What will it be? "Bulls take the stairs up, Bears take the Window down". Two ideas that I think are in play, especially with much rejection coming from the Daily SMA 50.
Firstly, SMA 50 and 100 are soon to meet, and possibly one tough hombre to cross. That, coupled with a minor Round Top could spell a setup price down to POC @ $120 ($115 on other Exchanges), or possibly lower if it busts through EMA 12, 26, and SMA 20. Long wicks and repetitive rejection at the resistance lines are not very convincing for the flip setup - Double Curve.
With regards to the Double Curve, we are seeing nice Higher Lows, and Lower Highs mixed with triple or more bounces off the top - taking more of an Ascending Triangle Pattern (with exception of the extremes in price fluctuation) that would suggest some upside here.
Time will tell - and I'm doubtful that this thing will trade sideways through the descending channel - though we are getting in a pinch with the EMAs and MAs all in one place.
Good Luck, Traders. May you find yourself on the profitable side of it.
Firstly, SMA 50 and 100 are soon to meet, and possibly one tough hombre to cross. That, coupled with a minor Round Top could spell a setup price down to POC @ $120 ($115 on other Exchanges), or possibly lower if it busts through EMA 12, 26, and SMA 20. Long wicks and repetitive rejection at the resistance lines are not very convincing for the flip setup - Double Curve.
With regards to the Double Curve, we are seeing nice Higher Lows, and Lower Highs mixed with triple or more bounces off the top - taking more of an Ascending Triangle Pattern (with exception of the extremes in price fluctuation) that would suggest some upside here.
Time will tell - and I'm doubtful that this thing will trade sideways through the descending channel - though we are getting in a pinch with the EMAs and MAs all in one place.
Good Luck, Traders. May you find yourself on the profitable side of it.
Trade active:
It's been a battle to determine what this ones doing.
This trend is strong, but we're in a Bear Market! We have an ascending triangle formation on BITFINEX (looking at 3 other Exchanges seem to follow along after and produce inconsistency with patterns, have less volume, and difference in price).
Looking through some Bear Trap Scenarios and literature with regards to Fibonacci Levels - the original upward move never retraced even close to the .382 level - which would indicate a rather strong trend.
We have an Ascending Triangle Pattern, typically a Bullish Pattern, with 4 or more reaction highs on the 4 Hour Chart, 3 or more reactions to the uptrend line, and declining volume. The duration of the trend is concerning, only being 8 days or so, but the triangle formed after an established Bullish Move (trend).
A very large reversal candle may have slipped some evidence to where this one is going - and it happened on Kraken Exchange, and I happened to be watching the quickness of this reversal (heavy books maybe, who knows).
BITFINEX: Ascending Triangle Continuation:
Play it smart.
Good Luck, Traders. May you find yourself on the profitable side of it.
This trend is strong, but we're in a Bear Market! We have an ascending triangle formation on BITFINEX (looking at 3 other Exchanges seem to follow along after and produce inconsistency with patterns, have less volume, and difference in price).
Looking through some Bear Trap Scenarios and literature with regards to Fibonacci Levels - the original upward move never retraced even close to the .382 level - which would indicate a rather strong trend.
We have an Ascending Triangle Pattern, typically a Bullish Pattern, with 4 or more reaction highs on the 4 Hour Chart, 3 or more reactions to the uptrend line, and declining volume. The duration of the trend is concerning, only being 8 days or so, but the triangle formed after an established Bullish Move (trend).
A very large reversal candle may have slipped some evidence to where this one is going - and it happened on Kraken Exchange, and I happened to be watching the quickness of this reversal (heavy books maybe, who knows).
BITFINEX: Ascending Triangle Continuation:
Play it smart.
Good Luck, Traders. May you find yourself on the profitable side of it.