NATGAS Descending channel on a weekly chart. The pattern is valid for the period of almost 10 years. Always start your analysis on a weekly chart. Once you identify the pattern on a weekly chart, you can rely on it for a long time in the future. Remember: The stronger the trend is, the harder it changes its direction. Cheers!
Good morning, traders. Not a lot has happened over the past couple of days. We appear to be watching price move sideways. However, if we take a closer look, we can see price making higher lows toward resistance at $3900. This is creating a possible ascending triangle which should have price targeting $3988-$4005 upon a successful breach and follow-through. I had...
I am continue to show you Wyckoff accumulation phase examples on cryptos , now best example of Ascending Channel as reversal pattern: Binance Coin BNBUSD Price now in Mark Up phase, so there is no good entry for mid-long-term traders Previous analysis for BNB gained around 100% so far, you can check it here:
Good morning, traders. The bullish divergence I mentioned yesterday is playing out nicely today as price has made a good $100+ move up this morning with the daily candle currently engulfing the previous four days' candles and sitting above the daily pivot and 21 EMA. This has many of the smaller TFs overbought at this time with the H4 RSI not quite there yet, so...
Good morning, traders. Bitcoin made a strong move this weekend. Make no mistake, it's been tough as there has been significant resistance, but price has moved up in spite of that and is now sitting just above the two month long descending channel resistance. In making this move, price has pushed beyond the green price target from last week and is above the daily...
Good morning, traders. Price is attempting to push its way through the descending wedge's resistance as H4 RSI is pushing through its own resistance. H4 MACD is curled up and nearing a bullish cross above centerline. As we can see, the green target, which is based on the height of the wedge, is near the previous swing high. Traders need to be cautious as price...
Good morning, traders. Price continues to consolidate within a flag/descending wedge. The target based on the height of the wedge remains, as it was yesterday, the ascending red "neckline" of the possible IHS. But, as I mentioned previously, we need to see increasing candle spread and expanding volume as the right shoulder is completed and price pushes through the...
This has been a great trade for me and I am tremendously proud that it had no drawdown whatsoever. I looked at the up trending channel, and I entered at a low. The spread on this pair with my broker is also low so that was a great advantage to me. I will definitely be trading this pair more.
Good morning, traders. Price hit the red target yesterday and was $20 shy of the pink target. Other than that, it has continued to move sideways within a possible flag. However, generally, the longer this is drawn out the less bullish it is. That being said, there was a 9% drop in Bitfinex short interest in just over an hour earlier this morning prior to the U.S....
Good morning, traders. Price has continued within the flag and bounced off the 38.2% retracement on the D1 chart as I mentioned I was watching for yesterday. H1 is printing a short-term double bottom with a target of $3620, once price closes above the swing high of $3586 which would confirm it. H1 RSI is just under neutral at 47.3 and butting up against...
Good morning, traders. Demand continued to flow into the pair over the weekend with supply attempting to assert itself yesterday. Up looks much more likely than down, in the near term at least. The D1 chart shows price sitting on the daily pivot after being rejected around the 50% retracement of the December 15th low to the December 24th high, but we could see it...
Good morning, traders. Price action just got interesting this morning. H4 and D1 RSI are breaking bullishly through their resistance and volume has picked up noticeably. As a matter of fact, H4 RSI is now bullish at 56. Obviously we need to see follow through, and there is still another 2 hours left in this current candle, but volume is already nearing the same...
Good morning, traders. Overnight saw Bitcoin finally falling through the bottom of the ascending channel. As I have been warning, failure of follow through on a break through resistance will likely result in price continuing to head lower. That strength into the end of the daily candle yesterday printed a bullish cross on the MACD which has since turned into a...
Good morning, traders. The big news yesterday was potential proof that the Mt. Gox trustee was selling Bitcoin on the BitPoint exchange, rather than OTC, through the first half of 2018 (www.goxdox.com). If so, it could help us understand why price failed to rally strongly enough off the $6000 level and ultimately fell through, after that level supported price for...
Good morning, traders. Bitcoin continues to trade sideways with no significant increase in visible supply or demand on the order books. While Bitmex has continued to show stronger supply, spot exchanges are showing stronger demand. Traders should consider both but give more credence to spot exchanges as Bitmex's swap system and 100x leverage draw to it the...
Not all trendlines have to be build using higher highs and lower lows. Some work perfectly as a trend direction and parallel channel middle line. The more bounces it has the more important it is for the chart (not stronger, but important). Also pay attention to volume - it should increase at line cross or bounce zones, confirming the line. Example - look at blue...
I am reviewing this trade-setup. This is not in my trade plan. This is not a parallel channel. I am reviewing this trade-setup. I took curve fitting to a different level on this one. Clearly, this is not a technical pattern (Channel). This what happens being in front of a chart screen too long late at night and drinking Christmas Beverages.
Just a quick discovery about how GBP pairs are respecting parallel channel in current market conditions.