About meTech guy committed to learning forex trading. I'm very much still learning but I publish my trades and ideas here as a kind of trading journal for myself, but hopefully other might also find them beneficial. Feel free to get in touch or provide feedback.
After a tremendous run, BTC pulled back in May and has been consolidating ever since. Sentiment has been badly damaged as many newbs consider that the market drop was caused by a single Elon Musk tweet. For sure the tweet was expertly timed, however experienced analysts will have already noticed the TA was showing distribution occurring as well as multiple RSI...
Ethereum has been an ass lately, stubbornly failing to have the anticipated pump after breaking it's ATH.
However, this chart is quite interesting. Previous ATH resistance is now being retested as support. I don't like the overall size of that big red weekly candle. That's usually bearish, but if the previous ATH continues to hold as support, we could be off to...
ETH's a funny one right now. It's had a good run and with Alt's popping off all over the place, a big move higher isn't entirely unreasonable.
The daily chart shows a potential rising wedge formation which is typically a bullish pattern with a break to the upside.
Also, price had broken above the upper channel resistance and may be holding.
The daily chart seems quite indecisive at the moment, but by zooming out the weekly things look much more bearish to from here.
Clearly looks like we are in a consolidation between Weekly 200 EMA as resistance and 200 MA as support.
Also we have some very heavy resistance around 4200. Weekly 21 MA is closing in on price, currently at 4182.
I think we're still in the middle of a retracement pattern on Bitcoin. Zooming in on the 1hr we can see what is most likely another ascending triangle pattern. These are typically continuations and therefore expecta break to the upside. A measured objective target of the previous move would take us to the top of the red trendline and would touch the fib 61.8%...
Following yesterday's massive big red dildo right up at double-top / trendline resistance / 200 Weekly EMA, I anticipate that price will be heading lower over the days and weeks ahead.
Price is currently resting at previous support circa 3730.
We are still just about inside the red upwards channel, but I can't see that lasting for very long. Who would possibly...
BTC has been gently consolidating since its 10% spike on 8 Feb and is now forming a what looks like a classic bull flag.
I will enter on a touch of the former green trendline at 3545, and add to my position at 3522 if price drops to the fib 50% level.
SL tucked below FIb 61 level as a precaution.
TP at the previous high 3705 and pink descending trendline...
This could be a good long position, but it could also be a trap.
1. Bullish pin bar at previous 4hr S/R level
2. Fib 23.6 level currently holding
3. Rejection of short term upwards sloping trendline
4. 4hr stoch RSI oversold
5. Potential pull flag pattern
1. Failed swing high on 4hr RSI
2. Daily Stoch RSI is overbought
- Big red bearish candle on previous D1
- Symmetrical triangle / bear flag
- RSI very bearish
- Measured objective measures perfectly to previous lows
- Recent false break of downtrend
The weekly picture looks very good at the moment, however there is still 36 hours until the close of...
Reason for trade:
- Massive red daily candle rejecting trendline resistance.
- Signs of potential continuation to the downside (flag)
- RSI and Stoch RSI support broken
- 4 confluent resistance factors make bearish continuation most likely outcome.
Target: a retest of weekly 200 MA (gold)
SL: 3800 -
Allow a wide SL due to potential volatility, especially...
There seems to be a bit more of a bullish buzz at the moment. While that's nice, this is often the time when the market suddenly turns and everyone gets caught out.
While there has been some nice bullish moves, I remain cautious until the following conditions:-
A break above the MULTI-YEAR trendline (red-dashes) and
A break above the long term downwards...
Price appears to be in a rising wedge formation and looks to have plateaud. We can see a double top formation.
It is possible that this is a ascending triangle which is a bullish reversal signal, however with StochRSI overbought, and RSI below 50, as well as overall market sentiment, the signals suggest a healthy move to the downside.
Good day all!
We’re going to take a look at the recent chart for Bitcoin and where we might be heading next. For more background on the current state of the fundamentals currently affecting Bitcoin, check out my previous post .
Now let’s dive in and look at the TA for Bitcoin.
Price has been range bound between 6200 – 6600 for the past 2 weeks, but we seem...
I would like to share my views on Bitcoin's current movements (or rather the lack of!) and see how the price of Bitcoin might move from here, what factors we should be aware of moving forwards and how we might navigate these difficult waters.
First of all, until we get some clear sense of direction on Bitcoin, I’m not spending much time...
The price of BTCUSD is approaching 6800 which has a number of factors that could cause price to jump and give us a trading opportunity.
The 6800 level:
- is a previous S/R level
- is 68% fib retracement of Jun 29 - Jul 27 move
- Intersects with short term upwards trendline
Expect bulls to push the price to retest the upper channel to 7800 then watch to see...
Dash has been one of the few strong coins since BTC has started to become shaky. I'm avoiding holding Tether at the moment and so will store my funds in to DASH instead.
DASH has had a strong few days and looks bullish vs BTC, so offers a good place to protect funds until BTC bottoms out.
I'm curious what other traders are doing during corrections? Please...
Strong daily downtrend in play. Price has retraced over the past few days and is now at the Fib 68 level, where a bearish engulfing/signal with multiple dijis has formed. This aligns perfectly with the downwards trendline resistance offering a great entry point.