Looking at the weekly, we see MAID/BTC reached pretty much the all time lows again and traded in this big triangle all year long after it consolidating this price.
Here is my Daily Chart for MIAD with simple RSI.
I am waiting for volume to come in and the triangle to break. ( a candle to close above or below, preferably with volume)
The breakout should be...
waiting to see if we break this level and make another swing lower to the bottom of the channel or below it.
IF it does break down we can add to short and move stop to break even again.
Not looking for longs untill we break at least the horizontal resistance or break out above these levels
The bottom should be very close now in my opinion, the speed of this selloff also indicates it cannot continue for long without some consolidation or bounce.
Still we see very bearish price action with the last lows continually being retested after which they fail.
Changes are therefore still in favor of the bears here which is why I am still shorting the waves...
zooming in to the 4HR OHLC chart we can see some more detail in the swing high.
Left circle is resistance, the price point where the last attempt to break out of the beartrend failed.
The right circle shows what we call the break.
Observed a lot in breakups like these, there is a moment of pause in the swing high, usually represented by a few candles closing and...
The Daily is looking good on XMRBTC, after months of decline all the way back to the 0.883 retracement level ,which we consider a completion of a market cycle, we observe a nice swing high back above the 55 Moving Average.
There is still a lack of volume compared to the previous kickoff observed last November which makes me think we could make a really big move...
Sold out of my coins, we could have 1 more swing high, but Dogecoin is known for its sudden quick rise and fall and there is no reason to think this time is going to be any different.
The structure looks very similar to previous runups and as such, I expect support to come in on the 0.618 retracement fib once again.
In any case I would be careful buying up here,...
Bitcoin -0.13% is still trading in a bearchannel and as we see the last dip unable to make it back to the previous lows, I am turning a bit more bullish here.
Confirmation should be an obvious break of this channel to the upside, with good volume and a nice swing high with bullish candles. (we dont want to see one large rejection candle)
A great buy would be...
Here you see the same fibs on a 2HR chart.
The moving averages have moved with the price. The moving average is now based on 2HR candles instead of the daily candles in the previous chart.
This means the averages now show a cycle based on the 2HR and you can see the similar movement of the MA's with the daily chart. ( see our chapter market cycles)
Here we have some Major resistance levels that can be found by taking the last high on the daily chart and the major low after it.
The major price swings are easier to identify on a heikin ashi chart.
Draw a Fib Retracement from the high to the low to get these fibs.
I have also added 2 Moving averages: 55 day (light blue) and a 200 day Moving Average....
The 618 fibonacci falls on previous resistance which should now provide support.
I prefer to scale into a new long position from the 0.50 to the 0.618 fib with a stop just below the 0.786 fib.
If you are a student you can fill in the low and the high of the elephant wave in the Excel sheet to check your risk levels.
Generally we like to trade while risking no...
After ranging for some time on the daily chart and retracing back to support ETC made a new runup in price.
A clear swing high with volume takes the price from below the 200MA and closes the candle above the 200 Moving average. As usual we see a few small rises after this one, and because the prifce barely dipped I would expect price to test local support again...
We have not seen a good retracement from the last major swing high. In case we dont break resistance here as shown in previous chart, I would expect first support to come in around the 0.386 level.
However, this level has already bounced the price several times, so I would say its likely to go lower if we test it again.
This is why my preferred area to look for...
Drawing fibs over the last major swings down (from 1 and 2) gives us these fib levels which initially represent resistance levels.
2 fibs close to each other indicate a higher chance or a stronger resistance level.
Should this level break (~6742- 6773) we could see volatility increase as we move north towards the next resistance level.