As you can see on my Bitcoin/USD Coinbase chart, the price of bitcoin is still below the 12 and 26 exponential moving average lines, which are represented in red and dark blue. In my opinion, the last candle stick which is red, "could" indicate that the price is temporarily headed back down.
The yellow upwards trend line that i drew on the chart is acting as...
On daily bullish engulfing pattern is formed at daily support level, so we have to wait for retracement to the level and must buy after bullish candlestick confirmation. But this is market and anything can happen so follow the price action and take entry near the zone based on bullish or bearish evidence.
If you have not done so it is a great time to exit your USDETH shorts until further notice. It looks like the worst of the storm is over, and there is obvious buying pressure in play but I will not be too quick to jump on that train just yet.
Overall, my sentiment is that ETH will bounce to 220 level and perhaps beyond too, so my position currently...
1. Head and Shoulders pattern forming on daily chart
2. Price rejecting common point on 4hr chart
3. Moving average crossover on 4hr chart
4. Inside bar formed on daily chart
5. Price retesting previous support on hourly chart
Enough confirmation for a SELL trade
SELL @ 1.61190
SL @ 1.62000
TP @ 1.61200
SELL @ 1.61190
SL @ 1.62500
Not very keen of this price action, I would typically wait for the week-end close / Monday open before forming any directional bias.
That said, from a ranging standpoint, a break and close above 9470$ would open the door for scalp-longs towards 9800$ with a stop below Sunday low.
Tiny size if I ever trigger, will probably half risk it considering I would...
After USDCAD beat the congestion/resistance zone, it also beat a Daily bear trend line.
Now on 4H timeframe we got a Bullish Bias and we can place a new bull trend line.
The congestion formed before breaking the Bear trend line and resistance could be seen as a retest, but i missed the entry bar. So now i expect a retest on the following zones:
- On the EMA and...