Looking good currently. Seeing the market cap above 142 billion by the end of this week is definitely not out of the question. A weekly close above 142 billion opens up next target at 155 billion (which I believe will be another big test for the bulls).
Looking for a neckline re-test here but bull breakout may be too strong for that. Alternative buy setup is this inside-inside bar setup forming on the daily chart.
Bullish scenario has not played out since last post as we saw the market broke below 9.0. But Still looking constructive IMO. I think bulls just need to re-take 9.0 as that would be good context for a leg up. If that fails, more sideways to down likely.
A daily close above this trend line resistance (>1,910) opens top of the wedge around 2070-ish as a rally target. See you there?
Small price range this week so far but that could change soon.
Weekly chart is clearly showing 2 legs down from the AUG high. Context is good for a leg up from here on but the bulls need to hold 0.01 on a weekly close to increase likelihood of a move up in the short term.
Here are the structures and levels I am watching. Still in a pullback from that August high. Needless to say 0.01 is key level here and a bounce here would not be unreasonable given how the market has performed against the level in the past 5 weeks. Let's see if the bulls can hold the level in a weekly closing basis. Weekly chart:
I was watching for the market to hit 7.0 but it undershot the price and rallied, which I think is a good sign. Now we are finding support at 9.0 which was a previous inflection level. Where to next? If current candle closes near its high (bullish candle), I'd bet we would see at least a small leg up. If buyers got the strength, we should see a re-test of...
Really nice looking chart on this coin. Respecting the levels so far and looking bullish with a potential higher low forming right now. Let's see if we can form a higher high from this price. Not a really good enough probability bet (for me) right now but if buyers break 0.45 (on a daily closing basis), things could get interesting...
We could be on the way to lower prices from here. After breaking out of an ascending wedge, we are seeing sideways price action but it is possible the market is forging a lower high which could draw a H&S pattern with a lower right shoulder vs. left shoulder (which I always look for). At any rate, a break above 1.1755 should invalidate this view. My 2 cents....
Updating my chart to add more info on why I am bearish. Current price levels also coincide with the measured objective of the inverted H&S formation from the SEPT. 21 low. Also, looking at the monthly chart the market has broken and currently below a key rising trendline. We just need to clear 105.40 which I think is key to this bearish scenario in the short...
We could be looking at a top here. This pair has been consolidating since SEPTEMBER 23 and while the preceding trend is bullish (from that September 21 swing low), I am looking for a break lower.
A daily close above the H&S neckline means we could be back into consolidation or we may see the market attempt a higher high to continue bull trend (see daily chart). Now also less likely to see the bears carry out a measured move lower (from that H&S pattern).
We do have a breakout for this coin but like most of these breakouts (recently), market seems to be distrusting and going into a trading ranges. I think it's more prudent to wait for a weekly close to confirm this breakout. But if you're a short-term trader, I'd wait for a breakout of the small trading range forming right now.
Will let the chart speak for itself on this one.
A bullish close to today's candle increases the likelihood of another push up to re-test resistance levels at around 94.60. This level could be a tough nut to crack but a daily close above it could see the market targeting the 96.0 levels next. I'm a dollar bull in the short term but that could quickly change depending on how today's candle closes.
Current rally has put our head & shoulder measured target (1.15) in significant doubt. If the neckline holds on this re-test, we could see a continuation lower but I'm less sure it will hit 1.15. Overall trend is still up so let's see if a good buy setup materializes in the coming days or weeks.
A break out of 10,8k should open up a re-test of 11k. Looking for a weekly close above 11k if the bulls could manage it. A break below 10,6k would likely lead to another leg down to re-test lows.