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The current uptrend has an uncanny resemblance to the one in April. In both cases the first top got rejected by the golden pocket, 200 daily ma and touched the upper band of the BB. In both cases RSI had a high value at the first top and when BTC created the 2nd top RSI had la lower high and it didn't touch the upper band (M top BB pattern). Price action should be ...
Why are we saying that?
- we had a 28% almost perpendicular move without correction
- (for the moment) 12h RSI has a bearish divergence + daily TD8 out of 9 near major resistance
- volume is decreasing
- we are at the 1.618 extension of the impulse from 5780 to 6839
If the sentiment is bullish price should not fall under 7091 (0.382). The next support is at 6899 ...
Everytime LTC closes under the 34 weekly EMA it falls hard and this time was no different. We expect LTC to find some support between 0.0099 and 0.0109. If LTC breaks 0.0099 the next buying opportunity will be at 0.008
If you are impatient and you like taking high risks 470 could be the entry you are looking for. RSI is at it's lowest value on the daily time frame and we are at the support (currently broken) of the downtrend channel but if you like trades with good risk reward ratio then 400 could be the perfect entry for you.
ETH under the 50 weekly EMA is not a good sign for the bulls. Every time it got rejected by the 50 EMA it had a pretty nasty fall and right now we are very close to the most important trend line since its history and near the last swing low. The good side is that on the daily time frame RSI is oversold and it's approaching a zone 20-15 that has been proven to be ...
BTC is having trouble penetrating the cloud and breaking the 100EMA. Also, in the same area is the 0.382 retrace of the move from 9990 to 5755. For swing trading we believe that this the middle of a no trade zone because of the bad RR. The 7780 – 7930 area should be treated as major resistance and the 7050 – 6850 area should be trated as major support. At these ...
For now the price action looks bearish to us and we think that we have a good shorting opportunity with a high risk reward ratio. If we break the down channel we see no reason for keeping the short active for more then a -1%. This trade could be confirmed by the break of the small uptrend line from inside the channel.
Before reading the analysis please take in consideration the following things:
1.This is not an Elliot Wave analysis! We did not group waves in 1-2-3-4-5, ABC, WXY etc. All we did was to measure each move down and we tried to find a relationship between its length (projected from the end of the correction) and the length of the next move down.
2.This bearish ...
On the weekly time frame TD is on a 7 out of 9 and the price is very close to the trend line. This COULD be very bullish if the 9 closes on the support line! The bad news is that we had a death cross (7ma & 30ma) and if we continue the down trend we might get another death cross (7ma & 50ma).
Also on the weekly time frame BB Width is almost at it's lowest value ...
BTC bounced right from our buy zone, broke out from the falling wedge and if it manages to break the 0.236 we are going straight to the resistance from 0.5. If it goes above 0.5 we consider that a touch of the median line is imminent and in this scenario it will create an Inverted H&S with a 1000$ target.