Bitcoin (BTC) lost support at $11.4k and fell into its long-term trend channel (Figure 1), but has yet to breakout of it's downward trend.
What to expect?
Bitcoin's RSI is low and the MACD is pointing down, but has yet to signal a trend reversal. I expect the price to continue navigating through the long-term channel and continue to follow the downtrend until it...
Pattern: Ascending Triangle
Pattern 101 - Ascending Triangles:
Ascending Triangles are formed by higher lows and a constant resistance at a certain price point. The higher lows signify that Bulls are moving the price higher. As the price pushes against the resistance a surge in volume occurs and a breakout occurs. Usually UP! Extremely bullish pattern!
A downward channel has been formed in the XVG/USD 4hr chart
In this trajectory Verge will follow the channel and test the support at the $0.10 to $0.08 range. If this support holds, then a bounce to the resistance level at $0.17 is expected. If this resistance is broken then the next target would be the psychological barrier at $0.20.
The RSI level is indicating...
Pattern: Symmetrical Triangle (Long!)
IOTA is showing signs of a Symmetrical Triangle.
Symmetrical Triangles are identified as having higher lows and lower highs. Triangle patterns are an indicator of price consolidation and breakouts usually follow the trend!
If IOTA has a bullish breakout it will face the resistance at $5.57 (+33%). If it breaks through...
There is evidence of a triangle pattern in IOTAs 1hr chart. Since we are in an upward trend I believe the Breakout will be Bullish, but like any other trade the market will decide the outcome.
Recommended Guidlines to Follow:
Wait for the Break Out
Open your position by following the trend
Set your target limits
**Always set your stop...
BTC Milestone: $11,500! (Price correction imminent)
Shortly after Bitcoin crossed the $10,000 barrier, it went on a bullish run up to an all time high of $11,500!
Bitcoins skyrocketing price is a good sign of the beginning of mass adoption, but like any other asset it is bound by the laws of the market. Bitcoins RSI (Relative Strength Index) is running around...
Ripple Triangle Formation across All Charts!
When looking at the 1D chart, it is evident that Ripple (XRP) has been undergoing price consolidation since May when it spiked from $0.031 to $0.40. It has then gathered support at the $0.195 mark with other supports at the $0.177, $0.147 and $0.031 marks. XRP is now challenging the $0.246 resistance level.