The descending channel bottom line held support and never got down to the 0.618 level we were hoping for. Waiting for the resistance to turn and hold price for a break brought us back to the $10,400 level we now need to hold. Lower volume on this move suggests more consolidation .
XRP in a down sloping channel like the other coins we are following. Another inverse head and shoulder pattern?! I want to know what you think! I would love to have some thoughts shared!
The top of this channel is now coming to a point brought there by a "bullish" pattern. LTC is forming a similar structure that BTC recently broke free from. Although it is not a wedge it still managed to produce the same amount of touch points on each line, as well as the bull flags before the fall and inverse head and shoulder type structure at the bottom of the...
We have been following this downward channel and has presented itself now somewhat as a descending broadening wedge Price has made its way back down 50% from this recent move. At this point we see the lower line acting as support with lower shadows on the candles coupled with lower volumes for each lower price hit. The selling interest seems to be slowing down...
Good morning all. last night we saw Bitcoin attempt the upper target of 0.618 with a rejection and a breakdown back to the 0.382 level for support. This was also the measured move of the rising channel formed by the triangle we were following. The best corse of action now is to have patience in letting the market show us what is happening. The smaller time frames...
Early last year DJI hit a double top with a bearish divergence on the RSI and MACD on the 1W chart as seen here. 1 year later DJI is now printing 3 highs at and even over those price area at this very moment! All time highs are slowing going up in a rising wedge formation on 3 consecutive divergent moves from the MACD on a larger time frame. It is reaching a ...
We waited for Price to retrace to the 0.382 before considering any further upside movement. Price had a consolidation pattern with rising support and a flat resistance level- rising triangle. This uggests more upside movement. 0.618 at $10,5020 is the next area we need to get above and hold. The triangle should flip as support and a bounce up should occur....
On the 15 minute timeframe we have a higher high jut under $10,400 discussed from the prior post about the IHS target. The candles are printing a rising wedge and a bearish divergence with the MACD and RIS. The volume is also diverging with price . BTC hit the 0.5 Fib target and met resistance. What I expect will be most likely is a break down to the 0.382 level.
After almost dropping by half once hitting a high of $1,900, gold went into a triangle pattern for years. The 0.382 played a role in the prevention of higher prices. Now that the pattern has been broken, perhaps we might see consolidation between the 0.618 and 0.5 which has provided support in the recent rejection of $1,550. if we see a break below the 0.5 level...
If we dare to zoom in and look at the 15 minute chart, it is undeniable that Bitcoin fell $1,000 in a perfect triangular formation. The candles managed to place themselves on or near these lines for a total of 6 times on each side, with one more on the top of the bull flag that broke up and gave us the base of the wedge. These things together brought us to an...
Litecoin has been in a rising channel since coming off of the daily bullish divergence with MACD. The 4H MACD has shown us more negative momentum with a higher low thus far, which is a positive thing. Price is sitting on a support level, acting with RSI's supports seen on the 4H time frame. A break of this trend would lead one to expect a revisit to previous lows...
The down sloping resistance from the falling wedge served as ceiling once again in this pattern. The neckline for the IHS has now flipped as a support which is what we want/need if the price is to continue up. The wedge will also need to provide us with support instead of resistance very soon or the likelihood of a breakdown becomes more and more probable. The RSI...
There are times where it would be more helpful to step back and look at something at a different angle. Which is why the invert scale option was made! The price action shown is the bitcoin weekly chart upside down and could be considered a very bearish scenario - a flag you might even say. The measured move of the bear flag brings the price to the 19k range.The...
XRP has been printing lower prices in conjunction with higher lows on MACD’s negative momentun with the 1H time frame. This suggests a move back to the down-sloping resistance and a possible break could lead it to the 4H 200 EMA as discussed in the prior post. The RSI however seems to be showing a descending triangle. Will it serve as a continuation pattern in...
As this falling wedge continues to develop, today we were given a second and even third chance at the entry point of $9,940. On the 1H time frame it seems an inverse head and shoulder pattern is possible coming off the bullish divergence seen on the MACD and stochastic RSI. Increased volume and a close above the neckline would confirm this pattern. As always...
The Heiken Ashi chart on the weekly time frame is showing us that XRP has been on a consistent downtrend for 11 weeks in a row. It now lays at a very crucial support level with the candles only starting to level out. MACD is just beginning to show possible momentum shift but we’ll need to see positive candles on the chart. RSI is reaching a critical area as well....
Good morning all. Last night we did see the down sloping support hold at $9,940 following up with a quick spike back up near the 0.382 level around $10,280. This was most likely a mini short squeeze because we saw price go right back down to re test the support line. Price was once again supported at this level with a hammer candle on the 2H timeframe and is...