If you choose to buy here, caution is advised. Dip your toes in slowly (dollar cost average in) and have your stops just below the ascending BLACK trendline. I'm extremely cautious here and reluctant to buy until we have more signs corroborating this move up.
Alright. So on a technical basis, we do have a couple of solid buy signals.
-First of all, we broke our down channel.
-Secondly, we entered back into my bull channel.
So what's my problem, you asked. I don't know just yet? I'm still trying to put my finger on this one. If I had to put something into words here I'd say that we still don't have solid, hot red...
If you choose to buy here, great caution is advised. Dip your toes in slowly (dollar cost average in) and have your stops just below the ascending BLACK trendline. I'm extremely cautious here and reluctant to buy until we have more signs corroborating this move up.
I am not suggesting it will happen, but I am seeing some of the leading cryptos (Bitcoin, Litecoin, and Ethereum) poised to dump this weekend. In addition to all remaining in bearish chart patterns:
-Ethereum has fallen below .618 fib retracement and the $275-$280 support level.
-Bitcoin has dropped below it's longer term bullish channel yesterday...
Until Litecoin breaks out of this ugly channel on the daily, either to the upside or to the downside, I will not be a buyer. We are flirting with the top of the channel now. However, take a look at the RSI chart. We are hitting our heads on some major mid-level resistance in direct correlation with the top TL of my descending channel.
Watch closely folks. We...
In my last post I recommended to wait. Now, I am recommending a buy.
Technically, this sell off is perfect and exactly what I had been hoping for. We hit the $3800 price point I had hoped for and we are right back in sync with our 50MA and smack dab in the middle of my bull channel. In other words, Bitcoin is back exactly where it should be and the consolidation...
I want to show you something. I'm not saying this will happen but...
Take a look at this chart. It is beautiful. And according to what it is telling me, we have two (possibly three) more days MAX (but probably less) of consolidation for OmiseGo. Once complete, we would break out and above our shorter downward sloping ORANGE trendline. Of course, the possibility...
Litecoin failed to hold our lines (see last post on Litecoin). We have one more critical support at $42. We break that and I am out and bearish on Litecoin again.
Good luck Litecoin longs!
This analysis is simple as always. Either LTC holds above the lines (purple circles) and remains strongly bullish, OR it doesn't.
If LTC breaks below the bullish trendlines, we remain long term bulls (as we are still in the bullish GREEN channel long term); however, we will become short term bears.
If we break down, we will go to:
STOP 1: $46.01
STOP 2:...
Wow! Wow! Wow! These Bitcoin bulls are furious and charging through everything. There is a ton of strength behind this move! Really the only major resistance we have to break is our TOP of June 12th. After that? $4000+
We are seeing slight consolidation here as we rest on our $2760 support. Now is the time to BUY, BUY, BUY. We are back in our bullish GREEN...
Bitcoin is on a tear! These bulls don't want to rest. There will not be many more chances while we consolidate slightly here to hop on this train for a mad ride up to $4000 plus. However, if we do rest in the next couple days, look to buy at any price between now (currently $3446) down to $3146 and in the next 3-6 days. Consolidation won't last longer than this....
As stated in my last post, the bulls just do not want to rest. Bitcoin is still in the hype driven stage of the gartner hype cycle:
www.google.com
This makes is hard to get in a good price.
While many are claiming Bitcoin has reached target on their charts, or that Bitcoin is due for consolidation (which is true), or that Bitcoin bears should have entered their...
It is definitely harder to predict price patterns on these brand new coins, but Ima give it a try.
Here we see Fib from low to high. You'll also see some trendlines that have started to form and support levels I've drawn.
So, let's make heads and tails of this.
Fib. is self-explanatory. I've drawn it from around the low to around the high of this coin. First...
We currently rest at our $2670 support which intersects with the bottom of our channel. Could we see a weekend bounce to $2980? I think this is a good possibility. We shall soon find out.
Happy trading!
BIP 91 looks to be locked-in now. As hypothesized in my last post, this has given us enough boost to push our way through some MAJOR resistance points. Bitcoin's behavior here is extremely bullish! At the time of this writing, BTC is currently wrestling with resistance at $2599. Once through, it's on up to $2670 or the bottom of our bullish GREEN channel,...
As I analyze my chart and concur chart signs with price, time, and news, I must conclude that Bitcoin has the most probable chance to break out and UP by Sunday.
Here's my case:
1) BIP 91 lock-in. We got 80.5% this morning. See www.xbt.eu
2) Two more days until activation. This puts us at Friday. Markets move to the far East around this timeframe.
3) Symmetrical...
