BTCUSD update: The bullish momentum has slowed once again, but that does not mean the bears are back in control. Yet. The 6565 area support is still in play along with a newly established inside bar. In this report I will evaluate both sides in an attempt to offer some perspective in terms of reasonable expectations. On the bear side, the trend line is still...
LTCUSD update: Current price action appears to be signaling the beginning of a broader retrace across the board. This market is simply following along but offers some interesting observations as far as levels go. 90.58 is the reversal zone boundary relative to the 108 area low made back in April. The fact that price has taken out the high of the previous day's...
ETHUSD update: Beginning of retrace appears to be in progress with BTC making it back to 6500 after a significant low made earlier today. The swing trade criteria has lined up and a long has been triggered at 485 (sent to followers on S.C. earlier). Even though these markets have been very bearish recently, they do not decline in a straight line. Retraces happen,...
BTCUSD update: Bearish momentum is confirmed as price is now testing an important support level. At this time there are no signs or structures that say this market wants to retrace. That does not mean it won't, but the probability is low. Unless a bullish reversal candle appears, I am anticipating a test of the low 6Ks. I wrote about 6565 area in my previous BTC...
ETHUSD update: As the BTC market retraces, the alts follow as usual. This market and Litecoin are now both in very interesting areas for possible swing trade and inventory ideas. The key is to wait for a sign of stability which is absent at the moment. It seems like BTC is in free fall. From 7600 to the mid 6K's in one day can feel a little dramatic. As long as...
LTCUSD update: Price has retraced nicely along with the BTC sell off and is now in a very attractive area. Even though short term momentum is still bearish, a bullish retrace back to the 120 area is within reason. Earlier today on S.C., Andrew posted an article on accumulating inventory in this market. If you haven't read it yet, you should check it out because...
BTCUSD update: Finally some movement. Looks like the the bears rejected the minor resistance area that I wrote about in my previous report. Even though it may look concerning, this move is welcome because it brings the opportunity of a swing trade long idea that much closer. The 7330 to 7212 support zone is relative to the .618 area of the recent bullish...
BTCUSD update: This market is trading around the middle of a consolidation. This is probably the most random price action you can possibly get and is best to avoid. The reason is simple: price is consolidating near multiple resistance levels. With the 7896 resistance zone boundary still in play, it is tough to justify swing trade longs at this level. As I wrote...
LTCUSD update: Tight consolidation as this market waits for BTC to choose a direction. There is a lot of structural conflict in this area and the best thing to do is let these markets figure themselves out. There are no worthwhile signals to capitalize on anyway. As you can see on the chart, price rejected the 128 reversal zone boundary. It has also found support...
ETHUSD update: The slow grind is a pleasant market to watch if you are managing positions over the long term. If you are trying to open a new position, it can be very hard to watch because it can turn at any point, but slowly continues higher. What is not obvious is the risk of retrace which I will talk more about in this report. Price is about to retest the 625...
BTCUSD update: Dramatic run up back to 7600s after making a low of 7372. About 40 points above the support zone I wrote about previously. It does not matter why it happened. What is more important is what is likely to happen next and is there any opportunity here? In one sentence, the answer is there is nothing here. No level, no trade setup. Just random price...
ETHUSD update: Lower high scenario is unfolding as anticipated. The 625 resistance, although slightly broken, basically held and now the bears are in control. The next support area to watch for any bullish reversals is 544. I have been writing about this retrace. My BTC report on S.C. yesterday talked about the slow grind into the bear zone. It is not that I knew...
BTCUSD update: This market is in a slow grind right into a resistance area. As I wrote earlier on S.C., it may look inviting, but only if you want trouble. The 7896 resistance defines the bearish reversal zone which price is just under. If price is going to fake out, it is most likely to do so near this area. The more attractive area is the 7335 to 7213 minor...
LTCUSD update: All of these coins are in a tough spot. They are in one of those situations where they may continue to rally just a little further. Usually they rally just enough to attract all of the anxious longs who could not hold out any longer. Once they are all in, the market now has enough gasoline for the potential selling momentum that can lead to the next...
ETHUSD update: Indecisive price action around a potential lower high formation. Since price has not taken out the 625 resistance level, I have no choice but to expect more from the bear side. As I wrote in my ETH article on S.C. earlier today, 625 is the .382 area of the current bearish structure. As long as price stays below this level, it is more likely to...
BTCUSD update: Price action is some what quiet near the most recent peak. There is an inside bar now present on this time frame which can turn into a sell signal quickly. As I wrote in my report on S.C. earlier today, the bearish trend line is still in effect. Lower highs often lead to lower lows. This market is in a tricky area. If buyers hold up, price can...
LTCUSD update: After a slight retrace today, it appears the coins are poised to retest their recent lows. As I wrote in my earlier ETH report on S.C., there is no reason to be stuck hoping. If a sell signal appears earlier than expected, then it is time to adjust. My recent ETH swing trade long was exited for a smaller profit. I wrote about a bearish trend line...
ETHUSD update: A swing trade idea was triggered at the break of 543.50 which was published on S.C. earlier today. There is also a follow up article that explains the reasoning behind the trade. As you can see, the trade is in the green for now. This retrace should not come as a suprise though. We have been writing about the support zones and risk of short squeeze...