BTCUSD
The rising wedge chart pattern. Rising wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have unacceptably high failure rates and small post breakout declines, but when it is broken to the downside it has more high probabilities of going lower.
More to that is the bearish divergence( we talked about on the video). Bearish divergence occurs when price makes a higher high but the indicator forms lower highs. The two data streams diverge in direction. Price will eventually, usually, follow the indicator lower.
BTC price is a bit weaker to push higher through to the near resistance. We should expect price get close to $4900 or might move lower if the support level doesn't hold.
ETHUSD
A break of the near support level gives more sign of price moving lower. A part from that, the formation of the BULLISH GARTLEY CHART PATTERN which is forming is gradually taking some shape to bounce back to a near target of $165.
The Gartley pattern is complex because it deals with Fibonacci ratios( we will showing go through the process on how to calculate the gartley chart pattern in another video)
THE PROCESS ARE AS FOLLOW:
XA Price rises from X to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB Price retraces from the peak A to valley B about 61.8% of the XA move.
BC After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE:
If price drops below X on the way to finding D, then the pattern should be ignored.
THESE ARE WHAT WE SHOULD BE EXPECTING IN THE COMING WEEK.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
The rising wedge chart pattern. Rising wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have unacceptably high failure rates and small post breakout declines, but when it is broken to the downside it has more high probabilities of going lower.
More to that is the bearish divergence( we talked about on the video). Bearish divergence occurs when price makes a higher high but the indicator forms lower highs. The two data streams diverge in direction. Price will eventually, usually, follow the indicator lower.
BTC price is a bit weaker to push higher through to the near resistance. We should expect price get close to $4900 or might move lower if the support level doesn't hold.
ETHUSD
A break of the near support level gives more sign of price moving lower. A part from that, the formation of the BULLISH GARTLEY CHART PATTERN which is forming is gradually taking some shape to bounce back to a near target of $165.
The Gartley pattern is complex because it deals with Fibonacci ratios( we will showing go through the process on how to calculate the gartley chart pattern in another video)
THE PROCESS ARE AS FOLLOW:
XA Price rises from X to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB Price retraces from the peak A to valley B about 61.8% of the XA move.
BC After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE:
If price drops below X on the way to finding D, then the pattern should be ignored.
THESE ARE WHAT WE SHOULD BE EXPECTING IN THE COMING WEEK.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.