S&P500 price is back on the upper band of a major channel. Price broke down that upper band on the 11th of march and since then has never retested the level until now. I was waiting to see a reaction once the price touched the upper band and it is exactly what happened this morning. Additionally, there is a potential 4 hours RSI divergence which could be soon...
In a previous post, I explained that S&P500 was approaching a major cluster of supports (trendline + horizontal support area + fibonacci) and I was expecting some kind of upward reaction in that area.
Well, I wasn't disappointed since the S&P500 almost perfectly bounced on that trendline which sets the pace of the bull market since 2009.
Now the big question is...
As time passes, I feel like this scenario is getting more and more realistic.
After a beautiful first impulsive wave from december 2018 to june 2019 that put a stop to the 2017-2018 crash, it looks like bitcoin has made a long correction that could come soon to an end.
I have therefore identify areas where I would expect the price to react and will closely...
The S&P500 is moving towards a major cluster of supports (fibonacci level, key trendline and major horizontal support).
I doubt that the S&P500 will manage to go back in an upward trend after hitting that cluster but I am excepting at least some kind of upward bounce on that cluster.
Strong Bear pressure (again) as price reached the trend line I was talking about (see the related idea). Clearly, market participants have spotted this trend line. I can't wait to see what will happen if we price breaks it.
My trading strategy is closely related to the fact that I have a bullish bias. The bullish bias doesn’t mean I am ready to buy any price for ether but rather that I am trying to find the best entry for my longs in terms of risk-reward. It is a decent price to buy ethers from a risk-reward perspective. If you want to be more “agressive”, you could even set a higher...
When it comes to trend analysis, one of my favorite tools is Andrews' Pitchfork which tends to give really good insight on the state of the trend.
I have to admit I had lots of trouble dealing with long term analysis of cryptocurrencies using pitchforks until I tried to display the charts in logarithmic scales.
When you think about it, it totally makes sense to...
We are entering an interesting area to think about going long again on Ripple XRP.
It looks like the corrective phase is forming a double zigzag (WXY).
I am waiting for a clear price reversal before going long.