It looks like we're on a long-term downtrend on the weekly timeframe. BTC has been closing on lower highs every week since it's ATHs.
Some support areas to watch/trade as it tests this trendline are:
Zone #2: $39-40K
Zone #3: $30-32K
Zone #4: $19-20K
APHA is volatile, but I like its long-term prospect and its current technical setup.
I believe APHA has a good chance of breaking through its long-term downward trend.
For the more conservative play, buy on the retest after the supply zone becomes the demand zone.
Just my two cents. Not the investment advice.
There is no sign of waning selling pressure yet and lower high/lower low structure has been established.
Bounce back is weak after the selloff.
Mostly likely scenario is for the price to come back down to the demand zone first.
Then, we go through a period of consolidation before the price takes off again.
The MACD shows a downward trend in T since February 24 when the indicator turned negative and continues drop for now. The signal (white line) is not close to the indicator, so it should continue its trend for a few days.
changed my lines around a bit and through in a schiff pitchfork for reference to levels.
Looks like we are going to be consolidating at this price range for the next ~3 days.
What does this mean for Bitcoin and the ALT coins you may ask?
We most likely will see a rebuild up of Bitcoins markets cap putting its price back up t ~8,800-9,200.
HEY GUYS THANKS FOR THE FOLLOWS
NZDCHF IS GOOD FOR ENTRY - IM DONE WITH TRADING FOR THIS WEEK - IM A SWING TRADER I MAINLY JUST HOLD POSITIONS AND LET THEM PLAY OUT -HAVE A PROFITABLE WEEK AND A BLESSED WEEKEND
on the weekly chart, I see potential resistance zone marked out which has been tested several times so I am hoping price will be influenced by sellers hopefully and that selling pressure will be emitted due to psychological levels. Also this is in confluence with the downward trendline as well so I am hoping price reacts to that.
This is a position trade as well...
DXY in a clearly visible uptrend currently approaching the top of the channel. Price most recently has retested a support zone in which price has respected so we are expecting to retest tops - potentially forming a double top before opening the doors to selling pressure in which we could retest the support zone once again and also test channel support.
NZDUSD Daily Breakdown
NZDUSD remains in this downward channel, creating lower highs and lower lows, we can expect furthder downside continuation if price breaks and closes below the 61.8% fib level.
Overall longer-term bias -- Bearish
Follow for more updates on this pair going into the week ahead.
#ETC started this week very Bullish and followed a perfect Elliott Wave to rise 23% over two days. After that #ETC moved into a correction that has now become a very Bearish Descending Triangle and have retracted 12% in the last three days. Bear Trends typically break downwards and with the trend on weekends for Altcoin prices to fall we can expect either a flat...
My daily update on XRP/USD... overall I'm bullish, but i'm thinking we might see a little downside before she really makes a decision on where she wants to go.
I do believe the low area I mention is in play at the moment. Have to reassess each day, but I'm thinking it might just happen. I think the downward trend line and previous support/resistance zone is...
Okay, I drew some more lines and arrows on my chart, but I also added some boxes and more text! Here's an update to my first Double bottom post.
This interpretation was formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination!
Our second little bull flag did indeed form. It's not a lot, but...