ETH is current sitting just below a very important price point of $136-140. What price does at this range will strongly move me int either a bullish or very bearish bias. The current market dynamic is that a large bearish wedge had been forming over the past few weeks and finally broke downwards out of the pattern thus confirming it. After breaking down,...
A pennant has been forming in ETHUSD after a massive selloff last week. Overnight price broke through the top of the pennant. If price can hold this level as support now we could see begin to rally further. The first price target is the top of the pennant at about 145. The second price target is 190 which is the distance from the highest and lowest point of...
I believe this yearly chart shows the worst case scenario facing ETH holders, which involves price decisively breaking down from the bearish pinbar that formed on the yearly candle in 2019. If this pattern plays out then the next major support doesn't come into play until around $40-50. That is about 40-50% lower than the lowest price that was hit in the epic...
ETHUSD is forming a head & shoulders pattern on the intraday chart. If this pattern were to break through the neckline and be confirmed it has a $195 price target. Before bulls get too excited there are some things to keep in mind... 1.Price MUST break the neckline first or there is no H & S. 2.This pattern is forming into a massive selloff. Expect selling...
A bear flag formed on the intraday chart over the past week and has broken out this evening. This pattern has a price target of 2400, or about 7% lower than the current price.
Price nearly feel through the bottom of this bear channel but was saved with a sharp reversal which came in the form of a 2 bar reversal on the 6 hour charts. With this reversal we could see price pop up into the resistance area of the channel around 205ish. Given the bearishness of the overall crypto market we could see price hit this area and fall, but if...
LINKETH has formed a bearish head and shoulders on the intraday charts. In the daily charts a large bearish pin bar has formed. Bearish price action has also taken shape on ETHUSD and ETHBTC. Even though LINK has had a very strong rally these bearish pattern signal the probability of a pullback is high.
BTCUSD has formed a complex inverse head and shoulders pattern. This is a bullish pattern and if the neckline is broken could see price aggressively rally higher.
ETHUSD is at a major inflection point. Price has been winding up inside of a massive inside bar pattern for almost a week now (there are now 5 child candles inside of the mother candle). When such a large inside bar setup forms the breakout is usually quite aggressive. The big question on the table is, will this break up or down... Putting all of the facts on...
Yesterday ETH looked as if it want to start a next leg lower with a bearish break of the pennant and a test and rejection on the intraday charts. Overnight bulls were able to be ETH back up through the upper and lower channel of the pennant. With this bullish reversal we may finally see price start to rally again. The big question will be if this is just a...
ETHUSD broke down bearishly from its pennant pattern today. Towards the end of the close it attempted to retake the bottom of the pennant but the attempt failed. This can be seen in the chart with the bearish hammer forming off of the bottom of the pennant. I believe this significantly increases the chances of ETH falling to next support in the 180-200 region.
*DISCLAIMER* The weekly candle is not yet closed! That aside, if the weekly candle closes somewhere in the price range it is at right now, we are looking at a very bullish setup. The setup is an inside bar / pin bar fakeout, on the weekly, on major support, and is with the prevailing trend. You really can't ask for much more. It is important though to wait...
ETH is currently hanging on by a thread by holding the very last tiny bit of support within the bearish pennant. Unless price can reverse strongly from here then the chance of price breaking down in the near future remains high. Even if price is able to bounce from here it will face strong confluent resistance at around $225. If price can break and hold above...
LINK has broken out of a rectangle pattern that has been forming since late last year. The price action leading into the rectangle was bullish and on high volume, and the breakout was to the upside and on high volume, strengthening the case for this setup. A pullback and retest of the top of the rectangle would offer an attractive entry for those looking to get...
Across the board we saw a market where sellers dominated buyers. Technical damage was done today. Unless that damage can be repaired with price retaking key support levels in short order, then this market will move from "buy the dips" to "sell the rips". I will be watching how price reacts to these resistance levels to make my next moves.
In this video I recap my analysis from yesterday talk about the next 2 or 3 most likely scenario's now that price has broken through the "red-zone support" that I outlined yesterday. The importance of identifying these scenario's is because these are the specific price levels that I will be watching for candlestick signals to form. If a specific candlestick...
Eth is now just holding above the most generous trendline that can be drawn (very tips of the candle wicks) and below the "best fit" trendline. I consider this area a red-zone as it is sitting above its very last bit of support. Failing to hold this level could trigger a sharp selloff. I have marked the 2 most common scenario's that could play out. The bullish...
In this video I unpack a bunch of intraday and daily price action that has occurred over the past week and also talk about the price levels I am watching for end of day.