The above shows what happened right after the ETH Spot ETF news was announced. We had insane volume and a spike in under an hour, with Ethereum finally bouncing on the Bitcoin pair. It is naturally dropping now as traders absorb the news, but I think that we are finally seeing the reversal that I have been anticipating for so long.
When Bitcoin goes full bull, it rarely gives sidelined traders a chance to buy a pull back… and tends to smash through “bearish” ascending channels and wedges to the upside. Spoiler. It’s not bearish. It’s higher highs and lows.
Bitcoin is rapidly approaching the "final boss" resistance zone on the daily chart. You can see that a huge leg of the down trend started there and you may recall that the low $40ks was considered the final key support that broke on the way down. As you know, we had bearish divergence with overbought RSI, before hidden bullish divergence printed and we pushed...
Beautiful weekly candle. Not only does the candle have a long wick down and massive bullish body, but it happened at a key support with an outside reversal, also known as an outside bar. Many also refer to the candle as bullish engulfing. From investopedia: An outside reversal is a price pattern that indicates a potential change in trend on a price chart. The...
Ethereum broke out of an ascending triangle, coming about $100 short of the target shown in green. As you can see, ETH appears to be forming a bull flag, although there is currently no second touch on the bottom support. Either way, this appears to be consolidating bullishly for another move to the upside on low time frames.
Friday's candle was a likely reversal signal, requiring a bullish candle today to confirm. Some would call the candle a hammer, although the slight wick on the top could invalidate this definition. Otherwise would call it a high wave spinning top, or even a long legged doji, but the latter is not supposed to have as large of a body. Regardless, we have a long...
Coinbase appears to be forming a bull pennant. Confirmation would be a break of the upper resistance. This could drop down and form a flag, which often happens when you have ascending support. Target, depending on if/where breakout happens is about a 2x. Gaps to fill all over the place, including just below $100. This also had major capitulation volume of off...
This is AT RESISTANCE at $80.44, so for me this is not the time to consider buying.... yet. Traders should be watching for a break of that level and ideally a retest as support, before targeting the key resistance just below $100. As you can see in the circled area, 5 candles failed to break that resistance last time price reached it, so you can expect it to...
ATLAS is consolidating in a bull flag below strong descending resistance. More times than not, this leads to expansion through resistance on increasing volume. You do NOT buy this here if you are looking for a trade. You wait until a clear break of both the small flag and the blue descending line on increasing volume. Areas of likely support and resistance are...
For those of you who have been around a while, the last trade was ~$130 to ~$300, slamming right into a huge supply zone and macro resistance. Not greedy this time, looking for ~$124 to ~$166, the next level resistance. Then maybe higher if this bull season is real. As you can see, we now have a clean breakout through descending blue resistance and retest as...
The first target after the symmetrical triangle breakout hit at $3,420. Nice, nice. Looks like that is being flipped to support which means... up. Nothing is certain, but it's hard not to like this setup for Ethereum. The immediate target is $4,157.
The weekly chart has flipped two extremely key levels to support - at least for now. What are those levels? The 50 MA (blue meandering line) and the area around $45,500, which I have been discussing ad nauseum for months. This "should" signal that Bitcoin has exited accumulation and is completing the bottoming process. But Bitcoin has a way of defying technical...
Bitcoin has officially made a very quick trip from overbought, all of the way to oversold. The bearish divergence on the 6-hour chart with overbought RSI was the leading indicator this time, although it was not seen on the 4-hour. the daily also hit overbought for the first time in ages. Now that we are oversold, I am looking for price to either continue up or...
There you have it. Price dipped into the key zone of support and pierced the bottom. As discussed, when everyone is watching a level, you rarely hit it exactly - either price bounces above or dives right through. Either way, we now have the retest that we have been watching for, following the idea that I and many others drew. The target of the confirmed ascending...
The Bitcoin weekly chart continues to show us the clear areas of interest. As expected, we have now seen the retest of the 50 MA and key area at $45,500 as support. We've been watching for this - now we need to see it hold! The weekly close will be very interesting and key to determining direction.
I was hesitant to share this chart and it is not something I own or am currently trading (I have enough alt exposure). AXS was effected by the Ronin Bridge hack, so there are some real reasons to consider avoiding this ecosystem altogether. That said, Sky Mavis is refunding anyone affected and nothing has fundamentally changed about Axie Infinity, which made a...
Another coin I was hesitant to share and it is also not something I own or am currently trading (I have enough alt exposure). Fantom suffered a major hit when Andre Cronje et al announced their departure from DeFi and the FTM ecosystem. These are valid reasons for a drop and to be cautious. That said, FTM has bounced beautifully off of the lows and is working on...
The entire market seems to be holding it's breath at the moment, so trading is risky. That said, this is the best looking setup to me at the moment. Broke descending resistance, oversold bull div , potential double bottom - needs to break the horizontal black line. And Bitcoin needs to behave.