orange arrow) is/was a Dead Cat Bounce (lower high leading to lower low).

The week candle close will also be significant.

In my own trading I have taken profit in my lower time frame altcoin portfolio and I am now in stablecoin.

In high time frame portfolio I own a select few of the coins I think have strongest charts on the basis that - even if there is a market slump, I think they will be in profit down the road.

And for shorts, I am only short COIN currently but I may add more and perhaps also short another Bitcoin treasury - MSTR / MARA 👍.

This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.

昨天

註釋

Its interesting to look at the view count on TOTAL threads - just 98 here.

Obviously the central node for TradingView members is Bitcoin, but TOTAL is where the important ratios are and much of my chart work is done for crypto.

Its another little signal that viewers are in the casino and not aware of market dynamic.