Connected the lows and placed 786 fib on the last high.
This projects a couple of parallel channels which we can use to determine the size of a possible move outside the current channel into a new one.
The swings are easier to identify using Heikin Ashi Candles so I have displayed them here instead of the regular OHLC candle sticks.
More info in our discord...
Forgot to post this as I have been very busy building our own very first trading bot.
In any case, when the bot is done the bot can tell us when there is a good trade setup and push the data to discord. Check out our free discord channels to learn more.
For more information on this chart's fib channels, just check some of my previous charts.
BTC is still trending up in the channel and is painting another flag.
A break of the top channel (1.618) should give us another good move up. Lets see where BTCUSD goes next.
We are still long and looking to add on either the breakup or a dip into previous (now broken) resistance which should now provide support. (horizontal 0.50 and 0.618 Fibonacci levels)
To see it play out live, draw the channel yourself as I have here, redraw it over the new major price swings as soon as we breakout.
There are several lows you can use for the direction of the channel, I have used the tops before the 16th for direction/angle, then set the low of the channel to the last swing low and the high of the fib channel to the last swing high.
BTC just loves the Fibonacci ratios.
Use Major swings to draw a Fibonacci retracement for horizontal levels.
This chart has an example of a Fibonacci channel which is drawn in the same way using the same high and low points.
Its obvious btc is still trending up strong and as such most altcoins are having a tough time competing on the ALT/BTC pairs.
BAT has continued to go higher as expected and is now battling a Bitcoin that is rising versus USD.
(as example; see the rise in BTCUSD from 21st of April)
As explained in previous charts, when trading any pair that is dominantly traded in BTC you should always watch the KING: BTCUSD! Any big or strong move made on the BTCUSD pair will have impact on all altcoins...
BITCOIN is getting its mojo back and we are all excited to see how this retest of the last high will resolve.
The 1HR rejection candle yesterday (circled in red) showed weakness but we did not have any follow-up sells or lower lows even on this smaller timeframe.
Looking at the previous runs into this level we can spot resistance forming around $5345 - $5360...
Cardano has found a bottom on the daily chart and is making bullish moves again above the daily 55 Moving Average.
With many market cycles looking to have completed in the last months, Cardano is also looking more bullish with every higher high.
It is currently retracing the last leg up looking for new support and I would like to scale into a fresh long position...
Another nice swing up on REPBTC on ok volume gives us another trade opportunity;
I like to scale into a long position from around the 0.50 fibonacci level to around the 0.618 area.
(4300 sats - 3900 sats)
Initial targets are 4720 sats for the 0.50 fib orders and 4450 for the 0.618 orders for a quick 10% profit.
If you want to ride the position I suggest to set...
With the break of resistance described in the previous chart we now have a new swing up and a nice green daily candle about to close $670 above its open price.
After a brutal bearmarket after which many said more blood needed to follow yet, the market has found support several times and is testing the upside again. It looks like Bitcoin is getting its mojo...
Alts are picking up volume again and we are loving it :)
Binance is showing most of the action currently but other exchanges are starting to pick up a little bit of volume as well.
We want the markets to show a healthy history of trade volume because cryptos are still a high risk class and we do not need to take on even more risk by trading the penny stocks of...
On the Daily chart we can see some resistance forming around $4100 price level. If BTC manages to break that (close a higher timeframe candle above this level) then, we can see it testing $4600. (Daily 200MA)
Failing to break up would be a bad signal as we would then likely end up testing the last weekly support for a 3rd time and that would be a bad signal.
BTCUSD has been holding the 200MA (Orange) on the WEEKLY chart and looks to be testing resistance, eying the 55MA and 100 Moving Averages around $5900.
Currently we have several green weekly closes with today looking to close green as well, making it likely that this weekly candle will also close in the positive.
Moving into the Daily chart gives us a closer...
15min of previous chart.
Added some resistance lines, in case we breakout upwards I would like to see the resistance become support just like the broken support is now showing to provide resistance on the 0.382.
Possible new triangle spotted
The previous resistance trend-line has been broken and seems to provide some support after it.
There could be a nice breakout coming if we break out from this triangle.
I am currently long from the bottom of the (green+red)trend-line and will add to the position if we manage to breakup above the resistance of the yellow...
lets see if BTC can break out of this channel. Go with the direction of the break.
You can also use the channel to get in as you can see in the price action on this chart. (we go below, you can short the top, it goes above, get in on the dip back to channel et cet)
With the daily chart showing some bullish divergence and the RSI having reached record lows we...