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XLM/USD on verge of potentially breaking year-long resistanceContext Introduction: XLM/USD has been caught within a descending wedge (bullish) for a bit over a year now. With Black Thursday's crash, bears really overextended themselves and even managed to temporarily break this wedge's support. However, a quick rebound helped regain the validity of the support. Since bears overextended themselves and were rejected, XLM/USD has now managed to reach the resistance of the descending wedge, where it has been consolidating for approximately a month now. Consolidating so close to such a significant resistance without a significant rejection (relative to the range of the descending wedge) for such a long period of time is allowing XLM/USD to gather momentum to attempt a strong break of the resistance. Additionally, XLM has been trading within an ascending channel since Black Thursday's crash and is now near the support of the channel, allowing for room for growth relative to this channel. The support of this channel and the resistance of the wedge form a symmetrical triangle (bullish). What do the technical indicators tell us? (Daily Chart): The MACD has been below zero for approximately 20 days now. Given that MACD is a lagging indicator and with today's rise, it is likely to cross over 0 soon. Additionally, it already established a higher low (reduced probability of a re-dip). With the MACD signaling a potential crossover soon and its extended time below 0, this increases the probability of an upside break of the wedge's resistance. The RSI had been stuck in a downtrend ever since the start of the wedge that seems to have ended after Black Thursday's crash. We are now seeing higher lows and higher highs on the RSI. Additionally, the RSI barely managed to go below 50 during this recent consolidation, and has now risen to near 60. This shows that the bears were unable to garner significant enough strength to pull XLM away from the resistance. The RSI also signals room for growth. Potential Risks: If XLM/USD is strongly rejected at this resistance, watch out for a loss of support near horizontal support at ~$0.062. If such occurs, the next significant support lies at the 200D SMA (currently at ~$0.057) followed by another horizontal support level at ~$0.053. If this level is lost, watch out for levels near ~$0.04. At this point, if a low was established an inverse head and shoulders pattern could come into play on the daily timeframe, allowing a breakout of the wedge after such. Likely Outcome: Given the primarily bullish indications above, I predict a break of the descending wedge's resistance soon. If this resistance is decisively broken, expect a potential test of support (which very conveniently lines up with the ascending channel's support) at previous resistance before continuation. Potential entry: Upon successful test for support of rising wedge (~$0.07).
COINBASE:XLMUSDLong
by usubzero
$ETHUSD ascending triangle formation, breakout soon.Before we get into this idea, please note that performance is not guaranteed. I recommend doing your own research before entering any trade. Your upvotes & comments are appreciated. COINBASE:ETHUSD inside ascending triangle, apex on the first of June. Expect upwards breakout targeting +/- $245 and +/- $265. If it breaks out to the downside, supports are at $198, $195, $190 & $185. Should hold up. I'm already long. If you're not, wait for a high momentum/volume breakout or successful​ retest of the $215 R/S. Best of luck, traders. - Jelle
COINBASE:ETHUSD
by CryptoJelleNL
BTCUSD - Bull from 16th was confirmed and executed yesterdayI'd thought let me just continue this Bitcoin technical analyses and evaluate our steps from last saturday. One thing I already noticed is that our prognoses of the bull breakout after may 16th became valid. As you can see in this chart, yesterday BTC only suffered a few hours of decline, and then went up again. You can see my previous idea here that I posted on saturday (the last posted picture contains the bull breakout theory) which was a shortterm and volume based analysis. Let us reevaluate the next days of what we analysed before and see what happens to our BTC-babygirl. ____________________________________________________________________________ I'm purely a beginner in technical analysis. Please hit like, follow or place a comment. Any of your feedback is my motivation to keep going and to learn more!
BITSTAMP:BTCUSD
by AlgoSurfer
4
CLEAR ascending support on JPM - and we are lazy at it right nowAscending support on JPM - some will also identify the pivot highs calling for a triangle pattern. Keep an eye on this support level if the market gets weaker - looking for things that were already lazy when the market was strong... looking for those to then get even weaker when the market gets weak... this is a good way to find intraday setups! Hope this chart perspective helps the community xeenos trading - sending positive energy to all those watching.
NYSE:JPM
by xeenostrading
NZDUSD ShortAloha. This could be a quick play short because the recent trend and run has been quite bulllish, however... Daily - showing signs of consolidation and rejection of the 50 ema where price is hovering. 1hr- If price breaks strongly bearish and well below the 50ema, this may trigger me in. 4hr - A better consolidation for this pair to go short would be if price was below the 4hr 50 ema, however, we may be in the long ride down if the bears come into play. We can see a rejcetion and bounce right back into a conslidating pattern. It's been 3 days since any major movement and indicates this may be a good time to enter but it's okay to not rush it. Price can continue its bull rum. On a LONG note: If price can move off the 1hr and 15minute with a nice break of the ascending channel, then I will be looking for BUY entries on this! Tread lightly when placing a trade in this market. Allow for more room to be lenient with your SL. It's not always about making money but instead, how to preserve your capital! Happy trading all!
Short
by Reid_Hicks
2