Bluephantom

Bluephantom

I believe we are entering a buy zone for a market direction change.

Bluephantom

This is where I think we may move to in the next week. This is just a test so I can track the movement over the next few weeks. 1hr chart.

Bluephantom

On the 1hr chart, I interpret a bearish Pennant that is getting close to testing its support line. At this point on the cycle movement the next push down could be the one that breaks the support level.

Bluephantom

As shown, I see a major resistance line at $9500. I've listed a few obvious examples but there are others at this price point too. But for the purpose of not overloading the screen I've limited it to 3. I feel that we will need to achieve a double bottom before a bullish run to a possible new All Time High (that everyone is hoping for) can be realised.

Bluephantom

This is a strategy that is based around using the general value of the RSI to determine the trend and then using the Stoch RSI to pick and entry point. It also uses the RSI to determine a profit taking point or exit point from the trade. This version doesn't have a stop loss other than the signal to trade the opposing direction. Therefore it is more effective in...

Bluephantom

Change of direction cross for Stoch RSI. While not a perfect definition of an engulfing candle it is very close. IF we do see Monday as being bullish I think it will meet resistance at $10500 this week.

Bluephantom

This indicator I found is supposed to state the number of long contract positions vs the number of short contract positions on Bitfinex. Surprisingly since the all time high the majority of the contracts have stayed long.

Bluephantom

I know most of my ideas today have been Bearish and thought I should try an opposing argument for them. The Bullish Observations are that its at its lowest range and could bounce off the lower Bollinger band line. The Stoch RSI is getting close to its over sold cross over point. And on a daily chart the RSI could easily change direction at this level.

Bluephantom

There is an idea floating around that weekends tend to have a drop in price. The idea behind this is that traders prefer to liquidate their holdings before the weekend so they aren't holding at a time they aren't looking at the market. This is also the same for long weekends and public holidays. Now depending on the market cycle this can be more evident at...

Bluephantom

I feel at this moment the cycle isn't complete. As with the 1hr and 4 hr charts the indicators are showing a high probability of another downward push. I wouldn't be surprised that over the weekend we will get a push down to at least $8500.

Bluephantom

Interestingly the TK cross is holding sync with each other. Does anyone know if this has any significance? As with the 1 hr chart I feel the RSI hasn't bottomed out yet. We are now significantly below the kumo cloud and it has turned into a bearish twist.

Bluephantom

Price currently sitting on Fib Retracement level 0.236. RSI is low but not oversold on the 1 hr chart. My feeling is that it will continue to break lower before an upswing on this time frame.

Bluephantom

Just some observations, interpret them however you like. For someone who thought we may break though $12K at the beginning of the week and placed an order in at around $11.2K would have probably put a stop loss in at around $10k. This current movement would have just pushed them out of the market.

Bluephantom

Not Financial advice. For my personal education only. This shows how someone could use the stock RSI to trade, The idea is to make a trade when the Stoch RSI moving average lines cross each other. But as with all indicators this isn't a fool proof strategy, as high lighted in the green circles that when the market moves sideways you can potentially lose...

Bluephantom

Reversal signal, price doesn't reflect RSI.

Bluephantom

It is closing tight on all the trend lines. A decision must be coming soon. On this daily log chart I see it needs to break $12190 to be confirmed as bullish. On the other hand I can also see it bouncing off the $11500 at the top of the Bollinger bands and pushing downwards down to $7000

Bluephantom

Will it bounce off the Kumo cloud? If it does will bounce back down again off the Tenkan-sen and continue downwards or will it push through it and run upwards?

Bluephantom

Just pointing out some observations for the start of the week. I believe the $12K line is an important resistance point that will need to be broken early this week for an upward trend to continue.