norok

norok Wizard

After closing part of my shorts at the pivot low of last week the remainder were closed upon the cross of the Daily Kijun Sen. I am now expecting a pullback to support around 229 looking for a matching level on the swing trading timeframes (240/120 minute). Upon holding support price should then retrace back into the Daily cloud to resistance at 260.

norok Wizard

Last week I chose to show the 120m timeframe as it best captured the consolidation we were in for that week. I projected a breakout on Wednesday to $240 which is essentially a pullback on the Daily timeframe to the Ichimoku Kijun Sen (26 period Mean). Unfortunately for my forecast I was just 24 hours off and for my actual trading was $1 off my entry to add to my...

norok Wizard

This week I have chose the 120 minute (2h) Swing Trading timeframe to illustrate the weekly forecast because it best captures the current consolidation. All Rules for an Ichimoku trend remain true for a bearish trend on the Daily so the highest probability trades will remain shorts. I am expecting the Swing timeframe consolidation to continue through the early...

norok Wizard

Such a low volume market such as LTCUSD serves as an example of why you must set conservative limit orders. What likely happened is a selloff triggered a cascade of stops clearing out the thin order book down to a single large BUY Limit order in the book at support. As it was so swift the exchange filled the order with the available liquidity. The only orders...

norok Wizard

All Ichimoku indicators pointing to bearish. Price is hanging around pivot supports in the past. Psychologically, many stops are below these supports on Exchanges. A minor selloff at this point would trigger a chain reaction to the downside.

norok Wizard

Price failed to get above the 270 resistance in the time allotted. We are now heading back to 240 to break lower. Longs are closed. Now looking short. if breaks the 240 support.

norok Wizard

Price is continuing it's bullish path and probability is high to break the 270 resistance. Price should then continue to the 320 resistance over the next weeks.

norok Wizard

I'm going to start doing these at the beginning of the week rather than the weekend as weekends are typically low in volume/volatility. Ergo, there is no point in trying to place trades over weekends. Last week yielded a $30 move to the downside off resistance I found during the prior weekend forecast. The timing on the Daily, 4h, and 2h timeframes were near...

norok Wizard

While BTCUSD managed to get itself above the Ichimoku cloud the bearish move in the past week destroyed LTCUSD's attempt to go bullish. It is now setting up on the daily for a restest of the major low. I will be focusing my cryptocurrency shorts on LTCUSD as my fundamentally based long term target remains $0.00

norok Wizard

I am not looking for bearish opportunities in BTCUSD because profits would be limited to the support. The strategy that has held well for the last several years between BTC and LTC is to take long opportunities in BTC and short opportunities in LTC. My fundamentally based long term target on LTCUSD remains $0.00.

norok Wizard

Where we close this week will be interesting. Swing trading timeframes point to retesting/breaking the week's high over the weekend which would confirm the break of the 282.05 Weekly resistance. That plus the Daily breaking out bullish above the cloud gives a high probability of reaching the next Weekly resistance at 321.

norok Wizard

Playing the daily pullback to cloud.

norok Wizard

Looking back on the price action from the last major low of LTCUSD an Elliot Wave pattern and Ichimoku wave pattern have taken shape. 1st Wave: 3.60 -> 4.77 2nd Wave: 4.77 -> 4.43 3rd Wave: 4.43 -> 6.18 4th Wave: 6.18 -> 4.69 (to the high of the 1st Wave) 5th Wave: 4.69 -> 6.18 (projected) If you notice, the Elliot wave matched the cannon description of the...

norok Wizard

Price is testing the daily support once more. A breakout from this level will take us on a retest of the low. There should be a pullback within the downtrend depending on its strength.

norok Wizard

Being "Long Term Bullish" is no excuse to ignore the bear market signals. Last weekend I made a mistake on timing the move from "this weekend" instead of "this week." The charts still proceeded in the pattern. The failure to stay above 500 brings us back down to the midpoint of the rally. Now, price could hold here to go back up or break to retest the...

norok Wizard

Price action this weekend will determine the trend of Bitcoin. From the bottom we have had a pullback that pivoted right at major support of $530. Price must hold the last support of $445 or this move up was just a pullback to break the low.