MichaelWang66

MichaelWang66

When doing technical analysis, I often find myself looking for candle patterns: shooting star, doji, hanging man... For example, when I tried to use following parameter to find hanging man on daily candles: Range (High - Low) >= 10% Body < 50% UpWick < 10% LowWick >= 45% Price direction: both I find it quite useful in marking top of 2017 and 2021 bull markets....

MichaelWang66

How DXY breaks from current setup would have major impact on both stock, commodity, and crypto. We have rising wedge and symmetric triangle on 4H timeframe, both are continuation patterns. Which means the director of breakout favors continuation, which is uptrend. If DXY continues uptrend (negates the daily double top), stock has more pullbacks to go, gold is not...

MichaelWang66

Potential diamond pattern to change the downtrend into an uptrend. Two things I am watching if I am gonna take this trade: 1. Stock market still in hourly downtrend, I'd like stock to at least sideways to remove headwind for crypto. 2. Volume is critical for uptrend, I don't see increasing bull volumes, yet. So I am neutral for now and keep an eye on APE.

MichaelWang66

Past few weeks we have Rising Wedge on daily time frame which results in bear break. I was expecting a bear break because of Weekly down trend. Now we have another rising wedge on 4H time frame, and I expect bear break again, because of daily down trend. But, the stock looks like to have more bounce to go (see AAPL already had 4H higher high). So with these info...

MichaelWang66

There is 2 setup in daily time frame: 1. Rising trend still intact. 2. Potential head & shoulder. Notice key word here is "potential". I've made the mistake of premature entry so many times, so let me remind the simple fact again here: a head & shoulder is valid ONLY when the neckline is broken. Any entry before is pure guessing, and not a good one especially...

MichaelWang66

Pattern about to complete. Risk: XMRBTC at resistance, need break above to increase possibility for the USDT pair pattern to play out.

MichaelWang66

BTC is clearly on weekly down-trend, as momentum structure indicated (by red bars, means price is moving under mean values). This week it's at critical level: IF BTC is going to turn the weekly downtrend into an uptrend, it must goes up and stay above the orange line (the trend of the momentum). IF BTC keeps staying below the orange line, it's continuation of...

MichaelWang66

Not saying it's gonna crash. Not saying the bull is over. Just watch how price take action around the trend line. We haven't had major correction ever since march crash last year. Thing could run pretty rapidly when sentiment turns from euphoria into panic. Be prepared, make your plan like: I'm gonna exist X% of position when price closed below Y. I am ok to...

MichaelWang66

Price hitting lower low, while RSI hitting higher low. Notice it's on daily time frame. I want to see oversold signal on the weekly, which is getting closer. So bulls can pay attention to DXY recently.

MichaelWang66 Updated 

I think trades are watching this pattern playing out. A conservative strategy to play this trade is: Entry: 4H close above 9536 Stop: False break out, e.g. 4H close below 9450. Target: 10190

MichaelWang66 Updated 

BTC has been in uptrend for over 2 month. It's retested the long term resistance (around 10K). Now it looks like the resistance holds. With moving averages (12/26EMA) bending downward, bull needs to take extra cautious here. Last week we had ancient miner moved 50 BTC which caused market to go down. To me, this price action indicates sentiment has turned from...

MichaelWang66 Updated 

Hash ribbon show mining difficulty changes, and BTC just came out of 3'rd diff drop in last 2 years. Notice diff drop ending doesn't mean bull run immediately, but historically its not far from one. Also notice this time, we have BCH/BSV halving on April (one month ahead of BTC), which means miners are incentive to switch over BTC (more rewards). We have to...

MichaelWang66 Updated 

Last week BTC touched 7,460, which are: 1. Weekly EMA12 (red line.) 2. Year-long resistance (horizontal black line.) There is high chance that BTC had formed weekly lower high (compared to prev. high: 2020/2/13 @ 10,500), and are heading to higher low (compared to prev. low: 2020/3/13 @ 3,780). The sign I am looking for is daily downtrend: 1. BTC formed ascending...

MichaelWang66 Updated 

After major crash on 3/12-13, BTC has nice +80% bounce. A possible bounce pattern is double or triple top. A nice example is 2018/2/19 - 2018/3/5: Now 6,900 is working as resistance with 2 rejections (3/20 and 3/25). BTC is about to try it again. Knowing we are still in daily downtrend, I am looking for a trade for the triple top pattern, for the stop lose is...

MichaelWang66 Updated 

Entire crpyto market crashed in 3/12-13, consolidated for 3-4 days, bull break, hit major resistance on 6.9K. Drop out of up trend line, retest 6.4K, bear break. Now stock market is about to open the new week for western world. Needless to say the virus spreading is still holding confidence low of entire market. Crypto is NOT separated from traditional market...

MichaelWang66

According to Mr. Michael Oliver (www.olivermsa.com): in bull market, when momentum structure touched monthly EMA36 the 4th time, it won't hold, it breaks through downward. Evidence: 2003 - 2008, when momentum touched monthly EMA36 the 4th time, it started the year long crash. Mr. Oliver gave another great example of the 1920 - 1929 US stock market, which you can...

MichaelWang66 Updated 

Are we actually watching this pattern playing out!?

MichaelWang66 Updated 

ETH's higher lows are forming a new trend line (blue). With previous trend line (black) as resistance. I think next touch on the new trend line presents a good trade for me, because of clear stop loss: breaking previous low. Entry: 225 - 227 Stop: breaking 220 Target: 250 - 260