There is a possibility that on the hourly chart and inverse heads and shoulders pattern might form on ETHUSD. Missing the right shoulder. Just sharing some possibilities you can look out for and trade on breakouts if they happen. Adjust the right shoulder according to the price movement if it plays out.
BTCUSD chart has the same possibility.
I would prefer to wait for a bullish divergence on the daily chart first to confirm reversal but an inverse heads and shoulders is also a strong pattern to signal bottom and reversal if it plays out.
Be careful if you are margin trading on bitmex. Some technical glitch happened and it cause many liquidations to take place. It would seem they might have intended to liquidate longs. Cause during this period of about 15-20 mins noone could login or do anything with their accounts. Some came back in later to discover account showing zero balance.
When there is uncertainty avoid margin and DCA in small quantities instead when: - finds new support can add small portions and place your stop loss in profit - buy small portions when BTC losses around 1000-1500$'
Just my thoughts.
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Could also possibly form a Quasimodo Long Pattern. Pending no. 5 Low which must not be higher than the no. 1 Low point and not lower than the no. 3 Lower Low point. If another higher high is formed, the pattern can still play out.
Just read about this Quasimodo long pattern and wanted to share it. Came across it when i was looking at some reading material for inverse heads and shoulders pattern which also could play out here. You can read all about it here: profitf.com/articles/forex-education/quasimodo-pattern-over-and-under/
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Bouncing off the top of the downtrending line. Will it hold or reject again? Same for BTCUSD.
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Wanted to share some ideas and thoughts on how to use smaller time frames to detect possible important patterns and signals that could give you an early advantage on what to do next. Also giving you an idea what your higher timeframes will look like if the move is sustained in the smaller timeframes. Even possible reversals and new pattern formations can be discovered early.
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Breakout happened. Just remember to keep create your stop loss in profit once you have a comfortable sum. Lots of uncertainty now. Take what is given and be safe. If it keeps going your way to next support, add into order in small portions if you can and immediately keep raising the stop loss in profit so you have a guaranteed sum no matter what happens. There will also be a CME bloody Gap if price goes above 5935 (cme high price on Friday daily candle close) and or lower than 4120 (cme candle lowest price on that same daily Friday candle.
So its risky to be holding trades not knowing if the CME Gaps will move the price to cover those gaps which might trap you underwater again if you are not careful.
They halted the futures market so its caused this delay. By tomorrow pre-market we'll see movement. A nice weekly candle close today will go a long way as well
@happytradesmore guess luck was on my side this time. Even got out early with some very small profit for a small trade. Too much uncertainty in market now best to either stay out or Dollar Cost Average which is what i recommend and i would trade with actual buying and selling of cypto coins if i had the cash to do it. Noone can liquidate you and you can hold it for months or years with no worry of fees which is the case with margin trading.
Hopefully we see better times soon. Do not have to time the bottom just have to time it safe.
Have a great week and thanks for the kind comments and compliments bro! Cheers!
happytradesmore
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@mdyassink, yup. Spoke too soon in my other comment. fed rate drop to 0% gonna give us a relief rally soon. Path up will be slow next few months
mdyassink
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@happytradesmore, Agreed 100% bro. Its gonna be slowly but surely. I hope!
mdyassink
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Thanks for the kind compliment. Too much time on my hands recently so keeping myself busy and learning. Hope it works out too. Not much risk cause only trade breakout. DCA best. Good luck to u 2!
happytradesmore
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@mdyassink, I'm surprised this doesn't have more likes. It should be on top
mdyassink
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@happytradesmore, you are too kind... it has still yet to breakout, currently seeing a rejection but still too early to confirm. Thanks lots for the generous compliment. Hope your trades keep earning you lots of profits! Good luck!
happytradesmore
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@mdyassink, You put that chart up even before we had the right shoulder. Not much time left before it confirms or rejects. Kudos !