BTCUSD update: After making the all time high of 11441, the rug gets pulled and now that this market has attempted to reestablish some stability, it is possible to get a better idea of where price is likely to go next. The outside bar that was painted 3 candles ago (11441 to 9000) is a sign of a top, at least a temporary one. For those who were shorting too...
Downtrend continuation after lower high rejection to the 50% fib
ETHUSD update: My 516 target was touched before the rug got pulled and is now showing signs of a top. My swing trade was exited at 499 on the way to 500 according to PLAN for a 30+ point profit (in a matter of hours). I have NO intention of getting back in until signs of stability return. The fact that this market went from 516 back to 400 within hours is...
BTCUSD update: Price decline to 5400 and then sharp retrace leaving behind a possible pin bar on the larger time frames. This is most likely the completion of the A Wave. Keep in mind in markets where emotion runs to extremes, levels are going to be far from precise. The 6030 level was the area where I was looking for a bullish retrace to begin the B Wave counter...
Called this retracement last week, price came up to make a lower high, now forming a bearish flag pattern. A new lower low is on the cards to be completed soon :)
We are in retracement mode right now with NZD, I am expecting a lower high & retrace to its downtrend line for the 3rd touch to enter short again to make a lower low..
ETHUSD Update: Price retraces back to 294 while BTC continues to push highs. The fact that this market could not push the 315 high is concerning and I do not plan to add to my long position. I am still long from 298.84 with my stop now adjusted to 286. At this point, in order f or me add to my position, price needs to show proof of strength. The 315 level is a...
Been patient with this pair now I feel like it would be the safest time to sell, price came back to retest broken trend line making a lower high. Tight stop loss due to yen being weak at the moment a break & retest is not a lot of confirmation to me.. Trade with care!
Rejection of monthly zone followed by other confluences, probably should wait for a stronger lower high to be formed
ETHUSD Update: I am still long from 298.84 while watching this market unfold in a tight range. I have placed an order to sell half of my position at 289.50 which will leave me with 15% of my normal position size with a stop at 279. When a trade is not behaving the way it should, then it is time to reduce risk. So here is my plan: If 290 breaks, then I want to see...
ETHUSD Update: The 286 support has been compromised along with a lower low. If this bearish momentum continues, the 258 to 232 support zone is where I am watching for price to retest next. In my previous report, I updated that I exited half of my position in the 290 area for a loss and mentioned that I will hold the other half with the 283 stop which obviously...
BTCUSD update: Zooming out and looking at the bigger picture always provides important clues as to what price is more likely to do in the near future. In this analysis I am reevaluating the Elliott Wave count in light of the most recent support and resistance levels. The next wave that is most likely to unfold is a bearish one and can take this market back into...
Price still respecting its downtrend. Price came & rejected at the 61.8 fib level, then head back to the downside. On the 4 hour we see a break & retest of broken trend line taking place. Tomorrow there is big US dollar news that will determine if we will regain some strength or continue bearish through next week. Something to be mindful of for sure.. We may be...
Setup I will be watching, we are in a downtrend on the Lower time frames. I am expecting a pullback & touch the 61.8 fib & downtrend line (lower high), before heading lower to its recent low. Price may break & retest support turning resistance & head to its weekly uptrend line, I will see how price reacts at that point.. :)
ETHUSD Update: 303 to 308 minor resistance prevents any upside progress, but the 280 support has not been taken out which puts this market in a range. Most likely price action will stay this way until the highly anticipated fundamental events are out of the way. Even as BTC almost reached 5k and retraced, this market has not made any moves that are worth the...
ETHUSD Update: 315 level double top is now generating a pin bar which still has 12 hours before is closes so it can change, BUT again just like BTC, it is worth noting because of the potential bearish trigger that can lead to real selling. There was a nice move from the 286 support zone (that I wrote about previously) back up to 315. I haven't looked, but I am...
BTCUSD Update: Bearish candle has appeared on the 24 hour chart. A break of the 4280 low triggers the shooting star like pattern which often leads to significant selling momentum. The candle is present, but it is not in effect until the low is taken out. Once 4280 is broken, it is reasonable to expect price to retrace back to the 4104 support and possibly lower....
BTCUSD Update: Selling momentum is beginning to reveal itself, but is not confirmed until 4104 (.382 of bullish swing) is taken out. Smaller time frame price action has been very misleading because it looked bullish on its way to 4400, but the bigger picture always carries more weight, and it is not bullish. As a swing trader, the bigger picture is key for...