crypto_trends

crypto_trends

Before today's cryptocurrency dip, BTC was continuing to return to a price near 42K, a near full recovery to the price from merely a few days ago. Despite this, almost all alts (altcoins, i.e., cryptocurrency alternatives to BTC) have barely recovered 50% of their own respective prices from this same time period just a few days ago. So why the drastic...

crypto_trends

Despite a rather drastic drop a couple of days ago, it looks like ETH is still in an ascending channel for the long term logarithmic trend. As for the flash crash from the other day, it looks to have very positively correlated to the 78.6% Fibonacci retracement level, which can easily be seen as a healthy retracement. Hence it looks like there is a good...

crypto_trends Updated 

BTC has recently had one heck of a dip over the past few days, but looks like a descending channel has now begun to form (red lines) that looks like a bounce might be in order. A bounce from around the current price also looks to be nicely around the 38.2% long-term Fibonacci retracement from the most recent high. Additionally, the 4-hour chart looks to be giving...

crypto_trends

In the past few hours, Bitcoin looks to have started to break out of a bearish pennant (red dashed lines) towards the positive side out of what looks to be an inverse head and shoulders pattern on the 1-hour chart. If the trend continues past 51-52K, there is potential for the price to head upward to 54-55K based on retracement back upward to near the 61.8%...

crypto_trends

On May 6th, 2021, Coinbase listed 4 new tokens (CTSI, RLC, MIR, and TRB) for which three have already seen quite a significant increase, namely CTSI, RLC, and TRB. However, the one that seems left behind so far has been the Mirror Protocol (MIRUSD). But first, let me provide a quick description of what the Mirror Protocol is for anyone who might be...

crypto_trends

TradingView offers some awesome abilities to chart the entire market cap for cryptocurrencies using TOTAL, TOTAL2, and OTHERS under CRYPTOCAP. However, I often find myself having inquiries beyond just these symbols, so I would like to introduce how to show other market caps possible using some simple math. For those who are unaware what the symbols mean under...

crypto_trends

ETH looks to be rather bullish when taking a step back and looking at the long-term logarithmic chart over the past year. As you can see, ETH has a tendency to get near the top of the ascending channel that has been forming since July 2020 and largely just stay at the top for some time. If history were to repeat itself, and if Ethereum continues to stay near this...

crypto_trends

About a month ago, I mentioned how DASH had broken out of a descending wedge for DASH/BTC that had been forming since around the beginning of 2020. Now it looks as though a cup and handle pattern has been forming since Valentine's Day 2021 (how lovely) with the handle formation completed (nicely outside of the wedge) and an additional retracement back to the point...

crypto_trends

Over the past few days, DASH and LTC breakouts have surprised quite a few as the price of BTC has slipped back and forth after trying to recover back to its recent all-time-high. However, in my opinion the long-term logarithmic trend is the more interesting trend to watch between these two veteran cryptocurrencies. Over the past few years, a descending channel...

crypto_trends

Recently it was brought to my attention how well LINK and BAND have come to be closely been correlated over the past few months). However, I have begun to notice an interesting wedge that has some particular peculiarities. For those who have not heard of LINK and BAND, Chainlink (LINK) and the Band Protocol (BAND) were both created in 2017 and are the two of the...

crypto_trends

I few days ago I published how a potential breakout might be occurring soon with regard to SKL on the daily chart, but I just wanted to update that there is now a potential short-term break downward instead after revisiting the 4-hour chart. It looks like after the dip from what looks to be a fake out from the other day, a bearish ascending broadening wedge...

crypto_trends Updated 

SKLBTC looks to be trending fairly positively over the past few days. On March 9th, 2021, both SKL and MATIC prices increased greatly as they were added to Coinbase. Now MATIC started a breakout a few days ago, is SKL next? A few weeks ago, it initially looked like this pattern would form a descending triangle and turn bearish , but instead with the latest...

crypto_trends

Ethereum has had an amazing run after Bitcoin's recent dips, increasing by nearly 50% of its total price after dips from only a few weeks ago! However, it looks like indicators are starting to show some weakness for ETH in the short term on the 4-hour chart. ETH now approaches its ascending channel's top (white line, note: linear is shown due to it being a...

crypto_trends

Bitcoin looks to have temporarily broken out of its descending channel (red solid lines) over the past few hours. But many eyes are wondering if BTC will retain its positive trend. On the one hand, a normalization around a round number like $55K would be fairly common leading to a potential to jump out to near $56K before potentially retracing back to the trend...

crypto_trends

I recently stumbled upon an interesting correlation regarding BTC.D and LTC. For those who are unfamiliar with these symbols, BTC.D (Bitcoin dominance) is the ratio of the total market cap of BTC versus the market cap of the entire cryptocurrency market and LTC (Litecoin) is one of the first altcoins to gain in popularity (often it is mistaken as the first...

crypto_trends

BTC looks to have reversed (at least temporarily) after demonstrating some reversal trends (see my previous posts). However, there is still a bit of resistance on the horizon in my opinion. For the current price action, BTC looks to have come close to the downside channel's top (red lines) near some strong Fibonacci resistance from the original 43K bottom...

crypto_trends

One fairly easy and useful pattern for determining reversals is the AB=CD pattern. The pattern simply looks for two rising or falling legs up or down respectively. Then one simply measures the retracement level from point B followed by the projection from C (luckily tradingview has a tool to assist with this). If these values equal a 0.618 or 0.786 retracement...

crypto_trends

There looks to be a nice bullish cypher pattern forming on the BTC daily chart indicating a potential reversal is in play. This looks further confirmed by hidden bullish divergence on both MACD and RSI indicating a continuation in the ascending channel (green dotted lines). If this plays out, I will add on additional details as to the rules of the cypher pattern...