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The LTCBTC Cup and Handle may finally be triggeringThe cup and handle pattern we have been watching unfold on LTCBTCs chart may finally be triggering here as ltc seems to be legitimately breaking up from its current bull flag which ahs a target that should once hit make triggering the cup and handle pattern a sure thing and continuing its bullish momentum...however there have been a lot of fake bait pumps and bait dumps over the last few weeks so we must keep in mind this could potentially be the case again here as well...however with the 1 day golden cross on ltcbtc fully sustained now I think probability favors a legitimate breakout of the cup and handle pattern here.
Long
by DrDovetail
1
Possible head and shoulder breakdown here...Target 3290Leaving this idea neutral but leaning more short....the head and shoudler pattern on the 4hour chart appears to be triggering a breakdown. We may need a follow up 4 hour candle to confirm this so a fakeout is still possible...but if confirmed we have a drop target of $3290. Of course there is the massive weekly 200ma support just above it that could rpevent thee breakdown to reach its full target were a breakdown to be validated...so watch for a bounce there should it be validated. Odds are good it will be triggered however as we are already seeing lots of volume on this candle. Probability favors a breakdown more so than a fakeout at this point.
BITSTAMP:BTCUSD
by DrDovetail
Bottom very near. One more final breakdown?A temporary short idea here but the target of this drop could be one of 7 potential targets shown here. To play it safe I am going to be setting a limit buy up right buy the 1 week 200ma(shown here in sky blue) it is conveniently lined up right with the neckline of the larger head and shoulders pattern so I anticipate the price action could attempt a head and shoulder breakdown fakeout and then have the 200 week moving average bounce the price action back up thereby essentially double bottoming off the 200 weekly MA coupled with the last bounce it did off of it at our most recent low and we could see a big bounce from there. However if the 200 weekly ma doesn't hold..I see 6 more potential big support zones here that I have linked and labelled with corresponding color price target boxes accordingly. I plan to limit buy the 200ma and buy the dip on each additional target it drops to..so even though this idea is short on the long term I'm very bullish.
BITSTAMP:BTCUSDShort
by DrDovetail
Ethereum close to completeing 4hr h&s + 4hr deathcrossthis idea is gonna remain neutral for now because fakeouts are always a possibility in crypto but we can see we are about to potentially complete a right shoulder on a very ugly looking head and shoulder pattern on ethusd's 4hr chart....we can also see that the 4hr chart is once again quickly approaching a 4hr deathcross....xrp had its 4hr death cross which led to downside followed by bitcoin which just had its and seems to be leaning towards more downside so if ethereum also gets a 4hr deathcross I'm guessing more downside is very probable...looking left on our chart we can see what kind of downside came with the last 4hr death cross...it wasn't pretty so should this 4hr deathcross occur here I think it is very very likely we will see ethereum trigger this head and shoulders breakdown which could potentially send it all the way down to $65 if this happend hopefully that will mean that the bottom of the bear market is very very near. Of course a sudden huge green candle could prevent all of this so be prepared for a fakeout around the neckline as always. It is that possibility that has me leaving this idea neutral instead of marking it as short.
BITSTAMP:ETHUSD
by DrDovetail
Verge on the precipice of an inv h&s golden cross combo breakoutI did not mark this idea long or short....we are simply on the precipice of either a huge bullish move for verge or a massive bulltrap fakeout. if btc breaks upward then xvg will likely trigger this inverted head and shoulder breakout which would lead to a golden cross on verge on the 1 day chart which has a breakout bull target of an over 50% increase, but if bitcoin breaks down it will be both a fakeout of the inverted head and shoulder pattern and likely the golden cross as well see the blue line directly above the inverted head and shoulder pattern? thats the 1 day 200ma and we can see it already dealt a firm rejection to the priceaction earlier so which always increases the likelihood of a fakeout..not wise to buy verge here unless you see a breakout that flips the 200ma from resistance to support and also solidifies it as support as well if that happens and you see bitcoin have a bullish breakout too then its probably wise to enter a position on verge but until then expect a fakeout. Inverted head and shoulder patterns in a bear market are usually patterns painted by the bearwhales to set the ultimate bulltrap fakeouts with *not financial advice but simply self advice that anyone else is allowed to consider* thanks for reading!
X
by DrDovetail
huge potential on chainlink cup & handle if breakout triggersKeep an eye on this one people...chainlink is going back down to retest the rimline of its cup and handle pattern if it solidifies support here and we see some nice bull volume to go with it then it will be a big buy for sure. Currently it could still be a fakeout but probability is currently favoring a validated breakout. Fundamentally chainlink has a lot of good things going for it. Their oracle system will likely be the standard in crypto and I'm pretty sure coinbase plans to list it soon as well. If it does trigger this breakout the price will likely double.
by DrDovetail
1hr head and shoulder pattern forming at end of diamond patternWe can see a 1 hour head and shoulder pattern is threatening to break the neckline right now and if it were to do so we would essentially have a breakdown of the bearish continuation diamond pattern. We eliminated the possibility of it being a diamond bottom pattern when no volume accompanied the fakeout bullis breakout and nwo it is crawling back inside the diamond pattern at the last second to be able to turn it into a bearish continuation diamond with help from a 1 hour head and shoulder pattern breakdown. The target should the head and shoulder pattern breakdown but not not trigger the diamond is 3.6k and the secondary target should it also trigger the diamond breakdown we can see is much lower...I anticipate at the very least the head and shoulder breakdown occurring considering weekends are pretty infamous for dumping. However 4hr stochrsi is alreay pretty overextended on the bearish side so I can see a rebound happening by the time the 1 day stochrsi reaches that zone as well. However it is completely within the realm of possibility for us to also dip to the bearish continuation diamond target and even to the bottom trendline of the larger descending broadening wedge pattern we are seeing...if we do indeed fall below the 4hr 50ma(in orange) for too long of a period of time that gives us a real possibility of having the deathcross on the 4hr timeframe occur again which will inevitably lead to more downside...but I am hopefully we wont go farther down than the bottom trendline of the descending broadening wedge. These scenarios are only in pla in my mind if we first trigger the 1 hr chart head and shoulders...it will be what starts the dominoes on this one...if not we may just bounce back above the 4hr 50ma but probability does not favor this.
BITSTAMP:BTCUSDShort
by DrDovetail
Coin 2 Watch: Tron / Golden Cross, Cup & Handle, and BullflagDespite the current bearish outlook on bitcoin we can see that tron has a lot of exciting things currently going for it on the 1 day chart on binance. It has completed a cup and is now currently working on the handle which happens to be inside a very long bull flag. We can also see what appears to be an inevitable golden cross about to occur on the tronbtc pair which should be sustainable when you factor in the other bullish patterns that are about to trigger along side that golden cross..would not surprise me one bit to see tron stay resilient and even somewhat in the green during btcs next bear move. We can see the daily stochrsi has plenty of room to go up as well. Fundamentally this could be caused by a few different factors but I think the 2 biggest are that it was added as a pair with xrp on binance and also trx was named the first binance gold label project coin. There's likely other big developments recently too but I haven't had time to dig any deeper into the fundamental side of tron. Anyways I expect it to do very well in the following weeks if this golden cross occurs and the cup and handle triggers so while this is not financial advice I do recommend you keep an eye on it and make your own decisions on whether or not to grab any for yourself. Thanks for reading.
Long
by DrDovetail
3