CRYPTO MECHANIC
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Trading Crypto Since 2016 | Mainly Focused on Technical analysis š¢ Twitter @cryptomechanicX
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Blessed to be recognized by Top Crypto exchange Binance
two years and we got 3 Awards
I wouldn't take any credit because it wouldn't be possible without your love and support and i would like to dedicate these awards to my followers. You all are like my family. ā¤ļø
I will continue to bring value in your trading journey.
Thank you for your support ā¤ļø
two years and we got 3 Awards
I wouldn't take any credit because it wouldn't be possible without your love and support and i would like to dedicate these awards to my followers. You all are like my family. ā¤ļø
I will continue to bring value in your trading journey.
Thank you for your support ā¤ļø
One of the main reasons I hate trading most altcoins is that they keep releasing new supply into the market even when there isnāt enough demand.
That's a clean range breakout on $ARB if it holds the break.
Want to see it show some strength from this zone and i will likely get some
Want to see it show some strength from this zone and i will likely get some
Bitcoin Top Is In?
Thereās a lot of talk on the internet that the Bitcoin cycle top is already in and that weāre now heading into a bear market. So letās dive straight into the charts and see if there are any signs of a top or not.
BTCUSD (Monthly)
Nothing much to see on the monthly chart, Still looks fine, Above the highs and clearly in an uptrend.
BTCUSD (Weekly)
Consolidating above the previous highs and as long as its above the highs. I think its a fine looking chart.
Structurally this chart will remain bullish even if it drops down to $100k. I know its far but this is high timeframe structure.
Range bounded
While there is so much noise on the social media, if you zoom out, Bitcoin have been trading in the same price range for the last 5 weeks. This is the price range where everyone is getting ulta bullish or ultra bearish. All of this while price is doing almost nothing.
The concerning part
There is something that is concerning on the Bitcoin chart right now and its this chart.
There is a weekly fakout on Bitcoin, You can also call it SFP.
Historically, if we look at the last few years of data, the weekly fake-outs have played out pretty damn well. Every time there was a weekly fake-out, we saw Bitcoin move in the opposite direction.
The 2021 top was also after a fake-out. So it is something not to be ignored.
My thoughts on the market
I personally don't think the top is in yet, I always say one candle isn't enough to decide what the future will be, I pay more attention to the structure and its still bullish.
Not sure if it will just be a shallow pullback and Bitcoin maintains the price above $112K, or if it will be a deep pullback to the $100Kā108K zone. But I think as long as the structure is intact, the market looks fine to me. Everyone was too excited about Altseason last week. Market makers will always shake out the late buyers.
I donāt think the market has topped yet we havenāt seen anything crazy so far. Ethereum is still below its 2021 ATH. Most altcoins are still struggling. This isnāt how market tops usually look.
The last part of the cycle is usually full of excitement, euphoria, and big moves. I donāt think weāve seen that yet.
I might be wrong, and I would love to hear your thoughts.
BTCUSD (Monthly)
Nothing much to see on the monthly chart, Still looks fine, Above the highs and clearly in an uptrend.
BTCUSD (Weekly)
Consolidating above the previous highs and as long as its above the highs. I think its a fine looking chart.
Structurally this chart will remain bullish even if it drops down to $100k. I know its far but this is high timeframe structure.
Range bounded
While there is so much noise on the social media, if you zoom out, Bitcoin have been trading in the same price range for the last 5 weeks. This is the price range where everyone is getting ulta bullish or ultra bearish. All of this while price is doing almost nothing.
The concerning part
There is something that is concerning on the Bitcoin chart right now and its this chart.
There is a weekly fakout on Bitcoin, You can also call it SFP.
Historically, if we look at the last few years of data, the weekly fake-outs have played out pretty damn well. Every time there was a weekly fake-out, we saw Bitcoin move in the opposite direction.
The 2021 top was also after a fake-out. So it is something not to be ignored.
My thoughts on the market
I personally don't think the top is in yet, I always say one candle isn't enough to decide what the future will be, I pay more attention to the structure and its still bullish.
Not sure if it will just be a shallow pullback and Bitcoin maintains the price above $112K, or if it will be a deep pullback to the $100Kā108K zone. But I think as long as the structure is intact, the market looks fine to me. Everyone was too excited about Altseason last week. Market makers will always shake out the late buyers.
I donāt think the market has topped yet we havenāt seen anything crazy so far. Ethereum is still below its 2021 ATH. Most altcoins are still struggling. This isnāt how market tops usually look.
