A nice rally yesterday. But still trading within a large bear flag below the weekly 200 EMA which has been tested and confirmed already as resistance. Daily RSI getting overbought and no higher high, yet. ETH rallied as well but daily RSI on both ETH/BTC and ETH/USD in overbought territory with only a lower high printed so far on both charts. Summary, Bear...
After an unimpressive rally BTC is working on another H&S pattern. target $23-$2400
I've been bearish a long time now and most TV users have been in denial. Now most of the ideas shared are Bearish, accompanied by statements such as 'its obvious!', which is starting to make me worry that we may be closer to the next bull run than I thought. So I've been looking for some evidence to support a potential bottom. ETH has printed a low low that is...
So I have been talking about the 535 corrective pattern on ETH (labeled ABC) and it seems to be working out just like the playbook. The projected targets for wave C are; 100% or 161.8% of Wave A, OR 161.8% of wave B. i will be hoping for the 161.8% of wave B option as 100% of wave A takes us well beyond $0 There is even a bear flag projection targeting it...
We'll be hitting the major long term trendline in the next 5-6 weeks. Could be time for Bitcoins wave 5!
A short rally and everywhere I look its talking of bullish confirmations. On the weekly we had a pullback to the .618 fib and although this pushed past a long term trendline, it is still just a lower high and a possible wave 4 of a downwards drive. I am now expecting a wave 5 before this correction is over. I now have a 1.618 measured move target and a...
A new lower low and the downtrend continues.. Bulls needed to remain above $6500 to keep valid the thought of an impulse wave to the upside. They failed. My downside targets are somewhat arbitrary but I expect we will make our way down to the yellow trendline and complete the 535 correction I've been on about since march :)
Head and shoulders target and bear flag targets agree on $6000. This would mean a break of the Green trendline that has been holding all year. Also once we go below $6500 any hope of this being the corrective wave 2 of a new move up will be lost. I imagine we would bounce up and test it as resistance before a larger selloff happens. This seems most likely and...
Ok so we all saw the correction coming and now we are looking for a bottom. Sentiment is turning bullish (which can indicate time to sell) and some downtrend lines are broken. ETH has even printed a higher high on the 4hr chart, but is looking overbought, and will not print a daily higher high until it gets above $985 It seems most likely we will head down...
This is a Daily line chart showing an unbroken downtrend line. We have half of a 535 correction. We have a .618 retracement for a possible ABCD diamond. We do not have a higher high. This could be a good time to lock in some profits if you havn't already. I have gone 25% to tether. That way i'm happy whatever happens.
Ok so here is how I see a potential double 535 correction working out for Bitcoin. Time for the whales to have a lot more fun? Honestly if I was a whale I would be pushing the price lower. At these levels the potential for high % returns is much better than at higher levels. I have been wrong before and I wont be betting my house going short, but I certainly...
We have an potential Elliot triangle which I will be watching for a small break to the upside before it reverses to the downside. This will break a major trendline and major selling pressure is most likely. Even if we see a breakout to the upside, I would be holding off long positions until a convincing higher high is produced.
OMGETH has broken out of downwards channel and looks like it could be starting its wave 3. This probably wont make a huge amount of difference to the US$ price until ETH and BTC start a new rally upwards. Then the leverage against them will send OMG price soaring to the moon ;)
I'm probably not the first to notice but there is a large bull flag still in play on the weekly chart and the 70 EMA is moving up to support. Also price is at the 0.78 fib retrace line so we could well be about to see a return of the bulls. A break to the downside could see the price cut in half again from here so either way as always were in for a hell of a ride :)
Although OMGETH seems to be back on the up. The same cannot be said for ETH and BTC in the short term. There is a large (bullish) falling wedge with a potential ABCDE triangle inside. It may be possible to scoop up some OMG for $4- $5 in the coming weeks before we break out of the triangle. I for one will have a buy order sitting there just in case it...
Me oh my there is a lot of FUD in the market right now! I am feeling it! However there is hope on the charts. Bitcoins most recent price action is forming a falling wedge, which is a bullish formation, right around the targets for the downside flags and the original H&S pattern that originally started the fall. If the wedge breaks to the upside it should put...