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Lucid TA @Lucid_TA
, 8 tweets, 3 min read Read on Twitter
Market Update:

Interesting scenes in the markets right now.

$BTC dropped $250 in the last hour and is currently bouncing off of support. There is confluence between a support trend line as well as a horizontal support zone.
Prior to the spill BTC went ultra low vol. Imperfect RW structure was also present. Typically the direction in which volatility returns is indicative of the direction in which momentum will persist for a period.
Things look a lot worse on $ETH. Downside continuation structure has triggered and confirmed (chart pictured is inverse). Unfortunately I was out at dinner when the micro squeeze (shown in white) broke so I missed proper entry. Looking to short on pullbacks or further setups.
The setup pictured is basically the triggering setup I mentioned in this previous scenario cast:

Immediate target is in the mid $210's, though (as mentioned in the linked post) there's a reasonable chance that we'll spill as far as the low $100's.
As for other alts, the RW I mentioned on $EOS proceeded to form a descending triangle before breaking down. $BCH is in *unconfirmed* bear flag structure.

It's worth noting that other alts don't actually look that bad, nor does BTC.
Total market cap chart still looks bad (as previously mentioned). RW structure + backtesting highly significant support turned resistance.
In any case, the main trade I'm looking at is to short ETH on retracements and/or further setups. I'd recommend exercising caution right now.

Recent spill has yet to become anything more than a mere uptrend retracement on BTC.
Though when factoring ETH + total market cap chart, it's worth considering the possibility that this is the beginning of a sustained spill.

Still holding mid term bear bias, though with slightly more conviction now.
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