EUR looks bad as it's economy starts to slow down (Germany slowing down, Italy already in recession) + Brexit insecurity. We were rejected at the top of falling wedge, so I expect us to touch lower side next. Technical analysis is also showing a potential Head & Shoulders pattern although volume is not there to support it (downside target at 1.04).
Price and RSI are forming a hidden divergence which could be bearish for stock market (SPY). There is still a chance we go higher (above resistance at 272) and invalidate this pattern.
Am not trading this, just an idea.
After a large drop of BTC vs. USD ($6,5k to $5,5k-ish on Bitfinex) RSI is hitting historical lows (set on 17th of Aug. 2015 at price around 160$, which also started a new bull run to $20k).
May this mean a reversal is near and this was just a fake move to liquidate long positions? Watching closely. :)
Other chart patters on mid term idea also support reversal...
Consolidation triangle (reflecting price peaks and valleys) is getting narrower and volume is getting lower, so we should expect a breakout soon.
After long bear and bouncing from $6000ish a few times, I think BTC is getting ready to make it's move. The question is just, which way?
I wouldn't be surprised if (before ending this bear trend) we re-test support or...
For now it seems like ETHUSD has a good support at 400$+ levels + RSI oscillators are reversing and not flashing red, so I'm expecting it to go up and hit top side of the triangle (around 550$). If ETH / crypto world / BTC gets more positive news we could see prices even higher than that.
Because of strong move without correction I'm expecting one at these levels, where we would at least retest 7kish levels...then I think we are ready to go higher. Of course any positive news would make it explode and we may have a correction later.
Let's see if current fib and pitchfork support holds....if it does next target may be 25k...if not, we could retest previous high at 13k (volume profile hinting at this since not much buying activity in that area).
If BTC goes wild this pitchfork may quickly be invalidated.
ICN seems to be bouncing from previous "ATH" with high volume. According to 1 minute chart it seems like someone just bought a lot of ICN (maybe pump and dump?).
Also it looks like the trend is strong, whenever price touches trendline it bounces off heavily. According to this and other indicators still have upside potential it seems like a good opportunity in short time.
I've noticed an interesting fact on 4h chart: all trend indicators on chart are squeezed to a small box and they all seem to be in equilibrium and offer strong support to the price that is above and resistance formed with a flat bearish cloud, which is forming an ascending triangle pattern and is keeping BTC under 15300$ (next resistance at 16500$ - local high)....
Ripple is cooling down but signals still look bullish, except of bearish divergence on RSI.
This are the things I'll be looking for as potential entry levels:
- bounce at current levels (fib + tenkan + BB SMA)
- test the previous top at 2.3$ + pitcfork
- if we go lower I expect a test of 2$ level (fib + EMA + kijun)
Keeping an eye on Stoch RSI which is already...
If we don't correct soon we may form a Head and Shoulders pattern. Volume isn't perfect but would look better if people wouldn't panic sell at first drop. Ichimoku cloud and EMAs are also bearish, confirming that we may go lower and finish the last down wave.
If this pattern plays out we may break through 10k$ support.
Seems like BTC just couldn't break up above the cloud and downtrend line. Now it broke local resistance, 50 EMA and Tenkan line which were holding it up. Kijun being tested at the moment of writing, also we are reaching lower end of BBands.
F Kijun doesn't hold the price up I think we may at least touch 13k or even retest the support at 11000ish to form a double...