Will be taking profit on many of my longs in the next few days with a target of $21k although could go further towards $23k.
$BTC is seriously overbought with many indications showing that a correction is needed.
Watching for a nice ~30% correction before entering longs again around $14k to $15k.
MATIC/BTC : Been watching this for a little while now, finally it managed to break back above the 4hr 50EMA.
Opened a long on retest of the EMA @~ 260. Depending on the volume that follows, I may keep this position for long term.
Long term thoughts on BTC , after this amazing bull run we do need a small correction.
Last week's doji candle gave a good indication of this too, My main levels that I will be looking at are the 6k-6.9k areas.
Would love to see a test of the weekly 50ema.
Currently holding shorts from $8600 with TP around $6900 unless bullish signs arise before then.
My current thoughts for BTC are shown here. Break of the rising wedge that we have been in for a while now. Should have a nice correction unless it manages to bump back into the wedge. But that seems a little unlikely with many other bearish signs pointing down at the moment.
Broken down from a strong trendline and support, now re-testing both of these.
Good time to short for a relatively great R/R on this trade. Bear divergence on 1hr chart with a TP of the weekly support zone.
Have now closed my shorts and opened some longs. Will add to longs if this does start to look like a good bounce and more volume comes.
Have been trading this channel for some time now, hopefully it holds.
Fractal working out very nicely over the past few days, I have now taken around 65% profit from my long trade.
If BTC decides to continue to follow the fractal then we could see another drop incoming. Volume is still relatively low.
If we manage to break out of this pitchfork with a little added volume then we could be seeing a nice little run on our...
As described in the chart, ETH was unable to break through the $250 resistance and is now having a tough job breaking through the $225 resistance.
EMAs are slowly forcing it to break down from this bear flag which would make it drop to the $185 region rather rapidly.
This is an idea of mine that I had a few days ago when over 10k BTC were margin shorted at $7300. I noticed that a similar occurrence happened around the 26th of January when BTC was at $11k and this was one of the main reasons I shorted heavily between $7300 and $7400.
A huge amount of Bitcoin was shorted at the end of January right before it suddenly dropped to...
As described in my previous idea post, $7300-$7400 was screaming for a large correction. We have also broken down from this rising wedge in my opinion.
This trend reversal can be verified using my trend indicator on the 4hr/6hr timeframe.
First target is $6850 at around the 0.38 fib level
According to Pitchfan trading methods, a trend reversal usually comes after the third break of a major diagonal resistance line. In this case, the most recent one we have just surpassed.
Could this mean the start of a new Long Term Up Trend? Of course, there are many more things to keep in mind and other tools to use, but it is a good sign..
As can be seen by a strong EMA compression on the 4hr and an upcoming Ichimoku cloud twist, it's clear something big is brewing here. Personally I am bullish, with Bitfinex shorts closing in on 40k, a short squeeze is inevitable over the coming week.
Traditionally, as seen historically with broadening descending wedges , we may see a breakout up to the low $7000s soon. These types of moves happen quite often in these patterns, 3 touches of the bottom of the wedge and 3 touches of the top followed by a partial decline before the breakout.
Warning: I am currently in no position, I will wait for further...
As many know, Alt seasons are directly correlated with the price of Ethereum. In this chart, you can see that every major rally of ETH has affected many Alt coins on the market as well as the BTC dominance.
We have been following this channel since the inception of ETH, if we bounce at the bottom of this channel and don't break down from it.. This could result...
Interestingly, it appears we have created 3 black crow candles on the 12hr Timeframe. When this appears right after a bull rally, this usually tells us that a new downtrend is in the works. By looking at the previous bull rally, we can see that this is exactly what happened.
Previously, my thoughts were that we shall be making a new high and EW wave 5 to around...
It seems Ethereum is currently forming a 3-3-3-3-3 correction pattern having just finished the D wave. It will now finish off the E wave before continuing it's bull run.
Interestingly, BTC is currently also forming the same correction pattern, just several hours behind ETH. Therefore we could be experiencing an inter-coin fractal and be able to predict BTC's...