Good morning, traders. CBOE Bitcoin September futures expired yesterday and, as I warned, there was comparatively large volatility within an hour of the expiration. It began with a strong drop and ended with an even stronger pop that resulted in about $400 worth of upward movement. This appears to have been a terminal shakeout on the small TF accumulation we've...
Potential long position forming with Copper on daily chart. Using simple wave analysis, Ichimoku overlay, OBV and MACD indicators, signs of a trend reversal in Copper are showing adequate confluence. The daily chart for copper is a good example of plotting Elliot waves. As you can see, ABC corrective waves has fallen between impulsive waves 3 and 4. This is a good...
On the hourly analog Bitcoin Bitfinex snapshot we have a nice rally from where we last left off yesterday where price spring-boarded from this $8,250 level all the way up to the turquoise .65 retracement at $8,500. Volume started to slow down overnight and headed southward to $8,080 at 2pm EST today. Price is now bouncing on the outside of the up-trending and...
On the hourly analog Bitcoin Bitfinex chart, we have had a beautiful extended rally today since around midnight EST last night where price began moving from the $7,750 level all the way up to $8,250 right now. I had thought there would be a lot more resistance around the convergence of key levels at $7,850, however the volume last night picked up and blew right...
Bearish Bat setup with extremely tight PRZ. Looking for last week's close to act as tough resistance OBV in important resistance zone and RSI bouncing on resistance nicely. Both RSI and OBV bearish divergence on the 1D and bearish OBV divergence on the 1W. I often trade this pair based on whether AUD or NZD is stronger against the dollar and the Kiwi has...
The Weekly and Daily will be closing right around the time this is being published. Some of these charts are messy, but the indicators or trend lines are there for a reason, I am working on simplifying my charts. Looking for some signs of a bottom & there are a few that are slowly developing. Weekly (Above) We are on a red 6 with the T.D. sequential as can be...
This is very long but I would like to be thorough in this analysis, so stay with me. I warned throughout that the entire bounce off of support that the rally was not healthy and a breakdown needs to occur. We got the breakdown right out of the symmetrical triangle that has formed over the last several months. What IS healthy is this breakdown , I would...
Weekly OBV is showing slight bullish divergence between the weeks of May 21st and June 4th. On Balance Volume (OBV) gives us an idea of what's going on with the "smart money" -- the theory is that volume precedes price and, if so, then an increase in volume as we are beginning to show would suggest that smart money is entering the market and, as a result, price...
Keep in mind when I do my analysis, I cycle through the various time frames pointing out potential issues I see or biased price movement. If I point out one Bearish or Bullish quality that does not mean we are going that direction based on that one observation. I typically cycle through the points & then tie it all together at the end in conclusion. Stay with...
In today's analysis I will be taking issues and indicator signals I see on various time frames. As detailed in my last analysis: "I foresee a small drop short term & then another minor unsustainable rally that ultimately leads to our retest of support levels throughout the next 3 days." Results So where are we at? Daily (Main chart) Kijun-sen...
As in the previous TA, I mentioned WXY correction at 0.786 Fib level. We have now reached the support level. However, the market still looks very bearish and volume is pretty low. We still need to wait for other confirmation sign from 55 and 8 EMA, OBV and MACD to consolidate the bullish scenario. At the moment, EMAs are getting very close and MACD indicator is...
TRX is adhering to an ascending parallel channel (purple on the chart); I've taken the 1D timeframe to fit in the previous ATH, but if you use 1-4 hour TFs then you can see we're sticking even more closely to those trend lines. OBV also looks very strong - the last time OBV was this high, TRX was valued at around 1250 (see the green lines in the price and OBV...
36 hours of correction is all it took for the bears to start calling for BTC to fall through the floor again. I disagree strongly and I'm going to go ahead and take the risk of publishing a counter-case. We're at November levels of sentiment by various indicators. USDBTCLONGS/USDBTCSHORTS is at a level that has generally led to legs upward. Longs and shorts are...
The market is very very bullish. Make no mistake. First the SubWave 4 retracement was shallow, which only happens about 15% of the time, second - look at that 4HR OBV!! Do not understate the importance of the 4HR OBV - it is now on a longer uptrend that at any time since $19k. All those other times when we thought that btc was recovering (since $19k) was...
On the daily DO has settled into a neutral price channel. The red line is the long term price support base for the stock. If the bottom has not already occurred, it will somewhere around this price. The blue line is the breakout trigger price. A breakout above that price would suggest the bottom is in for DO and a long term bullish breakout is underway. The...
Have we finished wave 5, or still on Wave 4? Not sure whether you can see the lines I drew, but I drew alternative counts. The darker blue line indicates we have finished wave 5, and have started an ABC. The ligher blue line indicates we are on a wave 4, and still have wave 5 to complete. The problem with the idea of being on a wave 4, is that wave 3 doesn't...
UNT daily has formed an H&S with the right shoulder high and low lower than the left shoulder. stoch rsi look looks down. obv leaning down. macd crossing down. with over 2 RRR it looks good. weekly macd crossed down. obv neutral. stoch rsi leading down. overall trend is down monthly MACD crossed down. obv looks neutral. stoch rsi leading down.over all trend...
This is the kind of stock that I like to find. A confirmed eve and eve double top. MACD has crossed downward. OBV has flatlined. I expect a throwback in the coming week or two. However the over all trend is down. There is a zone of resistance between $13-$15. I would look to take profits around there. If the stock pushes thru the zone I would re-enter with a...