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We'll have to wait for another bounce off of the downtrend line to confirm, but it's starting to look like we're in a two month triangle which should resolve itself by around June 13th and would foreshadow a major move up or down.
If we blow through the downtrend line then we'll retest $9,735 and then $10k. If we break out the bottom trend line we're likely to ...
We've broken our previous resistance of 8,900, are at our cash in line of 9,200, and now have officially broken the top of the channel (which is now acting as a support).
If we stay above 9,200 in the next 12 hours then there's a very good chance we're going to make a run up to 10k. Once we get confirmation this is an excellent place for swing trades for those ...
Back on March 21st I gave you guys the long term downtrend line (seen here in blue).
We've broken out of the short term channel I pointed out a few days ago, and now are bouncing directly off of that resistance.
This is both good and bad: If we break through then it should be a nice support (albiet a descending one). But breaking through is going to be ...
BTC dipped down to our support line and then bounced back up. That's a nice bullish sign. But we're not out of the woods yet (three points is enough to confirm the line but not prove it'll be strong). If we break under it we risk going back down to our support around 7,530. If the aggressive support line holds we'll likely make a run at 10,000.
Also worth ...
Seems like there's nothing but doom and gloom in these parts as of late. People a throwing around numbers like 6,000 -- and lower! -- like they're a foregone conclusions. Hell, people are openly talking like this is the end of crypto forever.
I respectfully disagree.
It's not that I think this correction is over: the daily chart clearly shows SMA well over ...
ETH seems to be oscillating within a parallel channel as of late. This is an opportunity for swing traders to make a quick buck. But be careful and watch for channel breakouts.
See my chart on BTC yesterday for context.
LTC is in a short term triangle. Given that we're above our support of 208.60 and the support line has proven stronger than the resistance line I'm hopeful that we'll break upward. But time will tell.
The actual break is liable to be either small or short lived since we're looking at the 1h chart here. BUT when BTC' ...
We briefly moved above our 11,220 resistance line I called out weeks ago. While we did fall below it soon afterward, it acted as a resistance three different times before giving in. That's a bullish sign.
Short term (next 12 hrs) I expect another dip. But I think we'll make another run at 11,220 pretty soon. It make take another few tries, but we should see ...
This this chart BTC' is blue/purple, and LTC' is red/green.
Notice anything interesting? Ever since the LTC rally on Feb 14 we've started to see some divergence between LTC' and BTC'.
Now this isn't a full decoupling by any means. Not even ETH' is fully decoupled, and LTC is a far ways behind ETH'. But *IF* the divergence continues then LTC' may very well ...
Looks like a classic pendant. Volume supports it. We may see major movement in the next 1-6 hours.
It's entirely possible this is going to break down -- the top lines up perfectly with our $252 resistance line on the daily:
But even if it tanks from here? I'm feeling pretty good about the consolidation. Means we have ...
Those following my previous chart will see the top of our prior channel is still holding strong. This is a very very good sign.
We're making another run at 11225 as we speak. It's entirely possible that we might fail and fall back down to 10550 before making another run at it but chances are we will break and hold above 11225 in the next 24 hours.
After that? ...
Been watching this triangle over the past few days, looks like we finally got our breakout.
There's room to fall now, but I'm hopeful that uptrend line will provide a solid support moving forward in the coming month.
BTC has broken out of our short term channel and now the top of the channel is a support.
Definitely looks promising short term. If the pattern holds we should be steady above 10k after tomorrow.
If the SMA crosses the EMA it'll confirm our bounce off the RSI level and we'll look at retrying $94.50. If we don't get a crossover then we might be okay (rsi is just a leading indicator).
Don't think we're due for a serious correction until BTC dives but you never know.
Everyone is excited about breaking 10k. I am too. But we're just about to touch 80 on the RSI...and that's traditionally the point where we've started to face corrections. If we bounce back down then look for a dip.
Support 1: $8200
Support 2: $7450
Support 3: $7150
Support 4: $6500
Support 5: $5900
It could keep going up...maybe...but personally I'm not to ...
Normally I lead these things with where I think the support lines are going to be, but let's take a quick detour first: To RSI. We've had an ascending floor on the RSI chart for about 3.5 months now. Is it perfect? No, definitely plenty of times it failed. HOWEVER it's what you should be watching before you look at the rest of the lines. If we bounce off of ...
If it breaks and holds above $8.77 then expect a nice spike.
We've tested the support at $72.50 three times in the past few hours and survived each time. That opens the door for short term consolidation and gives us a jumping off point to try $74.50.
These are all super short term support lines. It's quite possible they might fragment and disappear in the next 24 hours, but given our current mostly uncharted situation ...