23 Juni 2020

TA Tuesday – Sideways price action & unexpected turns

Patrick Heusser

Patrick Heusser

Head of Trading bei Crypto Broker AG

Über den Autor

BTC$ (4h)
The sideways price action is wearing down the traders. Especially the ones who just put in short-term trades.

Maybe I should have put more emphasis on the orderbook cluster situation on Bitfinex (see image).

Those guys stood firm: whenever we dipped down, their bids were filled, but none of those „standing“ orders backed away like most of them did on Binance and Coinbase. Putting a bit more weight on this indicator, I will now follow it closely on the top side and for sell orders. Will we see them starting to appear when we get closer to 10.5k as we did in May?

Even with the risk of sounding like a broken record, I repeat: the 10.5k resistance level is increasing in importance.

ETH$ (4h)
Oh well, ETH$ showed me the finger and turned right at the point where the baseline and the cloud bands crossed. The upmove was swift, and stopped just shy of my resistance level of $250 (I mentioned this level last week).

When I look at the order clusters of the various exchanges, I see some good offers coming in at around $250-260. If we push through it, the path will be clear for new highs in 2020.

I still feel very indecisive when it comes to this pair. It seems to have slightly more power to the upside. But on a daily basis, we have not (yet) managed to print a daily closing above the 0.02530 resistance level.

ALT$ (4h)
We keep trading in the wide range of $475-$605. There is no clear sign in which direction the price might go.

MID$ (4h)
The $550 support level has been holding nicely, and triggered a sharp rebound. But prices were not able to push to a new ATH.

SHIT$ (4h)
This market just does not want to correct. We are seeing some small consolidations and then the trend resumes: surprisingly strong, so far. We are not far away from the ATH, and the way in which this index is trading, we can expect to reach it rather sooner rather than later.