mercury_rising

mercury_rising Updated 

SOL is currently in a Symmetric Triangle against BTC. This is a Neutral pattern so it doesn't give us any particular bias regarding SOL's direction, so let's look at some other factors. Short-term optimism: The 4-hour chart (not posted) gives me the impression we could move up in the short term, it might be worth a small high-risk position. Long-term...

mercury_rising

BNB has taken the more bearish path from our last review (see linked idea). In that "bearish" case we presumed a retreat to Trend Support before BNB would gain bullish momentum again. While I still think a bounce from Trend Support is possible, there's a big *but* to consider: Weekly Bearish Divergence. With the way I trade, Divergence is the primary indicator...

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When we last looked at BNB-BTC we were contemplating two potential paths (Aqua and Yellow on chart). The bullish Aqua path presumed we might be finishing off a not-so-clean Cup & Handle formation. The bearish Yellow path suggested price might retreat back down towards Range Support. As it looks right now, the Aqua path seems slightly more likely to me--thought...

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Now let's revisit our ETH-BTC chart. The upper support line appears to be holding, however the downward momentum looks strong enough to push price to the lower support line. The Aqua path now seems the most likely to me, however I'm not totally convinced the lower support will hold either. Regardless, I'm waiting for ETH to enter my Buy Zone before I'm...

mercury_rising

Bulls tried to reclaim the 200 EMA, but were strongly rejected. Salesforce is down 11% in two days. We're entering my "Buy Zone" (where it's on my radar, but I need a confirmation, like divergence, before I'm ready to take a position). I'm expecting a Falling Wedge to form, and will likely wait for it to play out further. It's too risky for me at these levels,...

mercury_rising

BABA has spent the last year in a bear market. It's down about 60% from it's highs. Based on the charts, the sellers look exhausted and most of the downward momentum has been spent. There's bullish divergence on the daily and 4hr charts. It may take a couple months for bullish momentum to return in force, but it looks like we are at, or near the floor. I'm...

mercury_rising

(If you're confused with the change in background colors, I'm planning on using Black for cryptocurrencies and Midnight Blue for Stocks.) AMZN has been ranging for almost two years and is presenting a possible swing trade option here. Seller exhaustion looks good, but we haven't quite reached my buy zone. I might take a smaller position here and look to add...

mercury_rising

Checking in on LUNABTC. After the Bearish Divergence, price appears to have taken the more bullish consolidation path and is approaching Channel Support. There's no buy signal for me on the Daily chart, however, the 4-hour suggests a possible entry here. If you're holding LUNA, there's good reason to expect more upside as we might be starting a Wave 5. If...

mercury_rising

In October 2019, the charts looked very similar to what we're seeing now with BTC. Price had been falling for more than a month and the 200 EMA was providing heavy resistance. Everyone was talking about a looming Death Cross (where the 50 EMA crosses below the 200 EMA). We saw bullish divergence and seller exhaustion on the daily chart (similar to today) and...

mercury_rising Updated 

After breaking through trend resistance, SHIB found new resistance at the 200 EMA. Now it has retraced a bit and is possibly creating a Higher Low at these levels. Combined with what looks to be bullish divergence on both the daily and 4-hour charts, I'm feeling good about the Higher Low holding--and would signal a possible breakthrough of the 200 EMA. I'm...

mercury_rising

All the boxes are checked on BTC for where I want to go long: Bullish Divergence on 1D and 4H and Seller Exhaustion on the 1D. I am expecting bullish momentum within the next week. That said, there is still a lot of resistance overhead that makes me think BTC may be heading into a bearish macro trend--Regardless, I believe we will see a relief rally...

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DOGE is looking to retest the major trend resistance, but will it have enough juice to break through? On the positive side, sell pressure seems to be exhausted (for the moment) and we're seeing evidence of decent support at these levels. In addition, I'm seeing bullish divergence on both the daily and 4-hour charts. These factors make DOGE interesting to me,...

mercury_rising Updated 

LINK is currently within a Falling Wedge (bullish) inside a massive Descending Triangle (bearish)--and both are converging on the same general point. Sellers are exhausted and supportive momentum appears to be building, but the Descending Triangle presents a lot of overhead resistance. My view is that the resistance will continue to suppress the price for 1-2...

mercury_rising Updated 

BTC is flirting with the major trend support line. Sellers appear to be exhausted, but we could see a sharp liquidity grab (potentially a fake-out break of the major trend) before continuing higher. This is a great time to start averaging in, however I'm looking for both Daily and 4-hour divergences before I commit fully to the trade.

mercury_rising

LUNA is in a Rising Wedge (ultimately bearish) within a very Bullish parabolic rising support. There is still room for enthusiastic buyers to drive the price higher within the wedge, but it's a high-risk play. I certainly wouldn't enter a short position, but I'm also not interested in longing these levels. I'm waiting for the wedge to break down and then...

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XRP is in a Falling Wedge (bullish) inside of a larger, somewhat bearish Triangle. I'm anticipating a bullish break of the Wedge *but* I think we may first see a sharp move down to the Wedge support line. That move would likely exhaust the sellers and create bullish divergence in the chart and I would start looking for an entry. ...

mercury_rising

ADA has recently retested the major trend support. If that breaks, ADA's woes could accelerate. However, there are a few positive signs suggesting we may see (at least some) short term bullish momentum. On the 4-hour chart (not posted) I'm seeing seller exhaustion. On the daily chart, we appear to have a Higher Low that would suggest some short-term strength...

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SOL is currently in a Symmetrical Triangle (neutral) but within it, a downward curved resistance suggests aggressive selling. I think there's a good chance we retest the Trend Support line before sellers are exhausted enough to see a relief bounce. I'm on the sidelines waiting for SOL to enter my buy zone, and then I'll look for bullish divergence on the 4-hr...