MDuth

MDuth Updated 

Keep an eye on the 4-hour RSI as it approaches its support line. Bouncing off or breaking through the support line correlates fairly well with the price wedge BTC is hanging out in. If we see a bounce with volume here fairly quickly, we should see a completion of wave 3 that could bring us to the 1.618 ext of wave 1 ($7,000). As a reminder, this could still be a...

MDuth Updated 

One of my big points of interest during this bearish drop of doom was $5,750. With the count shown on this chart, if you take the length of waves 0-3 and stack them onto the close of wave 4 it lands at $5,750. Given that wave 5 usually closes between 62% and 100% the length of 0-3, this number meant quite a bit to me. So when things decided to change direction it...

MDuth

If we look at the bearish impulse wave that began back on May 5th, there are a few counts that can bring us to this point...this is one of them. Depending on what side of the fence they were on, people believed we had either finished wave 5 or were still working on finding the close. Statically, wave 5 usually closes between .618 and 1.00 of the length of waves...

MDuth Updated 

So before we all end up screaming this is going zero, let's zoom out for second. BTC is likely bouncing around a horizontal triangle. As most of you know, horizontal triangles typically have 5 primary data points: ABCDE. After "E", horizontal triangles usually exit in the opposite direction they were entered. In this case, it would mean we exit out the top....

MDuth

BTC closed wave 1, had a .382 retracment for the close of wave 2, had an extended 3rd that hit an exact 2.618 ext. of wave 1. At this stage I am anticipating a .382 retracement of wave 3 for the close of wave 4. That should put us in the 8,040 vicinity. If wave 4 has a 50% retracement of 3, that would put us in the 8110 vicinity before continuing on for the close...

MDuth Updated 

RSI is starting to show some solid divergence on multiple timeframes. BTC took some solid hits yesterdays and it may have not have found its bottom yet. But it is due for a potential retracement here before either finding its feet or continuing down. I am interested in looking out for a trade on the correction. We need to see a bullish candle with some decent...

MDuth Updated 

I am posting this at a super precarious moment, but I figured I would throw it out there as a potential scenario to watch if it sets up. To be clear, depending on your risk management style, it would be wise to wait until the close of either a solid wave 2 or what may turn out to be a "B". Both of those structures typically retrace wave 1, or "A", 50% to 61.8% of...

MDuth Updated 

There are several counts that I have seen that are viable for the last couple of days, this chart is one of them. Assuming we had a close of our 5th wave on the bullish impulse, we are now going through an ABC correction. When we hit the channel support, at what could be the close of "C", BTC has an important decision to make. Though the 4-hour RSI broke down on...

MDuth Updated 

I believe that the LTC/BTC 4-hour chart kinda speaks for itself. LTC has been in the same huge bull flag since the end of December. It has been winding up for quite sometime now. I have been trading a lot of other Alt's for months, but I believe LTC is pretty close to having its day in the sun. BTC may have just entered a larger bullish impulse wave over the past...

MDuth Updated 

Its too early to tell, but BTC just dropped to the 50% retracement of yesterday's 5 wave impulse. There are a ton of shapes that set up like this, so this is a no trade at the moment....but I will be looking for confirmation of the structure and playing wave 3 if this proves to be the close of 2. Like I have said in the past, set up likely scenarios and update...

MDuth Updated 

So if you are a day trader, you saw after the close of 3 that this was a bullish impulse wave. Wave 2 closed at a .618 retracement of wave 1. Wave 3 closed at the 1.618 extension of wave 1. Wave 4 closed at a .50 retracement of wave 3. Wave 5 finished at a 2.618 extension of 1. It was a great structure to buy in at the close of 2 and sell at the close of 3. Why...

MDuth Updated 

It is possible that BTC is showing the 50% retracement of what could be the 1st wave of a macro bull pattern. This would also mean that we have closed wave 2 and are at the start of wave 3. We are still very capable of breaking down, and if it breaks down below $8,100 it would negate the 50% retracement option. Wave 2 is often a 50% retracement of wave 1, but...

MDuth Updated 

I'll be honest, I am not certain this is the bottom for BTC. That being said, I have been waiting for a return to a support line that runs from Sept. 17th, 2017 through our BTC $6k low for a while. We have a wick that came down and touched it this morning and a quick turn-around. With everybody screaming $7k and lower that support line would be a fantastic place...

MDuth Updated 

LTC is wedged out in-between the medium-term channel resistance line and the .236 fib level. If we don't have confirmation prior, the wedge will pinch out and force a decision roughly 24 hours from now. If we get a solid 4 hour candle close above the trend line it could give us a short term bullish play. If LTC breaks down through the .236, we could then have...

MDuth Updated 

LTC/BTC bounced off of the rising channel support and could be approaching the resistance convergence of the downward channel of the last couple of weeks. This is also happening at the same time that BTC could be working on wave 2 of a bullish impulse wave structure. If LTC can stay above support and ride this potential impulse with strength, it will be the...

MDuth Updated 

LTC just reach a previous resistance level and is currently experiencing some bullish divergence. We could see LTC gain some traction here and experience a corrective wave. My interest in LTC is increasing with a few indicators lining up for a good trade.

MDuth Updated 

XLM is at one if its crucial channel resistance areas. If it breaks through, hopefully it is caught by the resistance of the larger ascending channel bottom. I do believe that there will be a BTC turn-around in the not-so-distant future and that Stellar could prove to one of the great trains to ride through that process.

MDuth

We have yet to have a 4-hour candle close above the .50 Fib retracement line (2950). Every time we manage to get above it, it comes back down prior to close. We are also being pushed up by the channel support. Fairly quickly here, XLM is going to get forced to make a decision. I am not trading XLM until we have clarity and more confirmation from a 4-hour close of...