Tastemaker

Tastemaker

Wasn't crazy about that last daily close. Yes, we're in good setup territory for that IHS. However, BTC closed below the 25MA, which has been followed by a bearish trend each time that's occurred. Not many people talking about a double bottom. Here's a pattern that could lead to one. Just food for thought.

Tastemaker

The cryptocurrency market is overall long term bearish until proven otherwise, but many altcoins are hinting at a possible relief bounce as they approach strong support lines, are near the bottoms of channels, are oversold on the daily RSI, and playing within reversal patterns (falling wedges, etc.). Here is a quick look at ZEC.

Tastemaker

The cryptocurrency market is overall long term bearish until proven otherwise, but many altcoins are hinting at a possible relief bounce as they approach strong support lines, are near the bottoms of channels, are oversold on the daily RSI, and playing within reversal patterns (falling wedges, etc.). Here is a quick look at XVG, which has retraced 93% from its...

Tastemaker

The cryptocurrency market is overall long term bearish until proven otherwise, but many altcoins are hinting at a possible relief bounce as they approach strong support lines, are near the bottoms of channels, are oversold on the daily RSI, and playing within reversal patterns (falling wedges, etc.). Here is a quick look at LTC, which has retraced 80% from its...

Tastemaker

The cryptocurrency market is overall long term bearish until proven otherwise, but many altcoins are hinting at a possible relief bounce as they approach strong support lines, are near the bottoms of channels, are oversold on the daily RSI, and playing within reversal patterns (falling wedges, etc.). Here is a quick look at NEO, which has retraced 86% from its...

Tastemaker

The monthly candle closes tomorrow. A close below the 12MA (a near certainty) signals that this bear market is likely to continue for awhile, and until sentiment shifts the best we can hope for are relief bounces and/or a rally to retest it as resistance. You can see how strong the 12MA has been for support/resistance over time. Due to the oversold levels of...

Tastemaker

A couple weeks ago, I noted a bearish divergence on the Weekly Silver chart. We have since seen that divergence play out as Silver fell from $17.30 and cracked below $16, breaking down below a triangle support and a key horizontal support at around $16.15. But note that this was within a larger triangle,where we can still see Silver is hesitating at the bottom of...

Tastemaker

Here we take another look at the 2014-15 correction channel and compare it to the current path Bitcoin is taking. The similarities so far are undeniable, both with the price and RSI action (although BTC seems to be moving a bit faster this time around). If this continues, the 100MA will be next.

Tastemaker

This is a very bearish chart idea, so do take it with a grain of salt. If you measure the fibonacci from the bottom of the last broken parabola, we see the .786 retracement level around 4.4k. Not only is this a strong horizontal support area, but this also matches up with a potential falling wedge that can be noted. Currently, we appear to be in a bear pennant...

Tastemaker

Stand at the nexus of time But do not stare For you may go blind

Tastemaker

I don't much like the looks of where we're at here on the Daily for a sustained Bitcoin rally. Possible bear flag w/bearish divergence forming. I'm not coach of the team, but here's a play I drew up to get BTC back on offense and headed toward the endzone. Now get some hustle out there!

Tastemaker

Here's a 4hr chart laying out all the resistances BTC needs to break through. There has been some increasing volume, but we're already in bear divergence territory on the RSI and I'm not convinced it has enough Vitamin Pep to break through all these yet.

Tastemaker

Silver appears to be in an ascending triangle on the RSI, but there is a bearish divergence on the weekly chart forming. So, it might cool off and return to consolidation mode soon. However, it is preparing for a big move sometime this year, as it approaches the apex of its current triangle.

Tastemaker

Here you can see a unique pattern of each all time high triangle peak connecting to the previous, as well as an identifiable long term cup pattern. No predictions here, just noting the pattern.

Tastemaker

A quick look at a couple of important indicators here on the weekly: 1. Note that the weekly RSI is struggling to stay above 50. We can see what happened the last time Bitcoin failed to stay above this crucial level. Is this foreshadowing a further bear market ahead? 2. The weekly 50MA is now around 7650 and we may challenge it again soon. Normally, this would...

Tastemaker

IF this pattern continues for BTC: 1. Drop to 7.8k support zone 2. Bounce up to retest 8.9k 3. Double bottom rejection as a bear pennant confirmed instead 4. RSI divergence, bear evidence mounting 5. Steep decline/panic down to point "D" (6.9-7.2k) Plan on this being wrong.

Tastemaker

Closer look at the fractals for BTC (see related chart linked below for original chart/thoughts on this area). As you can see, a familiar pattern emerging from the last drop/rise to this one. Also, note that we never retested the log line support line (previous triangle resistance coming down from 19k) and this could line up nicely with a retrace to point...

Tastemaker

With the consensus occurring and everyone feeling so bullish, I'll be a contrarian with this bearish scenario. Note how quickly the 4 hr RSI has risen compared to price during this last bounce, setting up a bearish divergence that could lead into a familiar pattern. Also, note how similar the fractals look from the last rise/fall when compared to this one. Trade safe.