My charting strategy on corrections (and pumps) is very simple and clear. Wait for RSI to be oversold or overbought, then look for divergences. We had bear divs all over the charts at this local top - now we look for bull divs at the bottom. 4-hour is almost oversold.
We currently have a spinning top last week with a close below the previous all time high resistance, which I discussed yesterday. Now we have a potential large down candle to follow up, although it is ONLY TUESDAY and we need to see confirmation on a weekly close on Sunday. Nothing to see for now, but worth watching and waiting for this weekly candle....
Bitcoin had a rough week, closing below the previous all time high resistance. Bulls were looking for a definitive move above $69,000 to end the week, but it was not to be. The candle was a doji of sorts, which usually indicates a pause in the trend, and can mean a reversal if the following candle confirms. We will be watching the candle this week closely. As I...
Wow. The memecoin frenzy is absolutely sending SOL flying. For those who don’t understand, the bulk of the trending memes are on Solana, meaning that people are trading them using Solana as the base currency… so this drives a ton of interest and buying of Solana to get in on the madness. SOL is currently at the last resistance on the chart, $207, before the all...
If you were trading on lower time frames, you saw that Trading Alpha also gave a clear short signal around $72,000… squeeze shading, a red arrow and red dots. Such an easy indicator to use.
The signs of a correction were there... but I was not watching. I have not been a chart hawk this week, so this analysis is in hindsight. We had VERY clear bearish divergence with overbought RSI on multiple time frames, including the daily. The good news? We have potential hidden bullish divergence forming, but need to see a clear elbow up on RSI to confirm....
I first bought Frontier Wallet under 20 cents, and have been trading in an out since. I actually sold quite a bit around 70 cents and a dollar, so this is not something that I was looking to add more to… but now it has one of the most appealing charts I can find. You always have to pay attention when a coin shows relative strength on days when everything else is...
This remains one of my largest holdings, and one that I have been sharing since the bottom. I have traded around my core position. As you can see, after months of consolidating, INJ has broken out for a new all time high. This means that it is once again in a blue sky breakout. It may not come back for a retest, but conservative traders like to buy the previous...
What a fun day. Bitcoin “crashed” back to the previous all time high around $69,000, predictably testing it as support before seeing a huge move back up near the daily highs. It has continued up since, now trading above $73,000. What is there to say? There’s more demand than supply.
If there was ever any doubt, yesterday closed the first daily candle above the previous all time high of $69,000. Price is officially in discovery, with blue skies ahead. This is almost every trader's favorite situation, because there is no historical resistance.
Just your regular reminder that there is no meaningful high time frame resistance between the current price and the all time high. In the past, Ethereum has always lagged and made a high when Bitcoin stabilizes. This time does not need to be the same - but it does appear likely.
Bitcoin is in price discovery. Read that again, because it seemed like a distant dream a few months ago. Bitcoin has broke it's all time high and is pushing higher, attempting to finally flip the previous all time high of $69,000 to support. Sustained BTC ETF inflows are fueling this move - for the first time was know EXACTLY why price is rising, and there's...
The Dalai Lama pattern. You may think it’s a meme because it sounds like one but it has been a recurring pattern in the crypto-market. Price drops, shakes out many, instills fear and then proceeds to recover fully. Take a quick look at the 4-hour chart. We have a v shaped bottom with a Dalai Lama. Bullish.
Solana is pushing through the last key area of resistance (not through yet) before the all time high.
I know, I am like a broken record. But looking at the ETH weekly chart, there is effectively no resistance between here and the all time high. Take it as you will.
We discussed the bearish divergence on Bitcoin with overbought RSI - now we have hidden bullish divergence, which effectively "cancels" the bear div. Bitcoin continues to hang in there below the all time high, showing strength. Now we just wait until the next big move and hope that alts make their own moves while we consolidate.
Don't use leverage, kids. Yesterday's candle saw a top near $69,300, breaking the previous all time high... then a drop to $59,300, liquidating SEED_TVCODER77_ETHBTCDATA:1B in leveraged positions. We have $10,000 candles. In a day. And price has bounced back to where it was yesterday at this time. Be careful out there, remain in your spot positions, don't...
I am not particularly worried here, but always feel compelled to be balanced and she you what I see on the chart. As you can see, we have potential bearish divergence with overbought on the daily chart, which is confirmed on the 6-hour and below. This could simply mean we are cooling off, and fundamentals are driving the market. Either way, this is always worth...