The last part of the cycle is usually full of excitement, euphoria, and big moves. I donāt think weāve seen that yet.
I might be wrong, and I would love to hear your thoughts.
BTC weekly Fakeout
The candle doesnāt look good, thereās no doubt about that. Itās probably the reason weāre seeing this sell off right after the new week started.
Weekly fakeouts have been playing out every time (marked on chart).
The week has just started, letās see what we get. I will make another update later.
The candle doesnāt look good, thereās no doubt about that. Itās probably the reason weāre seeing this sell off right after the new week started.
Weekly fakeouts have been playing out every time (marked on chart).
The week has just started, letās see what we get. I will make another update later.
As long as the high timeframe structure is bullish, Dips are just a distraction to shake you out.
Most Altcoin held the zones i shared when everything was dumping. I wanted to see price hold these zones but too early to say if this was it.
We will see how the new week will unfold.
We will see how the new week will unfold.
Bitcoin held that zone.
Looks fine so far
Looks fine so far
CRYPTO MECHANIC
--
$BTC Still at the important zone and you should pray that it holds.
$SUI Held that important zone
So far so good
So far so good
CRYPTO MECHANIC
--
$SUI Important zone to hold for bulls imo
ETH/BTC pair is up almost 60% since I shared it.
I still think thereās more upside left. The chart is a bit extended right now, so a pullback or some sideways movement for a few days shouldnāt come as a surprise in my opinion.
I still think thereās more upside left. The chart is a bit extended right now, so a pullback or some sideways movement for a few days shouldnāt come as a surprise in my opinion.
CRYPTO MECHANIC
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ETHBTC pair is so good.
Have you ever noticed that people become overexcited around the key highs and too scared around the key lows? And this is usually the turning point of the market.
$BTC Still at the important zone and you should pray that it holds.
CRYPTO MECHANIC
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Key $BTC zone that I think price should hold.
Alts were going up for days, and we have to admit that everyone was getting a bit too comfortable expecting much higher prices.
I always say bull market pullbacks are sharp enough to quickly liquidate high leverage longs and this is exactly what happened today.
I have been discussing a scenario with you where itās possible that Bitcoin stays range bound for some time while altcoins perform during this period. I still think this is a likely scenario.
Itās too early to say this is the end of the bull market weāll get the answer soon.
Alts were going up for days, and we have to admit that everyone was getting a bit too comfortable expecting much higher prices.
I always say bull market pullbacks are sharp enough to quickly liquidate high leverage longs and this is exactly what happened today.
I have been discussing a scenario with you where itās possible that Bitcoin stays range bound for some time while altcoins perform during this period. I still think this is a likely scenario.
Itās too early to say this is the end of the bull market weāll get the answer soon.
In my previous post, I mentioned that taking some profits on Ethereum wouldnāt be a bad idea as it approaches its previous all-time high.
A rejection from this zone shouldnāt come as a surprise. When too many people become overly comfortable in one direction, the market usually does the opposite. A lot of traders were extremely excited and heavily leveraged long, assuming $ETH is about to break its ATH.
Sharp pullbacks are often triggered by long liquidations.
That said, Ethereum is still bullish overall. Dips are opportunities, Plan your entries.
A rejection from this zone shouldnāt come as a surprise. When too many people become overly comfortable in one direction, the market usually does the opposite. A lot of traders were extremely excited and heavily leveraged long, assuming $ETH is about to break its ATH.
Sharp pullbacks are often triggered by long liquidations.
That said, Ethereum is still bullish overall. Dips are opportunities, Plan your entries.
CRYPTO MECHANIC
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Ethereum approaching the key zone ( 2021 All time highs)
We bought around $3400 and i think shaving some profits here wouldn't be a bad idea.
I do think Ethereum will go much higher, Looking at how the demand is increasing everyday and i also think dips will remain an opportunity as long as the market structure is intact and the demand is coming.
I will likely keep a 50% or more bag and will keep selling the rest in portion as it keeps spiking up into ATH's and potentially higher.
We bought around $3400 and i think shaving some profits here wouldn't be a bad idea.
I do think Ethereum will go much higher, Looking at how the demand is increasing everyday and i also think dips will remain an opportunity as long as the market structure is intact and the demand is coming.
I will likely keep a 50% or more bag and will keep selling the rest in portion as it keeps spiking up into ATH's and potentially higher.
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