Nice bounce off of the 100 SMA on the daily time frame I would really like to see ETH break above $900 here, although it may fail on its first attempt and need to bounce again off of the 100 SMA. Something will have to give eventually as the price gets squeezed between the $900 price level and the rising 100 SMA. Looking forward if ETH can manage to push back...
Well, unfortunately, I don't have a crystal ball so I can only say what I feel may happen over the next few weeks. I have to say that I was somewhat impressed with the bounce that BTC made from the low of $6000 to almost doubling within two weeks. I find it kind of interesting that the price made almost a 100% retracement to where it was on Jan. 28th when the...
I had a strange dream last night where I saw all of these weird channels on the long-term Dow chart so I thought I would try to recreate what I saw. Most likely is meaningless garbage but I thought I would do it anyway. Another thing this could be telling me is to stay away from spicy food before going to bed!
I have been somewhat skeptical of the recovery we have been witnessing from Bitcoin and the crypto market as a whole but I am now seeing some signs that make me wonder if I have been a little too skeptical. Looking at the Bitfinex price chart on the hourly time frame it looks to me as if BTC is in the process of completing an inverse head and shoulders pattern....
Neo is once again approaching the $100 level which I believe is a pretty strong support level, not that it has never been breached because it has. But it has also held several times when tested. If it fails again the next strong level of support I see is around the $75 level. If the $75 level also fails I could see NEO dropping to the $50 level, I would love to...
Unlike BTC and ETH LTC has already formed a double bottom, but that does not mean it cannot go lower, it is always possible that it could. However, between the double bottom formation and $100 being, in my opinion, a very strong support area I would be very surprised if LTC would break below $100 for very long. If by chance I am wrong the $100 level does not hold...
My thoughts on ETH are pretty much the same as with BTC, (see the BTC chart I published today for my thoughts on BTC), pretty much since Jan. 13th ETH has been stuck in a 10:1 ratio with BTC. So I would expect if BTC rolls over and heads lower we will see the same from ETH, or if BTC keeps moving higher again I would expect ETH to do the same. As I said in the BTC...
Okay, so was that it? Was the low set on Feb. 6th the bottom? I wish I could tell you with definite certainty yes or no. Unfortunately, as I have said before no one really knows for sure. Since BTC set the low of $6000 on Feb. 6th it has bounced to a high of just under $9075. But what worries me is that BTC came down with such speed and momentum that I have to...
Bitcoin and the crypto market as a whole have been in a bear market ever since the Dec. 17th high. How long will it last? Where is the bottom? The truth is no one knows for sure, all we can do is look at the charts and to be honest come up with an educated guess. IMO I don't think we have bottomed yet, I would not be surprised if BTC made a 100% Fib retracement...
BTC has been forming a pennant pattern for the last 10 days. Pennants are continuation patterns which generally breakout in the direction of the overall trend. If this holds true it would indicate that there is more downside for BTC. How low will BTC go? I still think the $8000 area is very possible.
IMO BTC looks like it possibly has formed a double bottom or "W" shaped bottom, at least in the short term. BTC still has a lot of work to do if it is going to reverse the slide it has been in for over a month. To be honest, I can't say for sure that this is the bottom and from here BTC will only go higher. As I said, it may only be a short-term bottom just like...
For now, the bears are still in control of BTC, every time BTC attempts to bounce back it is met with more selling. IMO BTC is heading down to the $8000 area as I laid out as a possible scenario (#2) in the Dec. 23rd chart that I published. When you update the chart you can see how the price broke through long-term trendline #1 then came back up to retest it...
BTC is still in the ascending channel (lower section) and has been bouncing off of my long-term trendline. Ascending channels typically are a short-term bullish pattern that often forms within long-term downtrends as a continuation pattern. BTC was in a downtrend when this channel first formed but I wouldn't necessarily call it a long-term downtrend so I am hoping...
OMG has formed another cup formation. I published a chart on Dec. 31st showing that OMG had formed a nice cup shape. OMG went on the form a Cup and Handle formation which it broke out of on Jan. 7th. IMO OMG will break out eventually, it could be soon or OMG may continue sideways to form a handle.
IMO Ethereum Classic has formed a cup pattern and may be setting up to break out over $43. It is possible ETC could break out at any time or it may form a full Cup and Handle formation before breaking out.
BTC is clearly trading in a rising channel, I had previously published a chart showing BTC forming a rising wedge pattern but I really should have given the pattern more time to form before publishing that chart. The pattern has progressed to where it is definitely a rising channel. Rising channels although short-term bullish, often form during downtrends as a...
NEO Looks like it could be in the process of forming a Head and Shoulders pattern, (30-minute time frame). I would suspect that we will know one way or the other in the next 3 - 6 hours. Neo has had an incredible run the last couple of weeks, so it is possible it might be ready for a pullback. IMO there appears to be pretty good support throughout the $90 to $105...
I hate to be negative but it looks to me like BTC is forming a bearish rising wedge pattern. As I have said before long term I remain very bullish on BTC. A Rising Wedge typically forms during a "reaction rally" following a significant downtrend. Because of that, it often results in a downward break and a continuation of the previous downtrend.