The spike low and rapid (partial recovery) creates a wider down trending channel.
Now we must wait to see if price once again follows the slight uptrend outlined by the Schiff Pitchfork. So far it seems that it will be difficult for BTC to make new highs in the next few weeks.
If you look at the monthly picture of XAUUSD (Gold), You can see that after the all...
I posted a chart of EOSBTC . This is currently in profit. However EOSETH is in a long downtrend due to the recent strength of ETH. I will reassess my EOS position if price reaches the upper parallel of this slope. If I feel that the downward trend will continue in this vehicle then I will close my position in EOS and open one in ETH.
This sudden drop in the market leads us to look for a safe haven or the least bad currency.
EOSBTC may be that. It has support here from the upper parallel line and also the lower parallel of the Andrews fork.
I need to see price hold here for next 2 hours otherwise close trade.
The Andrews Pitchfork is validated by the spike low that touches the lower parallel of the fork. Now we have an upward channel. The spike low reversed quickly so I infer that any correction will be brief.
Support could occur on the top of the pitchfork or the lower parallel of the channel. I will assess this in 8 or 9 hours
BTC has just broken out of its downtrend. But the path upwards is sometimes not a straight one. It may work its way along the upper descending parallel. So at this point it is difficult to get an entry with a small stop. I have drawn a Schiff Fork which may show new upwards slope.
I will reassess in eight or nine hours.
POWR is one of those companies that actually does things , not just one with a few devs and a whitepaper.
News will come out at the vertical line.
Within this large Schiff Pitchfork I have drawn some ascending lines which form a channel.
While an entry at 9000 would be fantastic, we may only get an entry on the middle ascending line.
Entries to be updated in 24-36 hours
I am comparing Fibonacci and trend lines for accuracy.
We can see reactions at some Fibonacci levels. Either the price retraces or shoots through. Either validates the level.
I have drawn three trend lines in an expanding wedge or 'megaphone' pattern.
Trading this pattern you could enter now with a stop indicated by the grey transverse line and exit at the highest...
Guest editor Zahra
When you look at the parabolic rise of bitcoin, from its genesis January 3, 2009 to the first transaction for a pizza in 2011 to its peak in December of 2017 you may feel that it is in a bubble .
What is a bubble?
We usually use the term to describe a rapid inflation in value terms followed by a deflation.
We think of recent bubbles such as...
I was long a few days ago and I closed out the trade with a very small profit.
I closed because the lower line of the wedge was support then became resistance .
Now once again it has become support as we approach the apex of the wedge.
Now is a good time to get long with stop at 0.15 below the previous spike low.
Alternative trade is as per the diagram...
Long now at 250.9
Cash stop at 240
If it breaks and holds middle ascending line then trail stop along this line
Wait for retracement to lowest ascending line (Stop Loss Line) Enter with tighter stop here
I will update in a few hours when I see what happens
I mentioned the wedge breakout a few days ago.
This might be a AB=CD move
Often there is a reaction (up or down) at the half way point; 870
Target is 1087 on this move.
I lean to the upside in part because of the touch and rapid retracement of price to the CD line a few hours ago
An entry now would require a large stop below the spike low at 800
Price breached the downtrend from the all time high. It stairsteps up the downtrending lines and is forming a new uptrend. Often price returns to the upside of these lines. They were resistance and now become support
BTCUSD just broke out of a descending channel to the upside with retracement to the channel ceiling . Bullish.
ETHUSD has been trading in a wedge and looks to breakout to the upside. However the pattern is most exact on ETHBTC.
I will enter long if price retraces to the bottom of the wedge with a stop beneath previous low.
Profit target: Upper extent of green...