While this week's volatility has left may traders puzzled, as the rise at the start of the week is being corrected today with a pull back, there are a few longer term indicators that we may have been missing.
*The MA1000 and MA1400
First of all I want to point out the significance of the MA1000 and MA1400 on the 1D chart. Those have formed a clear Support Zone...
Pattern: Channel Up on 1D.
Signal: Bullish due to the RSI divergence, and the fact that the price has completed the most days trading above the 1D MA50 since April.
Target: 0.00000600 (expected contact with the 1D MA200).
Pattern: Bullish Megaphone on 1D.
Signal: Bullish as the price is rebounding above the Higher Low trend line and the 1D MA50 with the RSI on a rising channel.
Target: 0.00000220 (based on the symmetrical structure it is following on the recent Highs).
Very simple bullish sequence indicating that XRPBTC is close to aggressively rise again. Besides the bullish divergence on the RSI, the price has completed almost 20 days above the 1D MA50, the first time it has done so since December 2018. All past such occurrences resulted into a strong bullish move. My idea as a medium term trade is to take the profit once the...
Pattern: 1D Channel Up.
Signal: Bullish as it is approaching the Higher Low zone of the pattern.
Target: 4.3800 (based on the Higher High dif).
*note if the 1D MA50 breaks potential decline towards the 1D MA200 (strongest long term buy signal).
Based on the RSI pattern (around the overbought zone) I expect a sharp increase if the 1D MA200 breaks. The same RSI pattern is seen in the past (Dec 2017 - Jan 2018 and April 2018) and on both occasions a strong rise followed (+1600% and +360% respectively). The less optimistic scenario puts the target tag at 0.00006500.
As I've said in the past I rarely give a short term projection here as the patterns tend to be too unstable with Bitcoin's volatility but this one is too interesting to pass by.
Technically the strongest short term scenario is for the price to reverse now towards 7800 as it is trading near the 8540 4H Resistance. However if that breaks then we have high...
The last idea discussed the implications of Bitcoin entering the Buy Zone of the Parabolic Channel and how this can turn into a potential Buy Signal near $6500 relative to the price action of the 2016 Bull Cycle.
This time I want to focus on the more...
It is normal for Bitcoin traders to panic when the Digital Store of Value (as Bitcoin is often referred to) posts a significant decline. There will always be those to go as far as to call new bear cycles or even 0. Facts are facts and all of them still point out that Bitcoin remains at the start of a new Bull Cycle.
What has this sell-off produced? Simple. It is...
This is just a quick reference to where the alt market may be heading after Bitcoin's latest sell off.
To me it is impressive how the market managed to follow a downtrend that symmetrical to the uptrend of January - June.
Do you think it can go all the way down to fill the pattern? Personally I see the next symmetrical Support levels as strong candidates for the...
With Ethereum approaching again the 1W MA50 on the dominance chart, I thought it would be a could time to look at its key indicators, RSI and MACD. Both show a Bullish Divergence despite trading on a Falling Wedge printing Lower Lows.
Do you agree with this chart?