Time for a potential higher low after rejecting weekly resistance
BTCUSD update: Price is pulling back in a very shallow consolidation which is now presenting a bull flag formation. This price action is not characteristic of a weak market or a bearish C Wave. If anything price is poised to retest 8k and possibly higher. Weak markets do not consolidate near highs, and do not unfold in bullish formations on larger time frames....
BITFINEX:EOSUSD The chart speaks for itself, we have two strong resistance ahead at $1.85 and $2 so watch for those. Once it crosses them the $2.20 is a very achievable target. It can take some time to get there but I would say by next week sometime we should be pretty close to the target. Personally I'm very bullish on EOS, we are still on an very much up...
ETHUSD update: Price structure is showing signs of continued strength with a higher low and breakout of a smaller range between the 275 and 310 area. It still has to get through a wide resistance zone that has been holding this market back for over a month. Based on the new bullish structure, 372 is a realistic short term target. I have not been writing about...
Price may make a higher low now to its 4 hour uptrend line where I look for either a break or bounce. Watch for a close below the support price is above currently
BTCUSD update: It appears Wave B is in play with one more leg expected to retest the high 6ks to low 7ks before the C Wave unfolds taking this market significantly lower. Based on the structure at the moment, the current formation appears to be transitioning into the second leg of Wave B which often looks like a minor retrace of a zig zag formation. A higher low...
Price broke its counter trend line after bouncing off its daily uptrend line where I took profit on my short. Now looks like we have a nice long opportunity I am looking for a right shoulder to be formed at the retest of the broken CTL to create a inverse Head on shoulders pattern. This pair should take off during London session!
ETHUSD Update: Price retraces back to 294 while BTC continues to push highs. The fact that this market could not push the 315 high is concerning and I do not plan to add to my long position. I am still long from 298.84 with my stop now adjusted to 286. At this point, in order f or me add to my position, price needs to show proof of strength. The 315 level is a...
ETHUSD Update: Consolidation breakout to 310 off of the higher low formed in the 280s. This is a bullish sign and implies further strength, with a reasonable target in the 320s. I have been long from 298.84 for a number of days, and actually got stopped out of half of my small position after making an adjustment (this is all explained in previous reports). So I...
0verbought.. Due for a retracement & higher low on the daily time frame. Price rejected at strong daily resistance I believe price will go to 1 for uptrend line
Price making a higher low right now, entry at the purple rectangle.. Great setup here a new higher high is almost in route! Comment or drop a like if you found this useful :)
ETHUSD update: Price is fluctuating in between the .382 and .618 support areas that I wrote about in my previous report. I am long from 298.84 (as mentioned in my update) with my stop now adjusted to 279. I will explain. After reevaluating the price history along with 283 being within the .618 support zone, I thought it would be better in this case to adjust...
ETHUSD update: Failed low (double bottom) formation appears on 1 hour time frame which is a trigger for a swing trade long. I am in from 309.95 (50% position size) with a target of 335 and STOP of 294. Reward/risk is about 1.5/1 (this will change as I make adjustments based on new price action). I updated my previous post as soon as I took the position. The push...
ETHUSD Update: Price reaches the 286 support area and rejects it with an initial push back to 310. This may be the beginning of a bullish reversal formation on the larger time frame and I am WATCHING carefully for a new swing trade long. BTC and the rest of the markets broke supports and pushed lows, which is interesting because when BTC pushes highs, these...
Market Structure is KEY Still maintaining Uptrend Anticipating new HH or atleast a double top Target @ 113.7
Missed my long opportunity last night on this pair, but another potential chance to enter presents itself here. Waiting for a break of the counter trend line & retest to the 50 fib to go long.. Might be a go once the London session takes place!
Inverse head on shoulders pattern potentially on the cards, a bit more of a retrace for the US dollar is expected for now to complete the right shoulder at the neckline (Yellow rectangle). Important USD news coming up this week ahead could bring some potential strength back to the dollar
Price back now at strong weekly support, & rejected at the 38.2 fib level. Looks like price came back to retest broken resistance now turned support which a retest never occurred after price broke this key level in the past. I expect a rebound back to the upside, & AUD RBA rate statement tomorrow effecting interest rates could give the strength or weakness to...