Recent Bull trend hasn't had a proper retracement yet. If this next extension fails to form, look for a larger retracement back down to 366 before either consolidating or continuing up with a double top ascending triangle.
Double top formation followed by weaker high and level neckline forming on the 30minute chart. Looking for another right shoulder to form on larger time frames indicating a larger downtrend coming. Target to 250, then 245-235
Head and shoulder formation that didn't break. Low volume and low volatility makes profitable moves difficult to find. Wait for a break in the right shoulder high to test 240 if going long. To go short, wait for a break in neckline. However short movement likely will not be far as there is support and uptrend lines to keep uptrend going. Better to try to catch the...
New high from yesterday and failure to break previous low suggests continued uptrend. Wait for this retracement to finish before going long. Keep tight stop loss in case it continues into a downtrend. In this low volume low volatility, 2 dollar gains can net ~40% on position at 50x on bitmex.com
After the price consolidation fakeout, jump hits the previous high before retracing just past .5 fib level. Look for another test of high and retracement before popping up and out of the bull triangle.
Drawing tools are malfunctioning. Arrows jump around after I draw them.
Cypher (purple) and smaller Crab (green) bear patterns both forming after the price consolidation. Waiting for a break in the downtrend line and break of resistance at 237 to confirm the break out to the CD leg with a target of 239-240.
Second breakout in 6 days reaches a new monthly high suggesting longer term uptrend that we've been looking for. Go long with a stop loss at the most recent low point. If price breaks 233, may drop back down to 229 and continue to consolidate around that level.
The breakdown into new structure yesterday should give scalpers an opportunity to take advantage of the price consolidation that should occur over the next few days until we approach another breakout point
After a small pop, we have only seen lower highs and lower lows. We have also broken through the support of the bear triangle at 231 suggesting further downtrend movement. Uptrend line also broken, while following downtrend line. Target of 229 and lower
Recent break at a consolidation point suggests larger bull run ahead. The downtrend line has been touched 4-5 times since its highest peak around July. Going by the 80/20 rule, this recent break should be the break that leads to a longer term (several weeks) uptrend.
Approaching a major consolidation point after bouncing off outer downtrend line. Expecting the downtrend to have one more extension into 230-231 range, before bouncing back up to 232 or even higher if it turns into a breakout.
Lots of volume before and after the FOMC announcement means lots of positions that need to take profit or stop loss. Current volume of sellers is still minimal compared to buyers. If more support is broken, expect a fast drop as buyers get stopped out. If support holds, expect another jump up to 236 then drop back to 232 as buyers take profit on their positions
Despite the drop, the approach towards longer term support is a good opportunity to go long with a very thin stop loss, there by minimizing risk.
An early start to the long trend can allow for favorable opportunities to add into position later on.
Long tail bottom followed by new high suggests reversal in trend, or at the very least a bottom to lead into price consolidation. To really clearly see the trend, look for a new bottom or top to be formed. The next break should signal direction of the trend.
