FiboSwanny

FiboSwanny

Support at the 61.8% level from the latest low and high is being tested as support. Daily momentum is posting weak signals and likely not enough to push price through the golden ratio. The ADX is still in a trend strength zone, and the directional index lines are flattening out. This looks lie a picture of a correction against a new near-term bullish...

FiboSwanny

This huge jump to the upside is still registering as a bullish move in a primary bearish trend. This move to the upside is likely a 4th wave of 5 to make up wave A of a 5-3-5 Zig Zag correction. Look for selling interest to return as price zeros in on the next couple Fibonacci levels. This should start wave 5 to complete wave A. This is a weekly chart, so a...

FiboSwanny

Internal trend momentum is switching to the bulls as the Average Directional Index (ADX) starts to flatten out and turn around inside a strength building zone on the oscillator. Also, the green positive directional index line has crossed up through the red negative directional index line and is back turning higher to start the week. This is a bull signal for...

FiboSwanny

Been follow the RSI and the ADX to help signal a possible reversal and was looking for 3 signals to complete this validation. 1. Divergence between the price and the RSI. As price was making a new low the RSI was signaling less sellers making that low. This is a bullish signal. 2. But what about trend momentum? We want to see a weakening bearish trend and we...

FiboSwanny

Selling interest likely to stay near the 61.8% level on the divergence. Thoughts?

FiboSwanny

I like seeing a rally to start the week, but so far there is not enough evidence yet to break key resistance. Selling interest should come in here near the previous low that was once support, but now is resistance. Until key resistance is taken out, the $2800 target is still in play (the target is marked with arrows).

FiboSwanny

This is a historical level that should bring key buying interest to the market. Let's re-evaluate indicators when this level hits (which could be soon) Thoughts?

FiboSwanny

With internal momentum still favoring the bears (although it could weaken a bit) the next level to consider a buy is inside the highlighted order block on the chart. Internal trend momentum is measured with the ADX indicator, and it still favors the bears here. The midpoint of the historical consolidation area (order block) is near $2800 and will re-evaluate...

FiboSwanny

Looking for 3 things here. 1. Divergence between price and RSI.. check! 2. The start of weakening bearish trend momentum.. check! 3. RSI line moving up out of oversold conditions.. waiting! 2 out of 3 makes me want to dabble long with protective stops.

FiboSwanny

I have marked with arrows each of the last 7 times the RSI for $BTC on the daily chart came up out of oversold conditions. (I have the arrows marked on the price chart too when it happened) The green arrows mark the bull signals where the market found buying interest to move the market higher to start a bull move. There were 2 red arrows where the market did...

FiboSwanny

With the price hitting the 61.8% Fibonacci extension level as resistance and sellers coming back to the market, the $3120 traget is still in play. Internal momentum is to the downside with an ADX showing strength for trend. Look for selling interest to continue. Thoughts?

FiboSwanny

When the 5-day, 10-day, and 20-day EMA are all moving in the same direction, the trend is deemed to be strong (bears still in control) Trend reversals are confirmed when the moving averages crossover and head in the opposite direction. When the 5-day and 10-day both cross up through the 20-day would be the first red flag to put on a possible long position. Thoughts?

FiboSwanny

Working as expected :) I like $3120 for the next downside target (not a bottom call, just next key support)

FiboSwanny

The first breakout to the downside after a period of consolidation hit the target around $4800 and decided to consolidate again around that number. (move marked with green arrows) The second breakout after the consolidation of $4800 reached its objective, which is currently the low for the year. A symmetrical triangle has formed after the low objective was met,...

FiboSwanny

According to my Elliott Wave patterns, I would not buy stocks with your money. Hope I am wrong, or I see layoffs and recession ahead. Oh yeah, I think that has already started. A key break back above the 61.8% level here and I am wrong with this count. Stops will be in order to mitigate my loss if I am wrong. Thoughts?

FiboSwanny

On the near-term daily chart the price has pushed below the 61.8% level of the previous high and low. A full retracement back to the previous low has a high likelihood of happening. Will re-evaluate once the 100% level is tested to see if it is time to buy. Probably not as trend momentum still has strength for the bears. Thoughts?

FiboSwanny

Thoughts?