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It’s been a while since I’ve posted an idea on BTC but I felt the need to share this chart with you all based on some interesting things I’ve found.
In this post you can see the long-term price chart of Bitcoin and a Fibonacci Pitchfork channel drawn through it. It really is quite impressive how well price has respected these Fibonacci levels. One...
I'm going to keep this one short and simple.
Last night we saw Bitcoin break out of the triangle it was ranging in over the weekend.
With this continuation of higher lows we can expect price to continue to move up from here.
However I wanted to point out this cluster of resistances coming up that might push price back down.
- There is a major...
After a couple days of consolidation following Bitoin's second attempt to break the major resistance area around $6,900, it appears bulls are losing steam here.
We can see a potential pattern forming here: an inverse Adam & Eve pattern.
This bearish pattern is supported by the fact that price cannot break the $6,900 resistance. In addition, there are significant...
It looks like CADCHF is forming an inverse head & shoulders formation on the 4hr time frame.
We also have strong bullish divergences on the RSI and MACD.
Confirmation of the inverse H&S will be a break and a close above the neckline.
If it does break out, I will be targeting the 0.71300 area to close out the long.
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Gold looks like it wants to drop out of this resistance zone. In addition to the bearish price action and failure to break recent highs, we can see a bearish divergence on RSI (with bullish exhaustion), and the stochastic is about to cross over in the overbought region.
On the 4hr chart, we can see the bearish engulfing and inside bar candles. In addition,...
Bitcoin was able to break out of the rectangle overnight, which should lead to more upside and I'm targeting the 9,400-9,500 region.
But first, we could potentially see price retrace back down to the top of the rectangle and test that resistance as support before continuing to move up.
This could be a good entry to go long for those who missed out on getting in...
Looks like a decent setup on NZDCHF. Price could bounce from trend line, this area also coincides with a support range from Sept 2015. Bullish divergence on 4hr RSI, and MACD is about to crossover. Tight stop is in place in case price continues to fall.
Looks like there could be a nice long setup developing over the next few days. Price is finding support at the 1.06000-1.06500 region where support was established back in Feb 2017. It is also finding support at the HTF diagonal trend line. RSI is showing a bullish divergence (and bearish exhaustion) and MACD has bullish crossover as well as positive histogram. We...
Looks like a decent long setup for AUDCHF. Price has reached the support level and seems to be showing some signs of a bounce. We can see a buildup of bullish divergence on RSI and MACD on the 4hr as well. This one might take some time to develop as price just got to the support level, but as long as the support doesn't break with a close below, we should see...
Nice short setup on EURCAD. Price has come up to larger time frame resistance zone (zoom out to see this). There is bearish divergence on RSI at this resistance level. Going short to local support range.
Chart is pretty self-explanatory. We could potentially have a really nice long setup for IOTA here. Price continues to bounce off this important support level, while RSI is showing a big bullish divergence building up on the 4hr. Like Bitcoin, I am not expecting a long-term move to the upside but we will assess when we get there.
It looks like Bitcoin wants to make a bounce from this support zone. We have bullish divergence on MACD on the 6hr and RSI bullish divergence on the 4hr as well as a bullish crossover on MACD. Price continues to wick down to this big descending trend line as an additional support (see below snapshot). If we bulls keep pushing, we could see another squeeze up into...