Yesterday I outlined my reasons for turning bearish in my short term outlook of Bitcoin. It was the first post with a sell recommendation since 4/6. In addition I outlined 5 major areas of resistance and said that I expected a rally for the next 2-14 days before continuing the downtrend. I advised to exit all long positions and outlined two ways to build a short...
Over the past five days I have been calling for a rally to $7,950. At the same time keeping a close eye on the triangle that started forming on 2/6, which I am considering a no trade zone. Today I have changed my position and would recommend looking for an exit if you have an open long. Depending on your entry there should sill be plenty of time to exit at...
USDCHF has bounced from a major resistance. Momentum indicators have signaled a reversal. It's safe to anticipate a 38.2% pullback. SL: 1.003 TP: 0.973
GBPUSD has seen a continuous downtrend with no significant pullbacks. However, it is losing downwards momentum in synchrony with USD's loss of upwards momentum. This week or early next week, GBPUSD should be expected to enter a significant retrace. Further, minor retraces in the current downtrend are aligned for harmonic Fibonacci levels, which can be used to...
EURUSD will be pulling back with the rest of the USD pairs. There are harmonic fibonacci levels indicating strong resistances for the pullback. Further, momentum and trend strength seems to have peaked. Reversal appears to have already been confirmed. SL: 1.168 TP1: 1.185 TP2: 1.195
USDCAD is failing to break a major resistance level. USD pairs have reversed. USDCAD bullish pressure has managed to maintain a consolidation relative to other pairs, but a big move is overdue. This trade is using harmonic fibonacci levels as supports for price targets. SL: 1.293 TP1: 1.2765 TP2: 1.263
Downward momentum has peaked for GBPJPY. It tested and failed to break a support level today, forming a double bottom instead. It also appears to have formed an ABCD pattern. This trade is anticipating a pullback to previous support/resistance levels, which are coinciding with the fibonacci levels of the complete leg. SL: 145.2 TP1: 147.1 TP2: 148.2
Over the past four days I have been calling for a bounce to $7,950. That is due to being oversold across the board. We haven’t been this far below the 12 & 26 day EMA’s on the daily chart in about 2 months. The alternative to a bounce is finding a range that would lead up back to equilibrium. We have been ranging on top of my longer term bull trend (green...
Over the last couple days I have been calling for a $7,950 retest. That call is based on trendlines and moving averages. If I wasn’t in a no trade zone then I would have maxed out my position by now. Falling below $7,500 while I was asleep did make me second guess my prediction. However, after reevaluating I am still confident that we will bounce before falling...
Over the last couple of days I have been calling for a retest of $7,950. If bearish that would be a good spot to open a short. If bullish, $7,350 - $7,500 is still providing a very attractive risk:reward on a long. I am remaining on the sidelines until the triangle that started on 2/6 breaks one way or the other. We are fast approaching the 66% benchmark, which...
Over the past couple of days we have been dancing on the longer term bull trend line (green dotted). We got a bounce from $7,250 that was short lived. Resistance at $7,650 sent us back down for a retest of the bull trend line. I do not believe that we are in danger of breaking down through that area of support just yet. We are still in oversold conditions from...
Yesterday I expected a bounce off of $7,950 support, but I stayed away from opening a long after getting burned these last few weeks. Today we are looking at the last line of support before it will be time to put on my bear suit and join the enemy. If you can beat em, join em! We are currently bouncing off of the trend line (green dotted) that I drew on May 15...
Yesterday I was fully expecting a bounce off of the hammer doji and horizontal support at $8,200. My stop loss was set at $8,097 and that was triggered a few hours after my post. I have gotten rekt going long over the last couple weeks, and that has forced me to zoom out on the charts and re-evaluate. I have used a fresh chart to illustrate what I am looking...
Yesterday I started to build a long position at $8,375. I entered ¼ of my position and waited for further confirmations. I was fully expecting a bullish crossover on the 12 & 26 day EMA’s (6 hour chart) and unfortunately that has failed to materialize. We continued to pull back through both of the longer term bull trend lines (green dotted and orange solid) and...
USDCAD completed a 50% retrace. A continuation of its uptrend should be expected. Fractal resistance to support a continued downtrend is failing to form and band width is already approaching previous peaks. Enter now. SL: 1.273 TP1: 1.3 TP2: 1.312
USD is expected to continue its uptrend this week, after a tiny pullback at the end of last week. USDJPY will make the push to a resistance and fibonacci level. SL: 110.560 TP: 111.190 TP2: 111.540
Yesterday I warned against buying resistance at $8,500 - $8,600 and I also set up a potential entry at $8,736 where we would find horizontal and trend support. Furthermore, I advised to watch out for a bullish crossover on the 12 & 26 days EMA’s (6 hour chart) as confirmation. We haven’t quite gotten the EMA cross, but it appears imminent at this point. I made...
This morning I am happy to say that both of my questions from yesterday have been answered, and I am even happier to say that we got the bullish answers everyone was hoping for! $8,200 was attempting to turn into resistance and that has failed. We pumped up to $8,400 and then supported $8,200 before created another local high. In the past 48 hours we have...