ETHUSD Update: Minor double top within projected resistance zone of 301 to 307 area while BTC hardly pulls back, but is still stuck within a much more significant resistance zone also. Like I wrote about before, the selling structure has establishing itself, but there is no real catalyst to get these markets moving. Many people are asking why, or trying to find...
ETHUSD Update: Lower high in place at 301 to 307 area which has occurred after the break of the 291 support (.382 of bullish swing). This is another bearish sign that shows this market is more likely to sell off, rather than go to new highs. I have been writing about this market and BTC for days now. The wave counts have been pointing to further weakness even in...
BTCUSD Update: I have been explaining my bearish reasoning while the price continues higher. Is it still bearish? Yes and I will use this chart to help explain why. As I wrote in my previous BTC report, price is in the middle of a major resistance zone which is the 4203 to 4548 area (.618 of recent bearish swing). It is a very wide zone which means short term...
BTCUSD Update: 4212 to 4548 resistance zone implies limited upside and the possibility of a being the price area where a broader Wave C can begin. In my previous report about ETHUSD, I wrote about a Wave B high at 315 which once established, prompted me to stay away from any long swing trades. The bullish structure is not that bullish and overall it is a lower...
ETHUSD Update: 312 level compromised, but price sold off right back to 300. As I wrote about in my previous report, double tops are not always precise and based on this price action, this can be identified as a double top variation. A double top is a bearish sign, especially on this magnitude. On top of that, the current wave count is not bullish at all, which...
ETHBTC Update: This market serves as a good indication as far as where these coins want to go and it doesn't look bullish. The relationship helps to clarify the direction, but not the magnitude based on results of the recent price action. This market is important because it is how a large number of investors are committed to ETH. As you can see, the recent...
BTCUSD update: Price establishes lower high at 3808 and is poised to push lower, but the question is how low? I am going to present some possibilities based on Elliott Wave and Price Extensions. This chart further explains why I will not go long ETHUSD at current prices for a swing trade. In my previous report I talked about the double bottom on the 4 hour ETHUSD...
ETHUSD Update: The 271 level has been taken out as bearish momentum slowly works it's way back into the price action. If price takes out the 260 support (.382 of current bullish swing) then this market is more likely to retest the 237 to 219 support zone (.618 of current bullish swing). If price is going to get extreme, like I have been writing about in recent...
LTCUSD Update: Same situation as the BTC market with consolidating price action just under the 55 resistance level (.382 of bearish swing). I am writing about this market to show what I am thinking for longer term positioning. This market has previously lagged the top coins, and seems to now be following the leader which in my opinion makes it more attractive...
BTCUSD update: The key resistance is the 4203 to 4548 area which is the .618 of the recent bearish swing. If price fails off of this area, it will need to find support above 3690 in order to maintain the current bullish structure and a chance to push beyond the 4548 level. If 3690 breaks, that could be the beginning of a correction that can take price back to the...
ETHUSD Update: Shallow higher low established at the 238 level while price is attempting to push the minor resistance at the 259 to 262 area. The problem is momentum is still bearish and the 271 to 291 resistance zone ahead can lead to a lower high. The higher low in place is a great example of a reversal formation, the problem is it has appeared in a very...
ETHUSD Update: 280 support revisited while bearish momentum continues to push prices lower. Even though this correction still has room to test even lower prices, it is normal and will offer a better opportunity to buy, just not yet. As I wrote about a few reports ago, 320 was a significant break and maybe now you can see why. If you look at a weekly chart, it is...
ETHUSD Update: Price action is consolidating within the 309 to 290 area and triangles like these are typically continuation patterns. Even though smaller time frames are showing some signs of reversal, the overall momentum is still bearish.' When markets are in clear bullish trends, it is much easier to decide when to buy, but when the environment becomes...
ETHUSD Update: The 320 break signals the return of bearish momentum and confirms the lower high formation as I described in my previous report. ETHBTC also offered a heads up with it's resistance failure that I mentioned as well. The question now is can this market find support at the projected levels and form a broader higher low? Compared to my average number...
ETHUSD update: There is a minor higher low at 320 but the current price failure renders it insignificant because the high of this bullish swing has peaked just under the 346 to 367 resistance zone. Plus the ETHBTC price action has failed below its corresponding resistance. I interpret these signs to mean near term bearish momentum is more likely. First let me say...
ETHUSD Update: 320 resistance is taken out which indicates stability returning to this market for the moment. My plan now is to wait for the next higher low, and I would like to see it somewhere near the 309 support area. That is the first level that I will look for reversal patterns for a possible long entry. The 320 level was the .382 of the recent bearish...
Look for pullback to broken weekly trend line/ fibonacci zone before going short, lower high being formed first before a new lower low will take place.. Nice setup here lets watch how price action plays out !
After weeks of consolidation price finally broke out to the upside only to form a double top at previous support turned resistance. The second high of the double top is a LH signaling a trend change back to the bearish side. The monthly chart looks to be way overextended to the downside and a pullback is overdue. Will be looking for possible bullish HL to develop...