ETHBTC Weekly Chart Analysis, TD Sequential and Spinning Top
Taking a step back and looking at the Weekly ETHBTC Chart, we see that the TDSequential Indicator signaled a Buy Trade (Red 9) on the week of December 5th, 2016 around the level of .01 BTC. This level held steady until the breakout in February 2017.
When the market finally reached exhaustion, we were signalled a Sell Trade (Green 9) on the week of June 19th. Smart traders could have anticipated the 9 and made the trade one candle earlier on the week of June 12th (Green 8) to lock in maximum profits.
Since the Sell Trade signal, we have had a four-candle correction to the downside (two to four is typical) and are now watching a Bullish Spinning Top form on top of the .5 "Fibonacci" Retracement Line as the week of July 17th comes to an end. If the Doji completes and we do not break below the longterm Bullish Trendline and 20-Week EMA, we can expect a bounce upwards to try to break out of the Bearish Channel.
It should be noted that when zoomed into the Daily Chart, we were already given two Buy Trade signals on June 27th and July 9th (both Red 9's) and as of today, July 23rd we've made a Red 4 count in yet a third Buy Trade sequence.
For confirmation of the trade, we should look for the RSI to make a tick towards the upside on the next weekly candle, or at least to hold above 50.
On our move upwards we can expect resistance (and place targets) near .1 BTC and .12 BTC, both of which correspond to Fibonacci Retracement Lines, and again near .14 BTC which corresponds with the TDST Line (Tom Demark Setup Trend) before re-testing All Time Highs near .15 BTC.
When the market finally reached exhaustion, we were signalled a Sell Trade (Green 9) on the week of June 19th. Smart traders could have anticipated the 9 and made the trade one candle earlier on the week of June 12th (Green 8) to lock in maximum profits.
Since the Sell Trade signal, we have had a four-candle correction to the downside (two to four is typical) and are now watching a Bullish Spinning Top form on top of the .5 "Fibonacci" Retracement Line as the week of July 17th comes to an end. If the Doji completes and we do not break below the longterm Bullish Trendline and 20-Week EMA, we can expect a bounce upwards to try to break out of the Bearish Channel.
It should be noted that when zoomed into the Daily Chart, we were already given two Buy Trade signals on June 27th and July 9th (both Red 9's) and as of today, July 23rd we've made a Red 4 count in yet a third Buy Trade sequence.
For confirmation of the trade, we should look for the RSI to make a tick towards the upside on the next weekly candle, or at least to hold above 50.
On our move upwards we can expect resistance (and place targets) near .1 BTC and .12 BTC, both of which correspond to Fibonacci Retracement Lines, and again near .14 BTC which corresponds with the TDST Line (Tom Demark Setup Trend) before re-testing All Time Highs near .15 BTC.