We broke out of the previous pennant and moved upwards, however we have encountered alot of resistance around the 6800 mark already.
What looks like to be playing out at the moment is a rising wedge, which of course is a bearish pattern. IF this plays out as a rising wedge then we could touch 6900, which is also the falling resistance trend from 9k. This ...
We are currently looking at a bearish pennant on the 4 hour chart which I think personally will break down and towards target of 6100-5800
For the BULL case we would need a massive rally that would smash through the red ichimoku cloud and CLOSE ABOVE 6900. Until then.. watch this space over the coming days
I think we will see a small retrace down to 6579 - 6500 range before a upwards small rally to 6800 - 7000.
Once we hit that range I can see us diving back down towards 6000 for a new low in 2018
Take a look at this daily chart, as we have now smashed through that support level highlighted in the red dotted line we could now be onway down to 5-6k region.
This would make sense with us completing a full TRIPLE correction (WXYXZ). This correction could take weeks/months to fully complete before we see anymore bull markets.
The weekly has also ...
Chart explains it all really. The daily close tonight needs to close above 7780 for the weekly candle not to be deemed bearish. At this moment of time this seems far fetched however stranger things have happened in the crypto world!
Currently we have 3 targets for bear scenario, which are labelled on the chart. If we hit that range, I will chart it again ...
Btc is currently sitting around the 7700 mark as I am typing this. Howvever with the STOCH RSI oversold on ALL charts I am expecting a small retrace down towards 7k. This would touch the symmetrial triangle support everyone is banging on about.
The current price is being held up on the daily by the Tenkan-sen (blue line) with the Kijun-sen (Red line) and ...
We have a potential for a triple bottom setup here. This is providing we HOLD 6.8k-7k support level and bounce from there. This will give me the following targets:
Short term 7.8k
Medium term target 9k
Long term targets 10k & 12.5k
If we do not hold 6.8k-7k support levels then expect to test 6.5k and maybe even 5.5k over the coming months.
let me ...
check out Ncash, it is one of the most over sold 4 hour charts today!! The daily chart is at the 30 RSI aswell.
Compare this to the last time the RSI was this low, it had a major BOUNCE upwards.
Keep tuned guys
NANO is setting up to be oversold on all charts, currently the 4 hour and below are all oversold RSI.
Providing we do not break that white support line we can bounce from this upwards and start wave 3 on the daily chart!
This all depends on BTC aswell though