I'm guessing it's going to pull a bull flag which will bring it up to the top of the wedge. If we get a wedge breakout, the ultimate target would be at the top of the red fibonacci level roughly - around 0.0220ish. Not sure how long it will take to get there though.
I'll start to get worried if we fall too far below 0.0130 or 0.0128ish.
Will update as I see new things.
Good luck!
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Extended the boundaries a little, because I think it'll either bounce off the Ichimoku Cloud or keep going to test 0.013, which is also a key fibonacci level:
So far so good though
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Still looking good - adjust the pattern boundaries a little since they've become more clear:
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Not sure I like the look of this. It's only hit the bottom of the channel twice, and it's back at the top with a very high stochastic...I'm not sure we'll see a strong breakout yet. Might need to touch the bottom of the channel again, or even test the pink trendline one more time around 0.0120. So I'm not long yet, but watching closely...
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forgot the pic:
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Also, bearish divergences...
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It is trying to break out though:
And stochastic is low on the 30min & 1hr chart, and low on most higher timeframes, so maybe it's just a matter of recharging that 5min & 15min stochastic...if it breaks through that wedge significantly and then the shorter timeframe stochastics get low again I might consider going long. Will update
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Well it broke out! And I actually missed it because I was watching something else lol.
But it looks like it's pulling a nice reversal pattern so I jumped in anyway even though it may not be the best entry point.
Here's what I'm watching for next:
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Looking pretty good! My price path was a little off but it basically worked as expected - hit the top of the wedge perfectly & bounced off. I'm assuming it's going to consolidate a little more before trying to break through, but it feels like it's getting ready. If it's going to happen I'm guessing it'll be within the next 12 hours.
I will be watching closely though, because if it seems like it doesn't want to consolidate and starts heading down too far, it may want to test the pink trendline again, or the bottom of the wedge (I hope not...).
But anyway as long as it keeps bouncing around in the mid/low 0.0140's and keeps testing the top of the wedge I'm feeling very comfortable.
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Ideally it should stay above this pink line - I'm just a little worried about that weak point in the ichimoku cloud. If it can find support above that cloud (or at least if it doesn't dip too far below it) we should be golden.
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Whoa BTC rally! Alts are getting shook!
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It's trying...
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Breakout looks like it might be for real...I'll be more confident when we're over 0.0150
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Testing the top of the wedge again...
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so far so good
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battling with a sell wall on poloniex...if it breaks that and gets above 0.0150 we should be in business! Seeing bullish divergences everywhere, including the 1d
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that's what I like to see:
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Thar she blows
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next thing to tackle - this big, thick, nasty ichimoku cloud
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we do have support from this guy though.
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was worried about this resistance line but we broke it...
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already battling with that nasty cloud - if we break through it here's my guess, inverted h&s:
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RSI warning, let's see how it holds up... Buy orders are stacking on poloniex
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healthy retrace so far
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already have a bullish divergence on the 5 min (both RSI and stochastic). I'm sure we'll have some consolidation around here for a while before the next leg up to recharge. As long as it stays above the wedge, we're in really good shape. It could survive a slight dip back into it, but I don't want to see it get too far. If it consolidates & stays above 0.0149 we're probably golden.
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my rough guess:
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elliott wave or bull flag?
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Could also be a Descending Wedge. Might need to test the top of the big wedge first before heading up again (or down if we break through it...)
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Testing the channel - not quite low enough to panic yet but it is lower than I'd hoped, making me a little nervous:
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Don't like this dip back into the wedge but this inverse head & shoulders makes me think we'll get back out of it soon
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This has definitely dipped way further than I wanted it to. But I haven't closed my long yet, from a wider view it hasn't done anything TOO scary.
In case you need some hopium:
15m-
1d-
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ugh litecoin yer killing me.
That looks like a head & shoulders although it doesn't have a clean neckline. But it still doesn't look good. If we get much further down I'm going to assume we're testing the bottom again.
I still think we're in the process of steering the ship upwards again but in any case this one is becoming a drag. Maybe it needs some kind of news as a catalyst before people start getting excited again? There may just be too many people that bought at the top trying to get rid of what they can at the moment. Or maybe I should just be patient...