ETHUSD update: Across the board these coins have attempted to retrace as they follow BTC's lead. Unlike BTC, this market has managed to break a bearish trend line. This is the first step toward change, but just like BTC, must meet certain criteria before it is reasonable to expect a more significant bullish move. Clearly, everything is following BTC and all have...
BTCUSD update: Price establishes a pin bar at 6425 which emphasizes the relevance of the 6805 reversal zone boundary. Now is when things get tricky because this market is not in the clear yet when it comes to broader bullish momentum. The 7492 resistance level is still intact as well as the nearby bearish trend line. What does all this mean? The broader bearish...
ETHUSD update: This market has been relatively weak compared to the other major coins but that does not mean it has lost its long term merit. In fact, these are great prices for getting into a top coin that can be used especially for investing into much higher potential alts which are very cheap at the moment. In this market, price has fallen through all major...
BTCUSD update: Bearish momentum is driving price toward 6K support as this market pushes through the 6805 reversal zone boundary. Remember there is no way to pick a bottom in a situation like this. The best we can do is estimate where a reversal is likely and let the market prove itself. If the market continues to stay weak, it can go as low as 4559 before...
BTCUSD update: Price is attempting to stabilize just above the 6K low which is a very important level for this market. It just so happens that the buyers are entering around the reversal zone boundary which is not uncommon. This is a very attractive area to accumulate a position, especially if you have been out of the market waiting to get back in. Is this the...
BTCUSD update: Bearish momentum takes price as low as 6614 which is ugly for position traders, but again situations like this call for patience and perspective. The 6K low has not been compromised yet, and even if it is retested, it is very possible that a broad double bottom formation materializes. There are still quite a few technical factors that offer plenty...
LTCUSD update: Price is pushing into extreme low territory as these markets continue to sell off. As I wrote previously as ugly as they look, if you are building inventory and not using margin, then situations like this are buying opportunities. Most importantly, you must not get sucked into the hype. Selling the bottom is the natural choice for the herd, not the...
BTCUSD update: Weak prices but no new lows as this market tries to find stability within a multi degree overlapping support area. Often a market bottom is not a simple event, it is a process that unfolds over time. As long as the 6K recent low is not taken out, this market is building a broad base to rally from in my opinion. Right now there is an inside bar in...
ETHUSD update: New low made at 448 as price pushes into the next reversal zone and hesitates. New lows are a bearish sign, especially when they are occurring below the major support zone. Is this a signal to get short? To exit altogether? No, as ugly as these markets get, it is important to recognize that they are still in an expanding ecosystem. Remember I am...
BTCUSD update: Price has broken below the minor support around the 8400 level and has gone as low as the 7800 area. Is this market a short? I don't know about you, but I do not care how weak a market looks, I will not short a major support area. I recently took a long swing trade on top of my longer term position at 8815 and got stopped out at the 8200 area. Why...
LTCUSD update: Higher low established at the 156 level serves as a sign of strength as this market is setting up to break the bearish trend line that has been in place since February. On top of that, price has been fluctuating within a major support zone for almost two weeks which implies further strength to come. Patience is key in this slow and uneventful...
BTCUSD update: Price peaks at 9177 high while the next retrace into the 8400 area is in progress. This is where I am anticipating the next higher low formation, which I will interpret as a sign of strength that can lead this market out of the persistent bearish momentum that been holding it back for some time. Keep in mind the higher low formation is not the...
ETHUSD update: New lows made at 452 as this market gets punished by the possibilities of securities regulation by the SEC. There is only one level left where there is a chance of a bullish reversal, but until some significant bullish structure materializes, I would stay away from this market as far as initiating new positions both long or short. The SEC...
BTCUSD: Price pushes off of 7605, touches 8604 in a matter of hours, BUT it did not close strong. This price action is apparent across the board and for me means ones thing: bulls are not in control, yet. The next scenario that I am anticipating is a failed low formation which needs to unfold above 7401 if buyers are to return and initiate the next bullish...
LTCUSD update: Pin bars appear across the board at key support areas.In order for a solid reversal to follow through, the next couple of candles need to close strong. If they don't, all of these markets become more vulnerable to retest the newly established low. Pin bars at such a relevant location signify that the predetermined support areas of all the major...
BTCUSD update: Price has made a dramatic lower low at 7665 and is now right in the middle of the 8171 to 7239 minor support zone. Even though the short term momentum is now clearly bearish, it is very important to not lose sight of the location of this price action. In my previous BTC reports, I wrote about quiet markets being a sign of possible strength, and...
BTCUSD update: 9616 level was compromised but bullish momentum did not take hold. As long as this market can stay above the 8342 low, it will still have a chance to break higher. In my previous BTC report, I highlighted the 9616 break out level which is the .382 minor resistance relative to the recent bearish swing. Price pushed it, and failed. Is this a bearish...
LTCUSD: Following BTC's lead and in the face of minor bearish pressure, this market is showing signs of renewed strength that can lead to a revisit of the 230 area or higher. In this report I will explain why the short term bearish momentum is misleading in this context. Yesterday BTC presented a situation where it failed to push lows which signaled that these...