XLM/BTC has been rangebound for nearly a year. This week, from May 10 - May 14, XLMBTC probed outside of its range before breaking out and closing at a new 1 year high. This generated a BUY signal for me in XLMBTC, and I am ID'ing the pattern as a Head and Shoulders bottom (trend reversal).
Price would need to move below the low of the week to negate this...
Ethereum decisively breaking above $2,000 today to a new all-time high. I kept some ETH through this consolidation, but added a new position on this breakout. A move to at least $2,400 (20%) is expected based on the width of the consolidatioin being applied to the breakout level. Using the low of the day or the centerpoint of the consolidation is a reasonable...
Price is so far well within its trend channel. I don’t know what the hype is all about.
If we close consecutively below the channel we may have much further to go given the state of affairs, but that’s always the case.
As a trend follower I swallow my pain and BTFD.
Current price action in $DXY is a strong analog of that in November 2020. Funds are short, and while the direction of the trend is down, a strong rally could impact recent gains in commodities and potentially have negative impact on equities and bitcoin.
From failed moves come fast moves. USDCHF put in a H&S top (bearish reversal pattern) on the weekly chart. That breakdown failed, and has taken the form of an interlocking H&S. From Failed moves come fast moves, so I expect the velocity of this move to be higher than that of a breakout that didn't stem from a significant in duration failure pattern. FX:USDCHF