I'd expect BTC to have to fight pretty hard to get above that mental 50k level. However, the pitchfork and fib levels are providing a pretty nice little pathway to breaking through that. We're in a bull market, dips are for buying. The trend is your friend. If I wasn't already long on btc? I'd probably look for a retest of 50k as a good place to enter. I'd also...
Price action for ORN is looking interesting. We can see a perfect rejection off the 1.0 deviation and now that 4 hour candle is looking like a shooting star of sorts. There's still a tiny bit of time left for the close of both the daily and the 4 hour. We'll see how it plays out. Technically we're looking for a break below the .5 dev, or above the 1.0 dev. Right...
Orion protocol is an awesome chart. It's behaving in a pretty clear manner, with a long cup shaped buildup, a break above ATH and an almost perfect retest and a continuation above previous all time highs, that's now respecting fib level's quite clearly. If the PA can get above the $7.31 levels, then I would not be surprised to see this continue to behave in the...
I highly recommend this setup when looking at a daily bitcoin chart. Heikin ashi candles average out price movement and are a great way to reduce the noise when thinking about trends. A drawback of this is that if violent reversals happen, the heikin chart may lag a bit behind... so that's why I like the dual pane view. The trend is your friend friends. I also...
I've been getting questions from a few friends and people about when the "top" will be in and what my plans are to try and be part of the "smart money" that sells the top and buys the bottom. Now first let me be clear, if anyone knew when the top and bottom were going to be? They'd be the richest person in the history of time... but that's the point; No one knows...
On the daily, the bollinger bands show us pretty consistent behavior in the last few weeks when #Chainlink opens outside the bands and bearishly closes inside them. You can see multiple examples of this under the green arrows. $LINK also behaves pretty regularly by going down to test the middle bollinger band when it does correct like this. I wouldn't be surprised...
Both of these charts are the same except for the change from an original Pitchfork on the left to a Modified Schiff on the right. I think it's pretty fascinating to see how the different level's we're seeing are captured perfectly by these different versions of the same tool. I'll try and list things that I think are interesting on the left and right and compare...
$LINK's breakout from 25 dollars went as high as $29.37, but was quickly forced down by massive sell pressure from the #Chainlink team. A nice retest of the $25 area and a large wick on the 4 hour candle still looks pretty bullish to me. If this 4 hour candle is followed by a push above the pitchfork's .5 deviation? That would put price around $30, which would be...
On the Weekly log chart, $LINK is establishing a clear upward trend that the pitchfork median -> .5 deviation has really captured well. Logarithmic charts for projects like $LINK make sense for me as it is a hugely popular and, in my opinion, grossly undervalued project. If we copy the fractal of the previous two attempts at getting above the pitchfork median, it...
This is log scale chart. The pitchfork shows a strong respect of the 1.5 deviation. We've seen a couple of flash crashes to the 2.0 deviation on other bigger coinbase alts like $LINK, so those kinds of moves are still on the table. Also if big daddy $BTC decides to run? Alt's will bleed / stay sideways for a while. I'm still very bullish on these Coinbase alts....
I love $LINK on the 4hr chart. I've been experimenting with fans and pitchforks, and this one is AWESOME for identifying pivots. I used the Modified Schiff pitchfork on this. Which is good for sideways market action, as it moves the median 50% up and 50% over in terms of price and time. Just look how it touches the .5 and the 1 deviations, but then wicks...
Chainlink continuing it's march upwards, consolidation periods are getting shorter and shorter. Strong move above that trend line and a subsequent test of previous resistance would be very bullish. Fundamentally this project is bar none the best in the space.