Bitcoin Daily Update (day 319)

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Consensio: P < S MA trying to cross M MA < L MA

Patterns: Phase 7 hyperwave | Bear Channel | Symm triangle
Horizontals: S: $3,396 R: $3,423
Trendline: Symm triangle
Parabolic SAR: $3,323
Futures Curve: Backwardation with 1.93% spread
BTCUSDSHORTS: 12h h&s
Funding Rates: Shorts pay longs 0.0123%
TD’ Sequential: R3 = R2
Ichimoku Cloud: Tenkan-Sen continues to act as beautiful resistance
Relative Strength Index: Formed another lower high at trend resistance
Average Directional Index: Finding resistance at 25
Price Action: 24h: +0.1% | 2w: -1.9% | 1m: -8.5%
Bollinger Bands: Squeezing with price below MA
Stochastic Oscillator: Bearish re cross on the daily

Summary: Outside of the short MA trying the cross the long MA on Consensio things are starting to look considerably less bullish than the last few days. The spread is the backwardation is back under 2%, the TD Sequential is on a red 3. The Tenkan-Sen continues to act as clean resistance and the Stochastic made a bearish recross.

The main reason that I remain bullish is because of Litecoin, which tends to be a market leader. It is currently testing critical resistance (0.01) and the LTCBTCSHORTS are severely overleveraged.



I think the most likely outcome over the next 24 - 48 hours is a massive LTC short squeeze which leads to the larger cap coins following the leader. The longer resistance continues to hold and the spread in the backwardation continues to decrease the less confident I will feel about that.