Indicators:
Dash Purple: structural downward trend line
Dash Brown: Long run channel that broke out in November
Yellow Time Frame: Chinese New year holidays
My thoughts:
Sitting in the Middle East, for the last 3 days, i have seen the western markets be bullish, specially after the US Senate hearing and bring the BTC market up and the Asian markets bring it down, be it South Koreans selling due to new regulations and exchange issues, another one (coinpia) a small one suspended trading today, or the Chinese selling down for the holidays, or the Indians scared of a government crackdown, the fact is Asia is selling.
I am short because for the last two days the upper bound of the old long term channel has shown more resistance than i would have thought, combined with the lack of 'consistent' and strong buy volumes, leads me to believe that prices will trail the purple downward trend line for at least for the next few days till our Korean friends internalize new regulations and the Chinese brothers come back from their holidays and Indian fears dissipate.
All of this given there is no FUDing stupid news of some massive blow out somewhere in the world, I believe the search for Mr. Bottoms may finally end, around 5,000-5,500 range
***Disclaimer***
- This information is not a recommendation to buy or sell.
- I am not a pro trader, but someone learning technical analysis , as i go along, constructive criticism and positive feedback is most welcome :)
Dash Purple: structural downward trend line
Dash Brown: Long run channel that broke out in November
Yellow Time Frame: Chinese New year holidays
My thoughts:
Sitting in the Middle East, for the last 3 days, i have seen the western markets be bullish, specially after the US Senate hearing and bring the BTC market up and the Asian markets bring it down, be it South Koreans selling due to new regulations and exchange issues, another one (coinpia) a small one suspended trading today, or the Chinese selling down for the holidays, or the Indians scared of a government crackdown, the fact is Asia is selling.
I am short because for the last two days the upper bound of the old long term channel has shown more resistance than i would have thought, combined with the lack of 'consistent' and strong buy volumes, leads me to believe that prices will trail the purple downward trend line for at least for the next few days till our Korean friends internalize new regulations and the Chinese brothers come back from their holidays and Indian fears dissipate.
All of this given there is no FUDing stupid news of some massive blow out somewhere in the world, I believe the search for Mr. Bottoms may finally end, around 5,000-5,500 range
***Disclaimer***
- This information is not a recommendation to buy or sell.
- I am not a pro trader, but someone learning technical analysis , as i go along, constructive criticism and positive feedback is most welcome :)
