BCH is in noman's land. Price has found a retracment level and consolidated. Above the resistance line and a candle close above this will prove that the Bulls have won. Price may retest support and a 50% fib before heading higher to the target overlapping extensions 127% & 161.8 of the 1st corrective wave and the overall swing.
If the last daily candle remains like this the Bears will move in sending price down to a deeper retracement level of 0618 as suggested on my previous plan. We may have completed the first swing of a two-step pattern - this is common in FX when the eager Bulls and amateurs buy on a shallow retracement. The 2nd leg down may be show us symmetry to the first leg ie....
A close of a daily candle above the resistance I'm long. However it could roll into the channel. It's currently in no man's land so I will pass on this trade until it shows me a direction.
I love the philosophy behind this coin and that's why I am really wanting to get into the move. Sometimes price will return on a smaller time frame to a level that I can take that trade. We have not tested resistance (blue line) price will usually go up to this and spring back. I will revise my plan if this occurs. However if price retreats from here to retrace -...
This is a more detailed look at my technical analysis. I like this trade but as I said before it will take a while to turn the tide around before I am all in.
What I proposed in my last plan was that BTC would find mean reversion. It's not far off this level. We have had a 4% rise (reaction) of the limit orders situated near the daily Trendline. I am waiting for more evidence to take this trade. I'd like to see one more step down with tomorrows daily candle to support and the 50% of the swing then a 1-2-3 pattern on an...
I have two plans - the first if ETC breaks the Resistance level I will take a Long position on the retest if the candle closes totally above the level. If there is a failed LH LL pattern then I will wait until the pattern resolves and finds previous support - its a long way down, but hey who though BTC would get to my level proposed. So trade this pair with caution.
NXT has formed a saucer or double bottom - the bears are no longer looking for shorts; Price has dropped significantly. While this chart is still short I am looking for a 50% correction to occur. I have a lower target that will see resistance. This is a good setup for a swing trade long and then be careful to take profit and look for shorts at the levels in red as...
Coin Magi (XMG) is an online payment system, enabling instant payments to anyone in the world without needing an intermediary. We have made a floor where price has consolidated at the final point of no return the 0786 level. I am looking at trading this as a low risk high reward trade to the 127% extension of the fib of the 1st corrective wave after the swing.
Resistance has been broken and is being retested. The analysis on Cryptos' is not easy as the past is one vertical red bar -slasher style However, detailed analysis of this pair leads me to believe that firstly Resistance has been broken and has just been retested - if it holds I will stay in this trade till the two thin red lines. The resistance level is also the...
Long to a point then it's time to wait to see who is in control This formation tells me that FX traders and Instutional players are in the market. I like this pattern as the fat tail winds it's way up to the top of the curve eventually. However the daily is still Bearish. Enter with caution as you will be met with Bulls at the various levels I have in depicted....
What I am noticing about a few of these altcoins is that they swing between the point of no return retracement - 0.24 & 0.78 levels of before an about turn. This tells me that the players are very risk averse and this is something I am now considering when looking for a safe entry. The first swing retraced back to 0.24 then consolidated - uncertainty ruled - the...
The Bulls may be looking at this level and time frame. Previously the bulls took price up by 35% and 38% over an 8-9 day period. Maybe the Bulls will do this one more time over the 8-9 day period of and take us to a new high somewhere around 4780ish - note how price reached to 3460ish and failed during the first wave the second wave faulted at 4360ish can the next...
I like to look at the past behavior of the players in the market to provide me with insight into where we may be heading. We BTC/USD can see that BTC is extremely volatile. As fast as it prices rises it can fall faster. If you look at the swings before the hyperbolic rise we have the first swing 31.9% in 1d /20hrs the next leg down was 28.7% in 3D/4h - in FX...
Mean reversion works well with Cryptocurrencies. The red line represents the level that I was watching on the daily chart for an entry - the 50% retracement level. I watched and waited for a sign and the 15min chart - price consolidated here and the level was tested 3 times I took the next 15min candle and boom.
FCT has reached a pivotal point - we have a double bottom off the 127% extention from the 1st corrective wave and support. I am looking for longs after confirmation on the 4hr . I'm looking for a target of the reverse fib 127%.
I am looking for shorts or staying out of this pair until we hit a level that mitigates my risk. It's too high to buy and we have hit a 161/8% fib profit target to the pip. Price could go further than this or could begin mean reversion. Usually after a move like this price comes back to 50% of the move to attract more bulls. I am looking at various levels to get...
I can see a good level of support that overlaps with a 127% termination fib short. Profit take should see the bulls move in and create a COT and at the very least may be worth a try long on this pair. Watch and wait.