TheChartGuys

TheChartGuys

Tightening Equilibrium pattern on the 4 hour set to break this morning as we approach resistance. LTC had the same pattern and just broke bullish as a bit of a potential leader. Watching to see if ETH acts as the laggard. Still major resistance in the low $300 range as suspected ICO selling continues at this level. Bulls need the break of $308 and $310 to see a...

TheChartGuys

After the hourly RSI got oversold on the flush under $7,000, the bulls have been bouncing with nice short term gains. That being said, we are very likely to form a lower high on the 4 hour chart. In order for the bulls to break the new downtrend, we will have to consolidate, form a higher low on the 4 hour chart, and then follow through with a higher high. At...

TheChartGuys

Lots of resistance levels broken on the hourly lower high pattern. We also have the daily chart forming a higher low, and we will now look for a higher high, and a bull MACD cross for follow through. The break of $56.36 will be the green light for bulls and I currently like the setup for LTC better than the other two of the BIG 3. I will be looking for an entry...

TheChartGuys

Direct correlation with BTC hourly oversold bounce this morning as we continue to bounce in the $290 to low $300s range for the last few days. We still have clear hourly lower highs of resistance, and the 15 min RSI is currently telling us a temporary top is about to be hit. Look for a higher low on the hourly during this consolidation to form after the magnitude...

TheChartGuys

Note that when in a big time bull trend, the first oversold conditions get bought more aggressively. The first 5 min oversold bounce, the first hourly oversold bounce, etc. This bounce occurred just above $7,000 psychological support and was market by a volume climax and a very strong $400 bounce. Now that we have seen the bounce play out we need to be more...

TheChartGuys

Bulls breaking out last night over key $292 resistance to set sights on the next level at $296. Next resistances would be $300 and $305 that have tons of price action around these levels the last couple months. 4 hour bounce and bull MACD cross playing out from oversold 4 hour conditions which has been very consistent for profitable trades. Bulls need to hold...

TheChartGuys

Bulls have been trading sideways to build support at $54 all night, and if it breaks it will set the tone for a pullback this morning. When support is this clear, we look for a bunch of traders to have stop loss levels under this very clear support level. Bulls saw nice continuation to $56, seeing about a 10% bounce from the dump lows. The oversold bounce has...

TheChartGuys

BTC bulls breaking $7115 highlighted in the video last night was the bulls signal that has led to new all time highs. We have only broken all time highs by a few dollars however, and we are struggling at $7450 resistance. Bulls still in full control and establishing higher lows of support on the hourly. Watching a 5 minute ascending triangle pattern on this...

TheChartGuys

Bulls had a nice 6% bounce overnight that faded with BTC strength and hit a lower low. 4 hour RSI remains very low and we are still looking for a multiple day bounce. We MUST see hourly higher lows and higher highs, and then 4 hour higher lows and higher highs to see significant bounce gains. A break of $53.50 will be bullish as that was the high of the...

TheChartGuys

ETH had a short term 6% bounce last night that is fading back to the lows as BTC continues to run to all time highs. 4 hour RSI is at levels we historically bounce from, so we are watching close for the hourly time frame to start forming higher lows and higher highs to be confident the bulls have regained the short term trend. It is not a directly inverse...

TheChartGuys

Bulls are seeing a move unlike anything we have seen in recent memory as we are easily climbing $100 at a time and 10%+ in the last 24 hours. How high can we go? As long as people keep buying we keep going up. RSI means a lot less and there is no resistance. Keep in mind we are not establishing much support on the way up, so if the rug is pulled we should very...

TheChartGuys

After being the weakest of the big 3, a fast ETH dump has both names correlated to each other and inverse to BTC. Bulls attempting an oversold bounce on the hourly right now though we are clearly still in a lower high lower low pattern. Looking for the TCG indicator to see a bullish hourly cross to indicate the bulls have momentum on the bounce. Attention on BTC...

TheChartGuys

ETH and LTC are back to seeing an inverse correlation as money move to BTC blue sky breakout gains. We are bouncing from extreme oversold 5 and 15 min RSI levels as the hourly is getting to the mid 20s as well. Devcon3 starts today and there is little hype nor "buy the rumor" action going on. This could give a good opportunity for the market to see a nice spike...

TheChartGuys

Higher lows and higher highs continue as the bulls have been in breakout mode since $6,000. No reason to sell until higher lows and higher highs break, on whatever time frame you are watching. Bulls have momentum and are taking attention from ETH and LTC who are seeing weakness and an inverse correlation. Longer term consolidation will not start until the 4 hour...

TheChartGuys

Although it does not fit the exact definition, this pattern on the hourly is close to the descending triangle. We have a base of support at $56 after multiple holds of this level, with lower highs of bounces each time. Bulls have to break the lower highs to shift momentum in their favor, and a break of $56 should see stop losses trigger. Weakest of the big 3 the...

TheChartGuys

We now have 3 rejections from $310 and each rejection has formed a higher low. This tightening range should come to a breaking point by tonight as we continue to tighten. Currently favoring bulls due to Devcon3 hype tomorrow, but will exit a position if the higher lows of support breaks. With a resistance break the bulls will be looking to clear $311.70 key...

TheChartGuys

BTC has been consolidating sideways for a couple days, and the fact that bulls are holding $6,000 is significant. We are within striking distance of new all time highs withing an hour or two if bull volume shows up. Look for a break of the resistances highlighted to indicate an all time high test is coming as bulls have momentum this morning. Bulls have control...

TheChartGuys

LTC bulls got extra momentum and a higher high last night after being added to a Korean exchange for trading. The bulls are now looking to form another higher low on the hourly and head back up towards recent resistance. Look for the 15 min lower high pattern to break, to indicate the higher low has formed and the bulls are showing back up. We will also look...