Bitcoin fell below $10,800 on Monday, activating my sell trade on the top cryptocurrency.
Now the hourly chart has formed a head-and-shoulders pattern. The cryptocurrency is currently probing the neckline support, which if breached would strengthen the case for a decline to $10K.
here is the short trade I shared yesterday: Bitcoin: Sell below $10,800 (Bitstamp price)
Bitcoin's weekly chart shows:
Downside break of bull market trendline
MACD has dropped below zero.
BTC charted a hanging man bearish candle last week.
5- and 10-week SMAs have produced a bear cross.
Trade: Sell below $10,800 target $10,000, $9,800 stop loss $11,200
BTC fell by over 4.5% on Monday, confirming a bear flag breakdown or a bearish continuation pattern on the daily chart.
Volumes spiked with the flag's pole declined during the formation of the flag and again picked up during breakdown. That's a classic bearish development.
Weekly chart shows a double bottom breakout.
Former resistance of $364 is now key support.
The broader trend looks bullish, but further gains could remain elusive for sometime as the daily chart shows a bearish divergence of the relative strength index.
As impressive as gold's rally has been, investors should note that it has taken the shape of a rising wedge pattern.
Metal is on track to confirm its biggest weekly gain since March.
I think we are close to hitting an interim top. Lets see show metal opens on Monday, If prices settle above $1,920 on Mon/Tue, we could see a quick rise to $2,000.
Bitcoin's daily chart is teasing a head-and-shoulders breakdown. Indeed, the pattern doesn't look like a textbook case. Nevertheless, we can trust that bearish development, as the daily RSI, too, is reporting a head-and-shoulders breakdown.
Support is seen at $8,300 (200-day MA) and $8,000.
My view would turn bullish if prices rise above $9,300.
Nifty's bounce from March lows has taken the shape of a rising wedge, a bearish continuation pattern, on the daily chart. The RSI is holding the ascending trendline.
Potential breakdown of the ascending trendline on the RSI could be considered an advance warning of wedge breakdown on the price chart.
Traders can take bear put spread once the RSI breaks below...
The ratio has violated the near two decade-long ascending trendline.
The downward momentum, however, looks to have run out of steam, as indicated by the oversold reading on the monthly MACD's RSI.
A corrective bounce looks likely
Friday's decline confirmed a bearish lower highs, lower lows setup.
Upbeat US jobs report is likely to cement expectations of V-shaped recovery, accelerate stock market's rise toward record highs.
Prices look set to support at $1,660-$1,650.
Close above Friday's high of $1,716 is needed to abort the bearish view.
Ether's repeated failure to penetrate/keep gains above $220 indicates buyer exhaustion.
RSI has dived out of an ascending trendline, signaling an end of the price rally from lows observed in March.
MACD has crossed under zero, confirming a bearish reversal, having produced lower highs or diverged in favor of the bears at the end of April.
Price could drop to...
Long-tailed doji on hourly, indicates dip demand below $9,5K.
Bounces from bullish or ascending 5-day MA
Immediate hurdle is seen at $9,805 (50-hour MA). A violation there would expose $10K.
Break below $9,400, if sustains, would open the doors for a pullback to $8K
Germany’s DAX index has violated trendline rising from the March low.
Immediate outlook stands neutralized.
Index is trapped in a symmetrical triangle.
Lower end of the triangle is seen at 10,265. Acceptance lower would confirm bearish reversal and could yield a pullback to levels below $10K, possibly to $9,337.
May be we are going to see another wave of...
Bank nifty is stuck in a contracting triangle, which looks like a bearish pennant pattern. A breakdown would indicate that the sell-off from the February high of 31,649 would resume and will likely yield a re-test of the recent low of 17,143 (April 3 low) and 16,166 (March 24 low).
Watch out for breakdown, that would be the best time to initiate a bear put...
Iceland Krona's exchange rate (ISK) as represented by USD/ISK’S higher highs is accompanied by lower highs on thee 14-day RSI. Stochastic too is about to produce a bear cross in the overbought territory.
Put simply, rally looks overstretched and due for a pullback…
India’s benchmark index Nifty has produced a rising wedge pattern on the daily chart.
A rising wedge comprises trend lines connecting higher lows and higher highs. Trend lines, however, are converging – a sign of weakening of upward momentum.
Hence, a rising wedge breakdown is considered a sign of bearish reversal.
However, note that the rising wedge...
Gold's daily chart shows the shiny metal is inching closer to recent highs. Friday's candle represents indecision in the market. A close under Friday's low would open the doors for a completion of a double top pattern with the neckline support at $1,658 per ounce (April 21 low). Acceptance under that level would confirm a bearish double top breakdown and could...
USD/INR’s daily chart shows the currency pair is trapping both buyers and sellers.
A symmetrical triangle breakout confirmed on April 21 was short-lived. On similar lines, the breakdown confirmed on Thursday ended up trapping sellers on the wrong side of the market.
Thee daily RSI is now trapped in a bearish channel.
I would buy once the RSI breaches the top...