Hi everyone. I’m a noob trader giving you my take on the market.
As you can see btc has bounced off that pink trendline many times. Currently its falling to confirm it as support, which is promising.
It had strong weekly divergence that caused a strong sell off but as you can see it is currently about to test the rising weekly RSI trendline. This is also...
BTC seems to be currently consolidating above the long-term pink trend line, it'd be surprising for it to break down below that. Instead, it may rise further from here instead of going down.
Heres a close up of the pink trend line holding it as support-->
P.S. im a noob, just posting for fun
As you can see on the weekly and when in the daily, there is literally no support until that blue line, its in no man's land.. therefore eventually i feel the alts will drop majorly until they can make all time highs. Probably a large rally then finally a big dump.
I'm using Siacoin here as a representative of the crypto market as a whole since it has one of the longest price histories for an alt coin. Keep in mind, I'm no financial guru, just your average dude looking to get in at optimum times. However, although it seems odd that it could happen, I feel as though there is an enormous amount of room in the chart for a...
Expecting minor bounce here. I'm choosing eos since the chart is the cleanest.
A simple breakout trade on bitfinex and can be applied for bitmex as well.
Buy stops: 0.0012970
As for the EOS/USD pair:
My previous predication in terms of price action was correct, however I'm not too convinced it will bounce here.
I'm hoping to short BTC on the retest of the consolidation triangle and hopefully riding it to 5k.
1.) The Daily RSI hasn't been retested for divergence
2.) We bounced from 7050 without a retest
3.) there is still room to fall within this symmetrical triangle
4.) Low volume push
I'll be shorting in this general area