Not the best bearish Gartley I would be trading, just look at Pt C touches the closing price of Pt A, make it a retest of Support. If the market did not have a series of lower-high. I will have to see how the candle close and form up at Point D before engaging the trade. Stops above X will be above of the lower-high trendline. Exact Entry, Stops and Targets...
BTCUSD update: With the short term bearish trend line still intact, this market is poised to test lower prices. The next major support area is 3K and until the weakness is absorbed, it is within reason to go even lower. While we maintain our inventory, we continue to avoid any new trades. Momentum continues until evidence appears that proves otherwise. That is...
BTCUSD update: Since the dovish FOMC meeting, this market has gone from a low of 3446 to a high of 4415. Which serves as just another example of how sentiment drives price on the short term. Although a 12% move off the low is encouraging, this market has not demonstrated any real change in the momentum on the bigger picture. Yet. The bearish trend line that has...
This is likely the biggest question. I've thrown a lot more frequent posts up the past few days with the recent dump. Last post I discussed it feeling like we were nearing a bottom as we sat around $3600 and was preparing myself for at least a short term bottom to give a nice bounce and ideally a few days if not weeks or some relief for the bulls. Items I was...
Reason to Short 1) 12930 - 13020 = resistance area 2) EurJpy is moving sideways, but making lower high within the range 2) Gartley or Butterfly ?? Stay tuned!
Good morning crypto traders! Last chart I discussed using $6441 as my personal stop loss based on it being the most recent Higher Low on the 4 hour chart. Once bulls lost the Higher Highs, I was expecting the bulls to then give way to the bears and let them take a Lower Low. This is where my Stop Loss triggers and locks in my profits from the trade and I happily...
Bitcoin needs to break out of the "lower high" pattern of the past several months. To confirm an end to the bear run the price of bitcoin needs exceed previous lower high of ~$8500. I consider this a no-trade zone for now, but that could easily change. I expect it to make another lower high.
The dollar has been weakening on retracement which has also caused AUDUSD to progress higher in the form of a major retracement. That retracement went into a range between 0.7100 and 0.7150 for about a week. And finally, as of yesterday, the first lower high of the month is created as price started to break away from the range. This is largely caused by a...
ETHUSD update: Lower high formation relative to the 300 resistance level translates to weakness ahead. Even with the recent attempt toward a more bullish effort, the overall structure remains bearish. If Bitcoin continues to 6K, it will be interesting to see how this market behaves in relation. Like I recently wrote, we are all trading one big Bitcoin. The...
Bitcoin update: Price action is holding just under the 6626 resistance level. This minor consolidation can establish a shallow higher low, but in light of the general conditions, follow through is less likely. In my recent S.C., article I talk about the herd's need for action. There are people that are in this for the thrill of the emotional highs and lows, and...
Ethereum update: The retrace attempt may look impressive at first glance, but the broader structure provides a more sober perspective. A move from the 160 area to 224 is nothing to sneeze at, but how much did you have to lose in the process of betting on this random event? This is one of those situations where good is not good enough. Although the move to 224 has...
BTCUSD update: Now you know why we avoid buying into highs. Price never reached the overhead resistance zone in the 7500's and has retraced sharply. The best thing to do in a situation like this is stand aside. At S.C., we evaluate everything in probabilities and follow best practices. It was clear that the risk was high as price got closer to the major overhead...
Maybe we have the bottom and with Lower High in weekly. Weed and sea.
Price has been supported by a trendline as it climbed higher after every retracement. The rising trendline is finally broken below as the trend reversed as price created lower high and lower low. The price has now retraced back to the broken rising trendline with a touch at 0.618 level. A day short to consider after half a week of an uncertain dollar.
Previous analysis /position: Expecting a bounce from $7,650 to retest $8,000 and then strongly expected the drawdown to continue from there. Short ETH:USD from $450. Patterns: Lower high appears to be established at $8,500. Horizontal support and resistance: $7,500 support becoming resistance? BTCUSDSHORTS: Pulled back sharply from 21,377 resistance. Will they...
This is the daily BTC timeframe looking at the downtrend. We hit a possible reversal point which will lead us to the next Lower High (LH). If we manage to break the yellow line, expect bullish momentum. (This is not financial advice, this is a volatile market where anything can happen)
This is a follow-up from my 15 May post; HSI futures completing an intra-day ABCD and making a lower high (78.6% retracement) with a negative MACD cross-over. Initial target would be 30,550, -2% for an eventual test of bottom of the range at 29,500.