It's about time for a pullback on gold. But was this it, or is there more?
In the recent advances in gold and silver, I've found the 4H or 2H chart to be the most informative.
Likely areas for a reversal are these two old support zones in green.
The first one is confluence with the 200 (on the 4H chart) EMA/SMA and a healthy 0.618 retrace, at least the way I...
Some tokens on Huobi are very spiky. Predicting these spikes is incredibly hard, and something I'm working on long-term.
But for now, I found an interesting pattern by eye on the GSC 3-day chart.
Oversold conditions (you can't really call it a signal) stop just before the big spikes. In other words, the last 3 times out of 3, buying when the 3-day oversold...
It's true that bull markets can take you by surprise and be irrational for longer than you expect. But it's also true that parabolas don't last forever.
This rise to 11.4k was parabolic. Bitcoin got more overbought on the daily, by my own calculations, than at any time since April 2019. The last time it hit these levels before that was Oct 2017, and only for one...
Gaps always fill.
I did go through 6 months of charts once though, and believe me it's true. Every CME Bitcoin futures weekend gap filled within a month.
This isn't that chart. It's just a friendly reminder that for a spot position, there's likely to be a better entry than right now coming up soon.
Not advice. Past doesn't always resemble future. Or vice-versa.
XTZ/BTC has been consolidating in this symmetrical triangle since February. If you're fundamentally bullish on this coin, and who isn't, you might be looking for buying opportunities.
Bitcoin looks like she's about to go running, which has made alts skittish. But such drops in alts, especially liquid ones, often play into the bigger picture even when they're...
Litecoin is at the top of a range it's been stuck in for 3 months. The weekly resistance it's pushing against has been tagged 14 times already in the past 2 years.
So surely we should be biased short here?
Well really we need to wait for a bit more clarity, but it's good to be prepared.
Since I didn't buy the bottom of the range, what would make an entry?
For decisive crypto market moves, it's often the case that one large-cap USD pair takes the lead. Looks like it's ETH right now.
BTC and LTC USD pairs are lagging. This on its own isn't enough to form a trade idea, but one could start to look for setups using this as a bias. I called EOS/USD already. Maybe we'll look at LTC next.
While Cardano and ETH have been very bullish in their USDT pairs, EOS has lagged behind, making this long falling wedge. Inside the wedge, we've had a 1-5 correction. Now price is knocking at the upper line.
Classically, you'd wait for a breakout and a higher High for confirmation. Since this is a daily pattern, maybe a higher high on the 4H chart. Or a retest...
I've been watching MXC for a long time. Recently played some of this rapid rise but ended up taking profit too early. Well look who has a second chance.
I don't normally use anything lower than a daily chart for coins on Huobi because they can be illiquid and spiky. But zooming in from the daily for some detail I was struck by how much this coin really seems to...
Recent price action of BTC has been disconcertingly stable. This has allowed alts to run, so I'm not complaining. But the question every trader is trying to answer is: which way next? What happens after all this consolidation - a final shakeout sub 8k before the inevitable rise, or a slow grind up that no-one believes until they're forced to capitulate and...
HOT is an asset I'm fundamentally bullish on. Something something alternative form of blockchain.. too smart for me to understand, but I know some talented traders did research on it, and Weiss Ratings also called it ages ago.
I bought some at 5 and 6 sats when it looked like it had bottomed. I intend to swing it up as far as it will go. My first take-profit is 12...
Some financial news articles are saying that the Pound is breaking up from a symmetrical triangle.
I say it's reaching the top of an ascending triangle.
I don't know if it's a slow news day or if they're looking for suckers to buy a false rally, but this looks like a much more likely place to short than long to me.
+ Overbought on 1D and 12H
+ About to run into...
Bitcoin loves what I call four-and-a-half wave corrections, ABCDE correction waves where it's so bullish that it never completes the fifth wave.
In the larger view from 2017 to now, we've either completed a three-wave ABC correction, in which case we should crack 10k any day now (more below), or we're going for a 4.5 wave correction, pictured in the main chart....
However you draw it, silver looks like it wants to break out of this corrective triangle (orange) or channel (blue).
Technical bias is long, with daily and now 4H EMAs in the right order, and green trends on both timeframes.
Fundamental bias is long, with gold getting a lot of attention as a risk-off asset, and silver riding along.
Confirmation would be a 4H...
This idea is probably premature, and based on my fundamental bias that the market in general, and banks in particular, are based on fake money and debt and will roll over soon.
As a reason against this thesis, the fundamental news for this particular bank seems to be good, with hedge funds reported to be bullish on it.
So I will trade this, but with a very small...
In the current climate, trading alts is risky, but then when isn't it risky? For those that are risk-on..
ALGO looks interesting to me:
Bounced off long-term support
Has made a couple of higher highs and higher lows (Williams Trailing Stops)
8/21D EMA bull cross (Exponential Moving Averages)
Solid green daily trend for the last 3 weeks (Price Action...
The forecast: altcoins, measured against BTC, look to me to be ready for a large long-term move up, starting now, and lasting maybe the rest of the year.
I've chosen a weekly timeframe to take a long-term view. The chart is a little busy, so let's break it down piece by piece.
First, support/resistance levels:
For the last 6 weeks or so, there's only been one thing to trade - The Market, as everything moved up and down together, gapping violently based on news.
These daily charts show how the stock market (SPX/S&P 500) has correlated with the historical safe haven asset of gold (XAUUSD) and the promised new safe haven of Bitcoin (BTCUSDT). The red indicator at the...