We have a few bullish factors on the 1 month chart. It seems we are creating a huge inverse head and shoulders and we are in a big symmetrical triangle after a uptrend. This might be consolidation before continuing the uptrend. The first target in mind is at 124 where most resistance is and at the neckline of the pattern.
ZIL on the daily chart. Price is above major support and is breaking the descending trendline. If you measure it from body to body we broke the trendline but from wick to wick it isn’t convincing for me just yet. I’m patiently waiting to see how the daily candle will close.
On the monthly chart we can see that we closed last month with a huge wick, at the exact place where we had a similar month in January 2016. It’s a bit early to tell since the new month just started but there is a chance that we will see a bearish month and set a higher low above 1.30. We might see a retest of the broken wedge pattern before continuing to the upside.
I’m currently not taking any positions in the market and waiting patiently how this plays out.
You can look at it in different ways, it can be a rising wedge which is bearish, it can be a ascending triangle which can be a continuation pattern in a downtrend or it can be a reversal pattern to the upside.
Yesterday and today we have a inside bar,...
BTC is back at major resistance and we also have a rising trendline which act as resistance. If we can't break resistance we might create a rising channel and price probably will find support at the support line of that channel.
There are a few possibilities ! What is your idea?
There is a chance that XRP will find support @ 0.13 if the rising wedge pattern break bearish (which it mostly does) Let’s hope it find support around 0.13 but take in consideration that 0.10 and 0.08 is absolutely possible.
We are at resistance of the symmetrical triangle. If we can break above, the first target will be 0.085, after that there is a lack of resistance till 0.104.
But keep in mind that we can also reject from this level and find support at the bottom of the triangle.
We are currently at major resistance. 6000 – 6100 is a zone that was acting as support for a long time. If we close the weekly candle under this zone than I expect that we will see a drop next week to the rising trendline. Price might range between this 2 zones until may. From there we can close above resistance with perhaps a rally to the descending trendline as...
If you currently didn’t take any position in btc than you are doing it good! Btc is trading sideways and is at resistance! The 50 ema is acting as resistance and we are at the rising trendline , or at the horizontal trendline depending how you see it! Anyway it seems for me that price is in a rising wedge pattern which is bearish… If we want to continue the...
BTC is currently @ resistance, at the previous high and at the descending trendline that once was support and act as resistance.
Are we in a rising wedge pattern or are we creating a ascending triangle? I don’t know but we need to close above 6700 for continuation to the upside.
Bull = 7100 , 7600
Bear = 6100