Bitcoin printed a weekly hammer candle, a sign of a potential reversal. This is generally confirmed by the next candle being green. As you can see, the candle has a long wick down, with a small body at the top. We have had strong demand for the past two weeks, as shown by the long wicks to the bottom. This still look absolutely fine.
Bitcoin continues to range sideways, basically from $60,000 to $74,000, give or take. As you can see, the sweep of the range lows was effective, with two wicks below and one perfectly touching the range lows as support. For now, this looks like a local bottom is once again in, which was a bit obvious (in hindsight) from the chart and from the sentiment. Remember...
Bitcoin continues to build stronger bullish divergence with oversold RSI on multiple time frames. More often than not, this is the best bottoming (which is a process) signal there is.
While the pricey action remains dicey, we have a number of signals forming (but NOT confirmed) that a bottom could be forming. On the daily, the range lows were pierced yesterday, but price bounced back above and closed with a wick through the low. This is a liquidity grab - called a bullish SFP (swing failure pattern). Generally this is a stop hunt, where...
The bullish divergences that I was looking for are confirmed, which is usually an indication that we are bottoming, if not bottomed. Remember, these can build with more lower lows on price and higher lows on RSI, but this is my favorite signal.
this is just sideways chop in a range, and the bottom of the range is always scary. I continue to believe that a lot of sideways is the most likely path as we approach the halving and see it pass like a nothing burger in the rearview mirror. I can always be wrong. It is very important to note - RSI still has not come CLOSE to oversold on the Bitcoin daily...
Trading Alpha gave continual top signals (orange Ts) with orange squeeze shading, perfectly predicting that the local top for Bitcoin was in. As you know, I have been highly skeptical of price continuing up for a variety of reason - toppy charts, overbought RSI across the board on multiple coins with bearish divergences, memecoin madness, extreme greed etc. This...
Trading Alpha is giving mixed signals on the daily chart at the moment, so I am watching and waiting. We have quite a few “Ts” which indicate potential tops, but the dots are still green and we do have squeeze shading - which indicates a bigger move is coming, but does not tell us the direction. The weekly chart still looks very bullish, but I am just sitting on...
I went to Paris for a few days and did not check charts. I landed today and looked - and price was the same as when I left. Bitcoin is sideways.
I am always a bit hesitant to share smaller cap coins, so always consider that and use solid risk management. I own PROM, and am sharing it because Trading Alpha is giving a clear buy signal. As you can see, this indicator is showing squeeze shading (the yellow) with a buy arrow on the daily, and the trackline turning green. We also have grey dots, indicating a...
This is simple… for now. We have a breakout from the bull pennant and a retest of the descending resistance as support. We will see what unfolds, but this is exceptionally bullish with a target well into the $80,000s.
Bitcoin confirmed that symmetrical triangle or bull pennant that I was looking at yesterday by holding the low at support that existed when I shared Today’s candle is trading a bit higher, so we will look to build on support and attack resistance. Still nothing to do here, chop until we get a breakout or breakdown.
Bitcoin seems to be forming a symmetrical triangle, which many would identify as a bull pennant. The caveat I give there, is that pennants often lose support, making people bearish - but then form bull flags, which are parallel channels down. So always be careful in these situations. That said, we have a touch at the high, then a touch of support, then two...
This is one of the hyped new coins that has recently been listed on multiple exchanges, so we have limited price action and history to go on. That said, while the market has been correcting, this has shown tremendous strength, maintaining grey dots on Trading Alpha, holding well above the track line, which is green and curving up, and currently attempting a break...
You can see with Trading Alpha that we had two “Ts” indicating a top, the loss of green (grey for me) dots and the printing today of a red (blue for me) dot. That said, price is now at the track line, which is a key support. Alts look even worse, so not much interest there today.
Bitcoin managed to close above the monthly candle above the previous all time high of $69,000. This was the final meaningful time frame to accomplish this feat. While we are seeing a dip today to test that level as support again, it is still quite encouraging to officially be in price discovery on the monthly chart. We remain in a bull market, where dips are for...
I bought a bunch of this token last cycle, traded around the position, held a bag all of the way to the bottom. Well done. That said, dog memes are running, this one has both "DOGE" and "ELON" in the name, a very sophisticated reason to purchase a token. This is fully gambling on memes, not something I generally recommend, but I tend to share my trades. I...
I shared the breakout on this coin yesterday. Price continued up significantly, to around $2.18. Breakout traders were rewarded, but the safer strategy is always to wait for a retest of the previous resistance as support - in this case the previous all time high. That came overnight, with a PERFECT tap of support at $1.97. There are no guarantees in trading, but...