Price just broke out of the descending channel with a successful retest. This could be good news for the $40k people.
This support trend line is the determining factor for the next few days. Some are calling for $40k and some are calling for a retrace back to FWB:31K -$32k support level. I think the fate of this trend is gonna determine what happens next.
The 4H RSI doesn’t look good for now. Price failed to break out the descending channel and now failed to cross the MA on RSI chart. Short term I’m bearish.
So far price has found a beautiful support at the 50% retracement level and I think it will only hold on to this support if BTC doesn’t make lower lows and doesn’t go down beyond 7%-8%. If btc decides to go below $35k then this support will be gone in no time. We can find support at 61.8% and even 78.6%. It’s just that where XLM finds a support level to form a...
I’ve drawn a descending channel, but I’m not even sure if we’re really in a descending channel or not. I’ve two data points on top and two at the bottom. Price got rejected off the top of the channel and if it breaks above it then I think the bulls are not done just yet. If price stays within the channel and heads to the bottom of the channel then things are gonna...
Just something to think about. I don’t know if this will play out or a reversal will form toward $40k+, but this scenario is worth considering.
There are two types of long term investors: 1) those who have a bag full of BTC and are ready for $60k+ prices. They will definitely see these prices. 2) those who haven’t bought enough and are waiting for a support at $31.8k . They may never see $31.8k, but I really hope we do. 3) there’s a third type but I don’t consider them long term investors. I call them...
Listening to all the ideas about $40k-$50k, I really thought price was gonna bounce violently from the top trend line which many bulls wanted to see act as support. I don’t know why I’m using a 3H chart but we’ve got 30 minutes left on the candle and the price is well below the trend line. Looking at the candles the one before this one closed below the trend line...
Gold is currently trading at a resistance level shown in red. Price has been able to find support around $1930-$1935, but it’s stability has to be tested by price running over resistance levels without looking back. I think if price cannot close above the resistance around $1946 then there’s a chance the Bears are pushing the price to the 61.8% retracement level....
I don’t know if this will play out, but I sure do want this scenario to play out. If price touches $36.4k we there’s a chance that a H&S will play out and the price will continue to drop to $35.5k - $35.8k which is an established support level atm.
Those are calling for $40k and above have to monitor these levels carefully. If the upper trend line acted as resistance but price broke above this resistance level. We might see a pullback to this level it will be crystal clear if we can trust this level as support or it will drop down to the lower support trend line.
1) RSI is forming a reversal pattern on the 15 min chart. 2) Price chart is forming an inverse H&S. 3) I keep seeing higher lows on the lower time frame chart. 4) Two important resistance levels are ahead which could be set up as sell targets for short term traders. 5) I’m not trading this idea. It’s just an analysis for practice and food for thought for short...
You get the message from the chart. These 5 waves + ABC correction pattern and after that a violent bullish wave is going to shows a clear inverse H&S.
It’s a lot easier for me to look at the current market condition with an inverse chart. Inverted flag and if we break out of the flag with a retest we will see that the XLM price of 11.2 cents was not a glitch, it’s a stablished support and we might touch it once more. For that to happen the price needs to break out of the flag.
This retest of the resistance trend line is the most bullish signal one could ask for. The chart is screaming “Hodl Me Tight” The explosion is gonna be ferocious. I cannot predict how much sideway movement is involved but this bullish signal is what the XRP holders have been waiting for so long.
1) I identify the 2 major resistance levels to be the orange rectangles. 2) the first resistance level of 123.6% is not high enough of a target for a violent bull market. 3) since XLM has been underperforming for half a decade, I expect this bull market to be as violent as the 2017 bull market. 4) my target for selling would be the 178.6% Fibonacci extension level...
I cannot confirm whether this will play out or not. It’s just a potential scenario. Price chart shoes higher high. RIS chart shows lower high which usually means a bearish divergence which I believe if the divergence is confirmed we might see $31,850 support level. The daily RSI has stayed overbought for over 10 days and it can stay overbought for longer and...
Price as playing with the 61.8% Fibonacci Retracement level. This level has been acting as a strong support since August 17, but the pressure of the sellers keeps bringing the price back to this support level, which is not a good sign for the bulls. One one hand I remain bullish on this asset for the medium to long term, but my short term outlook is that if we...