Rashad

Rashad

This is a follow up to a chart I posted yesterday. The price has broken out of the triangle, thus invalidating the descending triangle I drew previously. Price levels will likely return to the 200 Day, and I believe will continue all the way to $10k.

Rashad

A little while ago I published a chart indicating that Bitcoin was "ripe for a sell off". The price went from about ~$6200 to about $5700 representing about a $500 decrease. Since then the price has recovered and there appears to be more optimism among the market that bitcoin prices will recover. The "SMART RSI" indicator is currently trading at strong levels...

Rashad

The Technicals A descending triangle is about to breakdown on BTCUSD. If the $6000 price level is broken a strong sell off will ensue, possibly low as $5200 given by the -61.8% Fib support level calculated from my Fibonacci Bollinger bands indicator. In addition, my smart RSI indicator is showing this level of bearishness has been seen less than 5% of the time...

Rashad

The Fundamentals: Recently the Turkish Lira has been taking a beating in part to President Recep Tayipp Erdogan saying he would take more control of monetary policy if he wins the June 24th election. In an effort to stymie the Lira's depreciation, last Wednesday the Turkish Central bank raised the lending rate from 13.5% to 16.5%. As a result, I attached a...

Rashad

The 7 Day EMA is approaching the 30 Day EMA, and the price has fallen below the 30 Day EMA. The RSI is well below 50. Right now might not be a bad idea to get out if you've been sitting on a profitable position since the start of this epic rally.

Rashad

Lower high on recovery rally from $1800 region. The price remains around the 1 week average, but slowing momentum seems to suggest this uptrend is almost over. I believe this is an overshoot from the channel depicted on the chart, ergo, the price should return inside the channel ($1000-$1600). On a strong selloff, it is not unreasonable in my opinion to see a move...

Rashad

I published this idea earlier in the year for a upward channel in Bitcoin. So far, the channel has continued to be reliable way of picking major turning points. If the channel continues to hold, then Bitcoin may see a correction soon.

Rashad

Long legged Doji indicates a potential equilibrium in supply and demand, and uncertainty in the market about the future price direction. At the top of a strong uptrend or downtrend, it can signal the potential for a trend change. This long legged Doji has its high at the top of the upper channel, suggesting that there is strong resistance in the $20-21 range. RSI...

Rashad

4th touch of upper channel. RSI is Overbought. Potential for overshoot of resistance, as RSI is not AS overbought as last three touches. A move back down to $1000 or lower seems reasonable. Additionally, I am well aware Ethereum is making incredible highs right now too. It seems that Ethereum and Bitcoin are correlated at the current moment. I'd wager if Bitcoin...

Rashad

ETHUSD has been spending some time now above its 200 day MA since crossing below in 2016 on bearish momentum fueled by DAO hacking. It appears that a bullish pennant has formed. Additionally, the resistance line is above the 200 day ma. I believe that there will be a continuation of the trend that pushed Ethereum out of the sub $10 range.

Rashad

Using log scale, there appears to be an upward channel on BTC. RSI Sold off from Bitcoin rally territory (80-90 range) and is now below 70. It looks like Bitcoin may head to the $780-$800 range. I am reluctant to go short considering we have already moved away from the resistance line, (the best opportunity has left). If you are to go short, I would recommend...

Rashad

China continues to drive Bitcoin higher as RSI enters mega rally territory on the Weekly. Time will tell how long this can hold.

Rashad

RSI is currently at a level where the last 3 bitcoin rallies peaked, we are essentially at a 3rd touch of a rising trend line drawn using the last three highs from previous strong rallies, and currently trading over 3 standard deviations. Additionally the current rally on ETH suggests to me that asset allocation is beginning to shift from Bitcoin to altcoins....

Rashad

Momentum on the SP500 is very strong right now, however the SP500 is nearing 3 standard deviations of the 200 Day volume weighted moving average. RSI is also very overbought right now, and is in a range where RSI typically peaks for the SP500. There may be a very small pullback before year end, however due to strong momentum, I believe a Santa Rally will take us...

Rashad

The price has broken above the 61.8% resistance line on my 200 day FBB, and the 14 day RSI is about to cross over 70. Although it is not certain we will see a full 3 standard deviation move from the 200 day moving average, it does appear that a break of the 61.8% resistance line combined with a cross above 70 on the 14 day RSI signals a strong movement to come.

Rashad

Now that we have broken a 2200 on the SP500, and what turns out to be the 50% resistance line on my 200 day Fibonacci Bollinger Bands, it is my belief that we will enter a upward channel through the holiday season with the price staying between the 50% line and the 61.8% line. Considering that we are heading into this holiday season with strong economic...

Rashad

Bitcoin currently has bullish momentum. It is sitting above its 30 day moving average, and the 14 Day RSI is over 50 and has been trending bullish. Headwinds: China is currently seeking to crack down on capital outflows of the country. There is a lot of speculation that Chinese buying on a devalued yuan has fueled part of the rally, however if China is to crack...

Rashad

Although today's Redbook showed slowing growth for retail, what I think is setting us up for a rocky October is the potential for a Sept rate rise. Although traders are pricing the probability of a rate increase higher in December than September, considering the markets have rallied for a while now on expectations of rates continuing to stay low, a surprise rate...