Yesterday big volume bears pushed XBTUSD back inside the descending channel. As you can see on the 4 hour chart, XBTUSD looked like it wanted to complete an inverse head and shoulders pattern. Instead XBTUSD bounced off the neckline (yellow dotted line) a few times before eventually losing steam. Some traders will want to short sell XBTUSD because it is currently...
XBTUSD (240 chart) The descending channel line (resistance) has crossed the trendline (support) of the ascending channel. There is also the possibility of a head and shoulders pattern which would signal a downtrend. A clear break above the descending channel will invalidate the h&s pattern. In that case XBTUSD should reach the $12,200 level. I'll attach the...
XBTUSD has dipped below the trendline of the ascending channel. The indicators favor the bears slightly with the macd line crossing below the signal and RSI dipping below 50. A dip below or break above the rectangle pattern (yellow dotted lines) should signal future up or downtrend.
XBT/USD (4 HR) has broke out of it's descending channel and indicators are siding with the bulls. The trendline (top of channel) should provide strong support. XBT should hit the 10k psych level where profit taking is expected but the bulls should prevail and most likely test the $10,500 level (target for profit taking). A stop loss placed at the MA provides a...
The inverse head and shoulders pattern (60 min) allows for quick profit booking for aggressive, short-term long positions with a tight stop- trailing stop if/when LTC breaks above ~$220
