GregoryMichelson

GregoryMichelson

As I've posted before, there have been a number of indicators that have proven to be extremely reliable this year (2018) with respect to signaling when the next market turn will be, and the likely direction in which the market will move. The 20 period MA (orange MA line) has crossed the 8 period MA (blue MA line) on the daily on a total of 3x occasions...

GregoryMichelson Updated 

The 20-period moving average (MA) has crossed over the 9-period moving average 4x times according to daily price chart between last December (2017) and now. Each of the 4x times, price historically followed with a decline by over 20% - one such instance (the 3rd crossing) by over 62%. Based on the daily chart, the 20-period MA will be approaching the 9-period MA...

GregoryMichelson

Limit orders set to 127.76 for BITSTAMP:LTCUSD - other than a level below the highlighted range, I don't see too much else before that. These mini-pops between yesterday and today have been short-lived and weak, succeeded by even greater dips to the downside. In my opinion, swing trading the moves at this time (without any clear direction as to where this...

GregoryMichelson Updated 

Been long ETH since my swing entry @ around 716 last night, with a swing exit today around 746 . A pullback to the 50% or 61.8% retracement on the hourly (a common pullback entry during market runs) would suggest the formation of a promising bull setup. So long as it doesn't break above 749, I would anticipate this would happen. These H&S formations on the...

GregoryMichelson

Shorter time frames have proven advantageous these past few days. Again, the setup looks fairly simple - with a possibility of it being ruled out if it continues trending to the downside. HOWEVER - the way momentum is playing relative to price action, I've been catching some of these bull traps out here preemptively. Similar to my LTC H&S formation (see the link...

GregoryMichelson Updated 

Several indicators still yield bearish signals on shorter time frame 15 minute chart(s). (1) Possible H&S formation - my analysis (though this could soon be ruled out if price continues downtrend) is another pop to the 170 level, before retracing back down to the right shoulder neckline to a complete a bearish H&S formation. (2) Money flow remains in bearish...

GregoryMichelson Updated 

First Entry right around the 61.8% retracement, with a double-down entry closer to the bullish demand zone on the 88.6% retracement. OBV yields no divergence, therefore price action is confirmed. However, the market is what the market is till it's not.... Stops placed below the 100% retracement, price target will be determined upon momentum on the OBV after being filled.

GregoryMichelson

LTC really rallied today - support above $140 is a great sign indicative of a possible turnaround finally. We shall wait and see. Trying to catch a potential pull-back/retest of the low $130 rally that happened today, this would only issue further support of a bull market turnaround. Of course, I'm never too confident as anything is possible (especially in the...

GregoryMichelson

Personally I hate trading the news, but when it comes to these periodic Trump-induced geopolitical rattles, these types of in-and-out trades can work as a brief portfolio hedge (IF timed correctly and at the right levels). How certain am I of this working out in my favor?? 40/60.... as in 40% maybe 60% uncertain BUT this is what I SEE versus what I EXPECT,...

GregoryMichelson

The Technicals - A clear divergence of the OBV and Price Action , which preludes growing buyer volume and long position sentiment. Earlier last week, $LMFA hit all time-lows with its bottom at 5 cents above the half dollar. Although we have a considerable amount of selling to break past, I would anticipate the larger corrective retest to occur at the...

GregoryMichelson

Mid-week outlook: possible buying into the 140 -145 area within next 12-24 hours. High probability thereafter of resuming it's 2018 bearish trend (if not already in development). Trading has narrowed into a tighter descending range. Unless we can break past this 145-150 level, we're likely headed back down to Bear Country.

GregoryMichelson Updated 

Sloppy H & S formation on the daily, but nonetheless, an H & S. (** Edit - Excuse the Placement of the R shoulder label, a little too far right) From how I'm seeing it, 1 of 2 things can pan out - we face a small bounce again at the 142 mark, or it can break past that level and perhaps have a stronger more significant bounce* at the 101 mark. *Note - None of...

GregoryMichelson Updated 

Three times a charm!