Where is BTC going? The answer is on the chart. And the answer is frustrating: nobody knows.
A monthly BTC chart shows that it is being negotiated in a huge symmetrical triangle. Some say that symmetrical triangles are continuation pattern. In fact, symmetrical triangle express doubt. BTC is going to 4k or even lower? Nobody knows. BTC is going to the moon?...
XRP broke up the upper limit of the falling wedge on daily and weekly charts. It is not a decisive breakout yet.
Observe: when prices "move out of a Falling Wedge, they are more apt to drift sideways or in a dull 'saucering-around' movement before they begin to rise" (Technical Analysis of Stock Trends, Edwards - Magee, Bassetti).
On the present case (XRPUSD),...
BTC has formed another bearish triangle. The most interesting thing about this triangle is that the Hypotenuse of this triangle is just the continuation of the downtrend line (black dotted line) formed by the peaks of june 26 and july 10. The most recent test of the resistance of this line occurred on october 11.
Another thing to note: the area between 7.5~8.3k...
BTC continues its sideways movements, consolidating. It is being negotiated under EMA 18, EMA 50 and EMA 200. We may see a 'death cross' (EMA 50 crossing through EMA 200) on the next few days if BTC does not gain bullish momentum.
So... XRP break the Falling Wedge - and it is moving in a nice, well defined, uptrend channel.
The problem with this breakout it the low volume. But for me what happened was enough.
If XRP follows what is expected for a bullish channel pattern, we should have some stronger highs interspersed with small recessions - predictable and orderly. This pattern is...
I am analyzing XRP on the last few days and what took my attention was a Falling Wedge on the daily chart. On weekly chart, I think the Falling Wedge is clearer.
By the way: it is a bullish reversal signal.
BTC jumped from the congestion zone 7.5~8.3k and is being negotiated around 8.6k, just below EMA 200 (that acts as resistance, for now). This is in line with my last analysis (see: related ideas).
If BTC continues to go up, the next resistance is the 9.1~9.3k resistance zone - a strong one.
On the other side, if BTC reverses, than the next supports are is 8.3k...
XRP touched the upper limit of the falling wedge.
If you observe, last time XRP got stuck in the the 0.20~0.27 congestion zone, it took less than 20 days to attain the 3.31 peak (10x in less than 20 days). Nothing guarantee that this will happen again. However, a breakout of the Falling Wedge can be potentially huge.
BTCUSD is marking +5.3% today (while I write this analysis). However, it is being contained by the 8.3k resistance (the upper limit of the 7.5~8.3k congestion zone).
If BTC can gain bullish momentum, there are some important resistances:
EMA 200: +/- 8.7k
9.1~9.3 resistance zone
For me, everything still seems bearish.
"If you make known your interest in your charts, you will be told that the chart analyst is always late - that buys after prices have already started up, maybe until long after the 'smart money' has completed accumulation, and tht he sells after the trend has unmistakably turned down". (Technical Analysis of Stock Trends, 10th ed. - Edwards, Magee and...
When we look at DJI charts, the overall picture points to a reversal.
1) There a Double Top pattern almost completed;
2) There is an Island Reversal (a top formed between two gaps in about the same level) completed today.
Some people still arguing that IBOV will go further... 125k points... etc.
The fact is: Bovespa, as well as other stock exchanges around the world, should undergo a major correction soon.
Points to observe:
1) the Major Trendline, that is holding this bull cycle, will hold the fall?
2) the double top pattern will complet?
BTC is stuck in a congestion zone, between 7.5~8.3k. If it gains momentum, there is two main resistance: EMA200 and 9.1~9.3k resistance zone.
If it goes down, the immediate target is 7.5k.
The overall picture is Bearish.