The Aussie closed the week taking out a key support around the 0.7603 level as well as two key trend line support levels off the 4h and daily charts. We are currently coming into a 4h demand level around .75 so a bounce around here is not out of the question.
However, given the weekly close and weakness in the commodities markets following China cracking down on...
After the last explosive move IOC has been consolidating in the form of a bullish flag with two higher lows and two lower highs. With new technology features now in BETA testing, there is a chance this market will push higher when the new technology is released and the scale of this is fully understood. Ultimate target for next push is AB=CD 80k .
Short term tgt...
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Technicals: Oversold, OBV divergence, 78.6 Fib support, bullish macd divergence.
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Total loss of trust in the Ethereum project development team, they have over promised and undelivered with rushed code which is now proving the foundations that this blockchain is based are turning to dust.
I have been waiting for this pull back since noticing this RSI Divergence
We pulled back to 78.6 Fib deep into a weekly ITC Institutional Order Block
Trade entered on 4H Hammer.
Tgt 1 50% Gann retracement
Tgt 2 50% of previous consolidation
Within Potential Bearish bat setup
As you can see we made a double top at the 61.8 Fib.
Confirmation of the double top came in at 1.1079.
Trend is now firmly south to test the bottom of the range.
Sold at OTE short zone based off Tuesdays range into LKZ.
Tgt 1 - 1.0967
Tgt 2 - 1.0892
Also worth noting potential bullish bat forming right at weekly long term demand zone.
Reasons for a trade:
Bullish Bat Formation
Bullish momentum divergence
OTE trade location
Descending wedge formation
**Waiting for lower time frame
confirmation in market structure**
This is a setup brought to my attention by a trader in the Crypto Live Lounge by the name or Pop. 3 touches of the lower wedge are preferred, trade entered on a break above the wedge and tp target is top of the wedge.
Thanks to Pop and my trading mentor CRInvestor www.therationalinvestor.co
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6h Chart - What's clear to me from a technical perspective is that a big bear AB=CD is currently working away. It's tgt is the old November 2013 Low. I have highlighted some other tgt's in case of further downside pressure:
1. 0.786 Fib retracement, If the bulls cannot keep BTC above $250 this has very bearish implications
2. Significant old high ($215) can act...