Trader9898

Trader9898 Updated 

Looking at the monthly logarithmic chart of the S&P 500, this chart reflects what would happen if we had a repeat of 1987. Heading up to October 1987, there was a straight line run up of approximately 2 years, then a crash to the 0.5 Fib line quickly in 2 months, where the crash erased the gains of the prior 12 months. If we extrapolate the same scenario for the...

Trader9898 Updated 

This is a monthly logarithmic chart of Bitcoin going back to April, 2014. If you look at the run up in 2014, there was a similar skyrocket up near the end of 2014, which the bubble ultimately burst bottomed out around the 0.78 Fib line. Looking at 2017, using the same time frame (around a 5 month run up), we can see that if chart patterns mean anything and...

Trader9898 Updated 

Bitcoin stabilized in the last couple of hours, and looking at at the chart for verification, we see Bitcoin had been trading in a regression channel downwards with no major technical signs of reversal until the last couple of hours when Bitcoin made a reverse head and shoulders pattern typically seen in major reversal trend directions. The reverse head and...

Trader9898 Updated 

ETH has been on a tear lately along with NEO, while all other coins are down. These two coins are based on smart contracts so there is an interesting correlation there. ETH continues to make higher highs, while recently bouncing off of support trendline, and exactly at 0.61 Fib retracement line. Setup looks like a long setup in the near term.

Trader9898 Updated 

Ripple's correction was trading in a downwards channel and was facing major support around 1.6, which if it broke 1.6 would have likely gone lower. Instead, Ripple bounced off support at 1.6 on news of a partnership with Moneygram - and heavy buying started to occur with high volume. Moreover, XABCD pattern indicates bullish bias. All coins have sold off on...