*swing trade opportunity* Trend reversal observed in the RCN / USD pair. Other bearish signals include the formation of a head & shoulder, rising wedge, & the double top in price action versus the RSI resistance trend line. Close trade at 3 cents. We also have bearish divergence on the weekly chart:
A number of bullish indicators following an oversold condition (orange column) on the above 1-day chart. We have: 1) Following the oversold condition we have a Dragonfly DOJI candle indicating strong buying pressure. 2) MFI resistance is broken, can only go up from here. 3) Support on the 21-week moving average (green line) following a test by price action on...
Notable bullish divergence taking place on Bitcoin following an oversold condition. Alt-coin positions might be about to take more punishment than that already made. Might be a shrewd move to sit in cash whilst this chaos plays out.
Lots of Bullish indicators for this alt-coin following Ethereum obvious bullishness. In fact BNB is Bullish against the Ethereum pair - make of that what you will. On the 1-day chart above we have price action with support on the 21-day moving average amidst narrowing Bollinger Bands (not visible here) following a life cross (June 2nd) of the 50-day crossing the...
Throughout the summer price action has enjoyed support from a well established support line since the correction in March. That trend line was broken yesterday and buyers were quick to catch the drop, which I suspect will continue in the days ahead. The facts: 1) Price action remains in a uptrend. Market structure remains intact as long as higher lows are...
The 1-day chart is showing us a hidden divergence between price action & Stochastic RSI, this indicates a trend continuation. Although not shown on the above chart, the Bollinger bands are also converging with price action in the upper band suggesting a big move is coming. The 4-day chart below, the last candle which completes today, is showing support on the...
Price action on the 2-day chart above finds support on the 21-week and 600-day moving averages following an oversold period (orange bar). 1st target $420 then $500
Following an overbought period on the above 1-day chart (green column) price action is now showing bearish divergence (Higher highs in price action in sync with lower highs in the oscillators). Is there more upside? Possibly. Is the risk to reward worth it? Absolutely not. The 4-day chart below shows the same overbought conditions. Time to take profits. Healthy...
Time to be careful. On the weekly chart above price action is overbought and at resistance. This is the 2nd attempt at breaking through, the last in March and we know what happened afterwards. Stochastic RSI just moved down under 80 following the close of last week's candle. Every single time on the weekly chart Stochastic RSI crossed down 80 price action...
A very simple chart without price action, only moving averages. What we have here is the 10-day (grey), 21-day (black), & the 21-week (green). Historically speaking the 10-day crossing down the 21-day on this 1-day chart will make you wish you stayed in cash every single time. No question. Particularly following an oversold period (Green column). My...
On the above weekly chart the 21-week moving average just crossed up the 50-week moving average (circled in orange). What happens next? Look left for details ;) If RSI support trend line is anything to pay attention to, hold until the end of the year.
Last candle on the 4-day chart above just printed a Gravestone DOJI candle. She's going down captain. First test will be $10.5k, however I don't expect it to hold. A test of the 21-week moving average is more likely, which is currently around the $8k mark. The 1-day chart below suggests we might see support on the RSI support trend line (orange line) by August...
As per title the market is showing strong indications of a correction like we've not seen for a while now on the above daily chart. Bearish divergence has been growing since July 21st. In my experience divergence growing over a month on the daily chart is not to be ignored. The facts: 1) St RSI is crossing down whilst price action finds new highs = bearish...
Nice candle stick on the 2-day chart above telling us which direction price action is likely to go. The 3-ay chart below also informs us support on the money flow index has failed. In the past this represented a fantastic time to go short.
Following an overbought condition (green column) and the subsequent 85% drop from $4 Ampleforth is now showing signs of reversal. The facts of the above 1-day chart: 1) The RSI resistance trend line that has been acting as resistance since July 1st until August 9th is now broken. 2) Stochastic RSI has now made higher lows that consequently diverge with lower...
Time to be careful - the rising wedge appears to have broken to the downside with the previous 8hr candle closing under the support trend line. Rising wedges tend to return price action from where started, in this case $8.50
Becoming very exciting now - which way is it going to break? Got until September 10th or thereabouts. The 6-day chart above should be something everything is watching at the moment in my opinion. So close to the apex, you do not dare go long nor dare you short. Got to wait for confirmation. Convincing confirmation. The 11 year support trend line has now been...
Not all alt-coins have enjoyed a massive run since the market crash back in March. There are more than a few whose charts suggest the best weeks are ahead. The above 2-day chart for this project tells us previous resistance has now become support. Furthermore we have just closed a candle above the 21-day moving average. Stochastic RSI is rising rapidly with RSI...