1) SNAP recently touched the weekly trendline for the third time and bounce off.
2) RSI is approaching overbought territory.
3) Fibs are around the 61.8 retracement mark.
Look for shorts to take control and booking of profits from traders and investors. Snap has more than doubled since late December. It looks ripe for a pull back.
We're at resistance levels/long term ceiling. For buy/long opportunities, we should look to break out above the orange line, test and confirm that the orange line is now support. See chart for targets.
Happy trading and good luck.
Expecting a possible retrace as low as .0069 (88.6% retrace) or lower. Look for confirmation before shorting to be safe - specifically, multiple bounces off the trend-line and quick drops.
Good luck and happy trading.
Looking for longs at .0069 or below.
First off this idea is completely hypothetical and BTC always surprises me so please don't trade off this "idea".
What I see a is a drop to between 7000-7100, then a rise up roughly equal to the pole of the a potential bull flag formation. This would put it roughly around the 9000-9050 area. This would also put it right at the parabolic line and potentially...
It looks like a possible uptrend with a bull pattern formation (cup handle potentially). Volumes on the right side of the cup formation in the daily look really healthy. I'm just trading the chart and don't know the fundamentals of this coin.
Good luck to anyone else in this coin.
Looks a very good triangle pattern is forming.
There could be another run up here and opportunity to long.
The safe bet is to wait for Bitcoin cash to break out of triangle before placing longs.
BTC is an animal and breaks trends easily but the long term daily chart shows that it's overbought and there is a rhyming pattern with how the chart plays out when RSI is overbought.
If this pattern continues and BTC stay within daily channel - there looks to be a nice opportunity to short BTC - it could drop just under 6000, maybe even as low as 5800 before...
Pound not looking too good, any gains may be limited as there is a longer term trendline established. Additionally, there is a possible bear flag pattern formed. Expecting pound to drop further in the coming months.