tennant.graeme

tennant.graeme

I am putting on a long trade based on the falling wedge and Adam and Eve Bottom patterns. The orange block denotes the support zone with an upper level of $9660 and a lower level of $9100. I am looking to enter at current prices and at a retest of the upper level of the support zone. I’m not interested in keeping the trade on if we fall much lower than that. As...

tennant.graeme

Bitcoin’s support zone between $6500 and $5750 has been under ceaseless attack throughout 2018 and on each occasion the buyers have come in to firm up the price, but are the cracks starting to widen? After a hard sell-off at the beginning of the month of September, Bitcoin's critical support zone (orange area) was once again tested and once again it held. This...

tennant.graeme

Binance Coin has formed a cup & handle pattern. Look to go long should the price break the resistance line of the handle. The rounded bottom or "cup" is illustrated by the red line. The bull flag or "handle" is illustrated by the two blue lines.

tennant.graeme

Cryptocurrency exchanges are the wild west of finance and this week witnessed one particularly violent gun-slinging duel to be discussed. But first, a look at the market in general. Since the recent low in mid-August around $5900, Bitcoin has rallied approximately 20% to $7100. This rally has formed a rising wedge pattern illustrated by the blue lines, ignoring...

tennant.graeme

After the bloodbath which followed the SEC’s decision to put plans for a Bitcoin ETF on ice, the market appears to have calmed down over the past week. In fact, by crypto standards it has been a decidedly unremarkable week for Bitcoin with the price hovering around $6400 for the past few days. Crucially, the price bounced off the all important $5800 support zone...

tennant.graeme

After a strong rally peaking at $8500 during the month of July, Bitcoin fell over 30% to a low of $6250 on Tuesday this week. As brutal as this sell-off was for Bitcoin, major Alt Coins were punished even more severely over the same period. Approximate return from 24 Jul - 14 Aug for major Alts: Ethereum (ETH) -40% Bitcoin Cash (BCH) -40% Ripple (XRP)...

tennant.graeme Updated 

Gartley pattern is setting up on the weekly Silver chart and is likely to complete around the $15 mark (Point D). Orange boxes at B and C show required termination zones for AB and BC legs. The target is the dashed green line which is the 0.382 retracement of XA. Stop loss is a break below X. This trade has a 1:2.6 risk/ reward ratio.

tennant.graeme Updated 

From 24 June to 24 July, the Bitcoin price increased by almost 50%. That's an impressive move in anyone's books, so it was always likely that the bulls would need to take a breather at some point. Personally, I expected this to come around $7500 mark, but instead the price broke through this level to trade as high as $8500. This move through $7500 was also a...

tennant.graeme

What a great week it was for Bitcoin! After a tentative rally from it's low at the end of last month, we have finally had a move of real bullish conviction. Last week's analysis highlighted a potential inverse head & shoulders setup with resistance (shaded red) around the 6800 mark. To the delight of Bitcoin bulls the price smashed through the 6800 resistance...

tennant.graeme Updated 

A potential inverse head & shoulders is setting up on the Bitcoin chart. Whilst I won't be winning any prizes for originality with this analysis piece (every technical analyst and his grandmother will have spotted this) - keep in mind that correctly identifying a pattern does not automatically result in a successful trade. First the basics. An inverse head &...

tennant.graeme

Although this latest price spike has just broken its previous high, it appears that a break above the resistance at around 7750 is unlikely. My pessimism is due to the bearish diversion as can be seen on this 4HR chart. Whilst the price over the past few days has moved higher (green arrow), the RSI and OBV have both fallen (red arrows). Furthermore, the volume on...

tennant.graeme

Last week's Bitcoin performance included good news and bad news. Good news - We found support slightly below the $6000 mark when there was a real threat of breaking to the downside which would have been very nasty (shaded green support zone). We instead broke the resistance trendline to the upside. Bad news - After breaking said trendline it would have been fair...

tennant.graeme Updated 

A rising wedge has formed on the 4h Bitcoin 0.71% chart. The price is threatening to break to the downside of this structure, although it is possible to first see a rally to the upper trendline (green arrow) and even a pop up above the trendline before the price breaks down. Furthermore, there is bearish divergence on the RSI indicated by the pink arrows....

tennant.graeme

After a strong performance over the weekend, Bitcoin is showing signs of life. (1) Price action formed consecutive higher lows (L1-L2) and higher highs (H1-H2). This is a valid bullish reversal pattern. (2) Price has broken out of a falling wedge denoted by blue lines and consolidated above breakout point. (3) Bullish divergence on the RSI denoted by red arrows....

tennant.graeme Updated 

Whilst a break below support is still a very real risk - there is clear bullish price divergence on the 4 hr chart as well as the daily chart. This would suggest that support will hold - at least for now... On this 4 hr chart we can see the red line and green lines linking respective low points on the Bitcoin price and RSI. Whilst the price falls over these...

tennant.graeme

I am putting a short trade on Bitcoin. Entry - $6000 and up to blue resistance trendline Stop loss - Break of blue trendline Target - Support level at $5400 Risk/reward ratio - 3:1 Ideally, I want to see retest of the $6000 level and even a move back to the blue resistance trendline before a copulative sell-off to the next obvious support to $5400. A break of...

tennant.graeme

The bearish case for Bitcoin is starting to gain more substance and I plan to "dip my toes in the water" and start building a short position. - On the daily chart Bitcoin officially closed below the $6000 mark for the first time in 2018. - The orange support trendline is well and truly broken - We continue to make lower highs and lower lows without any real sign...

tennant.graeme

CAUTION - Bitcoin at a Cross-Roads Looking at the daily chart there two significant elements to pay attention to: (1) Support Zone ($7100 - $ 5800) - this price range has been tested a number of times and a clear break below this zone could see us drop to around $4200 (1.138 Fib extension) or even $2400 (1.272 Fib extension). (2) Resistance Trendline - Also...