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XMRUSD - Kraken - Will we have a Bullish Summer?This is a pure TA, looks to me to be a Bullish setup, at least a Bullish Channel from these last days heading for a breakout, provided there aren't any catastrophic crypto news coming soon. Marked some possible prices in Red where I think price could bounce, which once they are broken I will turn Green as Support giving more buying opportunities before breakout. Stop loss at 36.5 since I think there's a potential to break 61.70 during this month, or the following, with targets that I got with the Trend Based Fib in the 70-80 USD area, giving a R-R ratio of above 1.5, decent to me. MACD looks choppy right now, but as long as Channel Support holds I wouldn't care about it. Only trade what you can afford to lose.
KRAKEN:XMRUSDLong
by orangestar4aC
Bear vs Bull Death BattleIn my analysis from yesterday, named Potential for the Bull, I wrote about the new €240 support being tested and that €250 would be the major resistance to be tested before we know in what direction this, relative stagnant 12 hours, market will go. I mentioned that €245 could become the new support, which it has turned out to be. If you only look at the short term graph, these levels doesn't seem to be as important as they really are though. As the Bollinger Band contracts, as we all know, there might be a storm brewing. I read the post by Glg_trader - The "Wave Box Theory", and I must say that it is an excellent analysis. So you also need to ask yourselves, what is Ethereum really worth? In my opinion it is fundamentally in a huge bubble, created primarily by all the money coming in for investments in all the recent ICO's. As soon as the big ones started to close the correction began. That is why I have been margin trading shorts since about the €315 level on June 21. If I had to throw out a "wild" guess I would say Ethereum is worth around €150. (More of a gut feeling than anything else) That being said, I still stick by my Potential for the Bull. If we pass €250 and it holds as support for a couple of bounces, then I will happily go "all in" on the long side with 5x leverage :) (But I will sit glued to the screen and be ready to cash in when it is time for a new correction) :)
by katakito
Back to Long after struggle to break outSo finally we had our bottom tested and cemented it seems. At least at a high probability. I timed a great spot for my long position at €225.51. As I'm writing my position is up 4.72%, and I feel very confident that we have cemented a solid support after couple of days of the Ol' Bear . My personal guess is that we keep going upwards until we meet some resistance at about €240. But I would actually go so far that I think we will pass that and hit our heads at around €265-€270 and have a slight correction down to €240, which in turn will be the new solid support. Any thoughts?
BITSTAMP:BTCUSDLong
by katakito
Triangle Formation - Decision point inboundI've just noticed this, strong support and a short term resistance forming a triangle to be broken. Given the strength of the support line, if it's broken downward I'll take that as a decision to go short, otherwise holding and staying long even if it breaks through sideways. But in any case, the news seems good in that we will know either way where the trend is going when this is completed. It would be a positive to see LTCBTC dictating USD cost as opposed to being stuck with BTC's movements, the break up might give us a chance to break the recent high of 36$, and from there the ATH of 48$ isn't all that far away. As always, good luck.
Long
by Rotox
2
Bitcoin Reality 2I believe Bitcoin is between 20% and 40% into the 2017 bull run. I refer readers to my first idea on the subject, Bitcoin Reality - It is important to note the following: 1. Always use a logarithmic chart for Bitcoin. If there is any phenomenon that should be charted log instead of linear, it is Bitcoin! 2. Compare the long term log chart movements from Bitcoin's history with today. Bitcoin has a unique supply / demand dynamic. Read more in the original Bitcoin Reality post. My preference is for comparing the first part of the 2013 run-up with today, as we are in a similar moment fundamentally (see original post for more details). 3. Do not over-think on short time scales. I listed a few examples of rational and reasonable trades that have failed over the past few weeks in Bitcoin Reality . There were many more and there are a lot more to come. Look for yourself. In 2013 there was a bear trap of 50% in the second part of the run-up, when Bitcoin dropped from around $700 to $350 and came back again within a week before blowing past $1000. We have seen nothing of that scale yet, but it will likely happen at least once (with several more mid-size examples) before the definitive 2017 all time high is set. Good luck everyone.
BITSTAMP:BTCUSDLong
by BRRD
4