Market Update
It is August 25th, 2018! BTC dominance is currently at 53.6% (+0.3%). Total market cap is currently at $215.4 billion (+ $3.2 billion). The volume of last 24h was $12.1 billion (+ 1.8 billion).
The increase in volume is sign that market is coming back and some good moves are possible. Increase in volume are mostly sign of accumulation!
Today, we are going to cover technical analysis of BTC. The fundamental analysis is almost the same as yesterday! We had article on cointelegraph that say that ETF is going to review the rejection of nine bitcoin ETF applications ( More on this link: https://cointelegraph.com/news/us-sec-to-review-rejection-of-nine-bitcoin-etf-applications )!
They said that they are going to review it but it doesnt mean that the decision will be changed! Doing this, SEC created in our opinion fake positivity in market and what is even worse they didnt announce any date! So, they created fake positivity that could be easily manipulated. Last decision on August 23rd was very popular! Everyone wanted to get info before anyone else! The majority expected rejection so most of them shorted even before decision! That's why that decision didnt impact the market too much. At the moment, we have positive sentiment but if they say that they are not going to change opinion, price will drop again!
Technical analysis show that we are still in rising channel (could be rising wedge too).
Link: https://www.tradingview.com/x/nejG580n
It didnt close above top bollinger band h4 so it didnt make upward momentum! The volume is decreasing so there is big posibility that this is accumulation and that will result by big drop!
My team is looking for confirmation to open big short position! As long as we don't get confirmation of upward momentum, downward momentum will stay alive!
H1 time frame show us great example of rising wedge: https://www.tradingview.com/x/dxetyzwf.
Now we are looking for h1 time frame to confirm downward momentum and we are going to open big short position!
https://www.tradingview.com/x/ZD2P72TB
We are not opening short without confirmation! If H1 doesn't close above top bollinger band, we may talk about short as a scalp! If price closes below mid boolinger band with solid volume, we may talk about short as a big swing!
Target of swing position is low bollinger band on weekly time frame (currently at 5200). It wont happen overnight but it is final target of potential downtrend! We are waiting for cofnirmation! Once we get confirmation we will open position, place stop loss and wait for action!