ENG looks ready to break the downtrendline which started in Januari 2018, right before the burst of the Crypto Bubble.
If ENG breaks this trendline, it's off to the races. I'd wait for a close above 3100.
Though the RSI is determined by price action, we often see the RSI move in a direction before price.
During the 2019 run up, both the price and RSI formed an ascending channel.
1. The RSI broke down first (white line)
2. Retested the channel (yellow line)
3. Continued its decline (red line). At this point, the price followed by falling out of the channel.
No need to talk much. We set yet a lower high, got rejected at a long term upsloping trendline, downsloping trendline and horizontal resistance area.
The top is in, we set a lower high. The question remains, will Bitcoin manage to set a higher low, or fall down to the descending broadening wedge again?
Bitcoin looks like its failing to break the horizontal and descending broadening wedge resistance while making a double top on the RSI.
Let's have a look if bitcoin get's a second chance, or if this parabolic FOMO rally is coming down to new lows in the coming months.
Ideally, bitcoin would set a new low with a bullish divergence and rocket from there.
Gold topped out with a double top consisting of two very ugly bearish doji candles on the monthly charts.
Additionally, monthly RSI is showing bearish divergence in oversold territories.
Retrace to the .5 or .618 fibs (1378 USD, 1300 USD) coinciding with horizontal support.
- Price seems to be trading deep within a falling wedge (bullish pattern).
- Trading just above horizontal support area and exactly on the 100 daily EMA support
- 100 daily EMA was the bottom during the previous large correction down to 145.
- We've had 2 quick wicks through the ichimoku cloud, but are trading within the cloud, which should act as support.
After reaching a double top on both the price and the RSI on the monthly chart, the Bitcoin Dominance has declined sharply. This resulted in BTCD falling out of a rising wedge or descending channel, whichever way you want to look at it. Following this move, we are breaking the first monthly support at around 63.6. The next 2 monthly supports are at 58 and 51.5%....
Early January I published 2 bullish fractals for the altcoin market. Since I shared this, the altcoin market almost did a 2x.
One monthly chart fractal , containing a bullish engulfing candle after a double bottom, back at 64 billion.
The daily chart fractal displayed a breakout of a descending channel.
Even though we're only halfway through February,...
Just like the retrace of the previous uptrend, GO seems to be forming a falling wedge with declining volume.
GO could drop another 10% (to 203 area where the .618 fibonnaci is) in the next 5 days to make the last macro higher before trending backup, which is started with an explosive move back to 275.
The altcoin market seems to have bottomed out.
Looking at basic support and resistance on the monthly, we see that we bounced off the strongest support in the altcoin market of 54 billion USD, which had touches of 8 monthly candles (opens, closes and wicks). In addition to this, January is showing us a monthly bullish engulfing candle so far. The last time the...
Bitcoin has seen an exponential rise, and if you ask around in the crypto space, this would mean that altcoins bleed. However, I'm seeing a bullish fractal on the cards.
Bitcoin, depending on how you draw the descending channel lines, may or may not have broken out of the descending channel.
With the altcoins, it's very clear that it's broken out of the...
TOMO has retraced back to a strong support level coinciding with the .786 fib level.
Looking to close with a bullish hammer at the bottom of a falling wedge, a breakout could soon follow. TOMO currently trades around 5.400, breakout target is at 8.800.
After an explosive move up Go has seen about a 20% retrace from the local top of 285 satoshi. Since the start of the move, GO has been respecting an upsloping diagonal trendline. GO now seems to be coiling up in a squeeze, getting ready for it's next move.
GO is currently sitting quite literally on a cloud of support with the upsloping trendline, horizontal...
Symmetrical triangle rules
1. Tends to breakout in the direction of the trend (up).
2. Triangles perform best post breakout when they appear at the start of trends. (uptrend started October 26).
3. Bullish breakout tends to occur before 73% of the triangle is completed (January 13).
Besides this we can see the oscillators such as the MACD picking up steem on...