Elliot wave case 1:
Waves 1,2,3 are over
Long and get out just before the supply zone.
Can short at the supply zone and with a target of 4800.
Elliot wave case 2:
Waves 1,2,3,4,5 are over.
Long and get out just before supply zone which is also around 0.32 of entire fib structure.
So there is confluence between the 2 elliot wave cases, you can Long and Exit...
Sorry if the chart looks poor, please zoom in.
One of the more riskier trades as we are shorting since it just broke up from the downtrend
1. stoploss 20-30 pips above supply zone
2. take profit at the 2:1 risk reward ratio.
3. if it bounces down when it hits supply and it stops half way to target, and you see basing candles, make sure to move stoploss down to...
This is a supply/demand zone analysis ON THE WEEKLY, ADVISE looking at the monthly:
I drew the demand zones for the weekly, basically where you see red basing candles during the major uptrend. You can see that we are already within the orange supply zone and bounced IMMEDIATELY after hitting the bottom of that zone. However, that zone is not fresh so don't think...
My alerts have been going off all day today, I knew it was going to be a good day. A big move is imminent, so here is what to watch out for so you don't miss the next bull run:
So we are at the 5800 demand zone. Now the question is, is this a genuine uptrend or downtrend? Where is smart institutional money going to be buying?
Primary Signs for the next bull...
Typically we want to short the first retest of the level. It maximizes our odds.
Didn't work out in this case, did it? It got rejected at another level above that wasn't show on this chart that is shown on the daily chart that i posted prior to this one.
But I just want to demonstrate how powerful supply/demand levels are for catching the tips of wicks even...
Here is a supply/demand zone drawn out for bitcoin on the daily chart.
Typically, the best way to trade demand supply/zones is place a few long/short orders just above the demand zone, and just below the supply zone. Making sure the level is fresh (hasn't been penetrated before) will also drastically increase your odds of success.
You can see that on the bottom...
Bitcoin dumped, most of the alt analysis the day prior tanked. So I apologize if you were following the trades and got burned since the performance of Alts depend on the price of bitcoin. I should have warned you guys that a bitcoin move either up or down was imminent. There was also lots of support if you were viewing the chart on the 4 hour using an ichimoku...
One of the more interesting charts up lately.
So we have 2 conflicting signals:
1 hour bull div
Naturally trend line > divergence of price with momentum oscillators like the RSI.
You can either enter the trade and hope it breaks up that triangle with a VERY tight stoploss.
You can enter after it breaks above the...
Love this chart.
This coin clearly ran out of steem, you can seen it slow down in the formation of an ascending wedge and now it will dump to its last support. Probably one of the best bear div patterns you want to see. Use macd for additional confirmation on higher timeframes if you wish. but it seems like a sure bet despite the non-idea risk reward.
Getting a bunch of mixed signals here:Divergence > RSI resistance/support.
One the one hand, there is a 4 hour bearish hidden divergence on the RSI that still may be active:which implies a continuation on the downside: on the other hand we have a higher low on the 4 hr RSI. Included the MACD for additional confirmation: histogram appears to be ticking up.
6hr Hidden bull div: STRONG sign of trend continuation
Chart presented is the 4 hr, but if you take out those candles that dipped a little, you get the 6 hour chart, or view it on bitfinex.
Target: next resistance point.
Why we are entering this trade:
Higher low on RSI oversold region, acting as support.
horizontal line resistance
Would have liked to have:
Bullish divergence, but that is very rare on the 4 hour.
1. decending triangle after the third impulse wave. (elliot waves)
2. Support is strong at 0.65 fib level, only been touched twice since it turned to support from resistance.
important: reduce the stoploss in order to obtain a risk reward ratio of 2-2.5
1. the large rejection a few days ago implies we are still in a bear market.
2. MACD being squeezed, so a move either way is imminent.
3. Bearish divergence on the E wave.
4. Bullish momentum has been weak in the past 2 days.
5. Target: the next support point.
18 minutes ago
Comment: target: 6260
This is my Alternative elliot wave count, since...