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Breakout is confirmed 50 SMA now acting as support!Exciting to see we have confirmed the breakout of the wedge....wedge breakouts tend to have very reliable projected target prices and this one goes all the way to $10335. I have updated my chart to show which fib lines, trendlines, and moving averages can act as support or resistance along the way. The only EMA I have on the chart currently is the T-Line...simply because the Simple moving averages have been acting much more like support/resistance lately than the eponential moving averages have....if that changes I will certainly include any pertinent EMAs on my chart. For now we can see that what was strong resistance at the 50MA (aka the buy sell line) has now flipped to support. This is huge because if we can continue to ahve the 50 MA act as support for 4 more 4 hr candle closes that will mean we are back in a buyers market. Considering the reliability of wedge patterns achieving their breakout targets I'd say that is a high probability, but still something to keep an eye on if for some reason it dips back below it. the current resistance is a previous green fib line as you can see. It bounced down off it and then confirmed the 50MA as support after bouncing up off the 50MA a very very good sign. I'd say keep an eye on the 50MA to make sure it maintains support...if so I have a feeling the green fib line will be resistance for a very temporary amount of time and we will be back in the buyers market soon....suggesting that the second quarter of this year will hopefully be a bullish one.
BITFINEX:BTCUSDLong
by DrDovetail
Temp. resistnce/spprt update for BTC. Inverted h&s still in playEver since the bullish hammer spinning top 1 2 punch combo we've been on a nice up trend. yesterdays day candle finished strong right under the white 38.20% fibline ($10400) which was the previous 4 hour candle's line of resistance but has become the current 4 hr candle's support line. Yo can also see how the current 4hr candle dropped a wick down that bounced up off of the 20EMA. The 20 EMA(in purple) could potential be retested as the line of support for our low of the day...but the body will probably find the white fib line as its support. As far as the high of this current 4 hour candle and the high of it's body goes... it's still too early to tell but I notice we have already bounced down from about the halfway mark between the white fibline I spoke of earlier and the next fibline above it in red at the 23.60% retracement extension (10590) sothis candle's price action could be very tight we will have to wait and see if there will be a break out above or below either possibilities of support and resistance before determining whether or not its worth shorting or longing any positions. Lastly the reason this has a green backdrop is because we are still very much within the possibilities of a massive infverted head and shoulders...it is currently about halfway through the potential 2nd shoulder and still heading towards the direction neckline. Very exciting if this is a valid head and shoulders because that means as I have anticipated for at least 2 weeks now that it may be possible for a head and shoulder;s head to trigger more than one head and shoulders pattern.
BITFINEX:BTCUSD
by DrDovetail
Bulls catch second wind and bust through triple resistanceBulls caught their second wind and busted through a triple reinforced resistance line of the yellow fib line, and the convergence of the 200EMA and 200SMAs(on the four hour chart). They finally got the strength to close the day chart candle above that barrier which is a win for the bulls, Even though the candle on the day chart was indeed able to close above that barrier, it also closed as a hangingman candlestick pattern which can at times indicate a bearish reversal so it's best to trade cautiously at this time and more effectively hold and set smart stop losses if you do anything but be ready to buy right back in if you do...so probably best not to stop loss at this time...with the momentum we've had however and the fact that the inverted head and shoulders pattern usually yields a height that I indicated with the dotted line, I think there may be a chance of us reaching that price or even finding the pink moving average line as are new lline of resistance. Either direction is very possible for now so keep your eye on the incoming volume first and foremost and wait to see which way we're headed before diving into anything. Also make sure you're getting the ebst buy signals from a confluence of volume, rsi, mac d, and bollinger bands if you want to dial it in on the 4 hour 1 hour day and 30 minute charts. Cheers!
BITFINEX:BTCUSD
by DrDovetail
Yesterday's red doji was indeed a reversal sign.As I said in my last idea 4 hours ago...even though the price action of yesterday's candle did exactly as I predicted it would while forming another encouraging higher low/higher high combo(which is great for an ongoing bull trend), it also formed a red doji, coming off of a bullish pattern which usually signals a reversal and leads to at minimum a temporary dip of consolidation/retracement. Which is what we are seeing now. keep a close eye on volume, rsi, mac d, and any sort of gaps down(fortunately no gap down) on the current day's candle to signal whether or not we're in for a dip or not. If so pull out as much as you're comfortable with and get ready for the next bounce. we are still potentially in this descending wedge, the very last tip of it in fact so there's a chance it may just bounce right off the bottom of the wedge without actually having to drop much in it's price range and bounce high enough to break out of the top of the wedge and continue it's bull run...currently the price has slightly bounced off an old support line of the 200 SMA (purple line) and hopefully it is just wicking down....it hasn't reached the bottom line of the descending wedge yet so it's still too early to tell if it will go below that, but even if it does that could potential be just a wick once it closes as well....on the flip side if it's looking like this candle turns into a bearish engulfing candle I'll be taking out all of my btc and waiting for the price to correct before jumping back in.I will be watching the 200SMA(purple line) and bottom trend line of the descending wedge to see if I can find a good support zone. ...just be prepared for whatever happens, choose wisely, and make your own decisions as this is not financial advice ;)
BITFINEX:BTCUSD
by DrDovetail
BTCs 1Day Candle testing 200EMA as resistance…Tline now support?Todays BTC Candle has been wicking above the T-line(yellow line) quite a few times today which has acted as strong resistance the past couple days. It has now gone up above the t-line and touched The 200EMA(orange line) and bounced down off it a couple times today and currently, todays candle is as of this writing, still above the T-line. It's possible then that we may be back on top of the t-line with it now acting as support and the new resistance is the 200EMA(orange line) instead of the 200SMA(purple line) that served a support the last couple days. Of course we still have 2 hours left before the close so It could still close under the t-line and could still find a way to have the same lines of support and resistance as yesterday. I think either outcome is equally possible at this point or even a mixture of the 2 where the 200SMA is still the support line but the 200EMA is the new resistance. Both interestingly enough are being reinforced with different fibonacci extension lines(blue and turquoise). Being that the price has not been above the t-line on the daily for 13 days now its due. However today didn't carry much volume, RSI is neither overbought or oversold, and Mac D is only giving buy signals on the 1 hour and 4 hour so I think we may close under the tline...whichever of the equally likely outcomes occurs I'll be doing very moderate range trading, buying in fractional amounts just above the purple line and selling fractional amounts just below the orange line. Yo do you as this is not financial advise ;)
BITFINEX:BTCUSDLong
by DrDovetail
Today's Candle is Stuck Between the t line and the 200 SMAIf you take a look at this zoomed in picture i65.tinypic.com you will see that today's candle has been repeatedly bouncing up off of the 200 day simple moving average (purple) using it as a support line and also the T line(yellow) seems to be retaining its role from yesterday as the resistance line. Hopefulyl one of these bounces off of the 200SMA will give it enough momentum to close above the tline for the first time in 13 days. Now that the range has tightened it usually results in a big momentum boost one way or the other....hopefully that boost is upward.
BITFINEX:BTCUSDLong
by DrDovetail
Bears break under wedge trendline, 200ema, and possibly 200 MAThe double bullish reversal hammers on the day chart the last few days turned out to be yet another bull trap by the bears. It was first evident when the second green hammer had hardly any volume coupled with it....but far more evident once the next days candle(yesterday) began forming a bearish engulfing candle giving a solid warning to sell. The bearish engulfing candle also didn't have any volume with it the day of the candle but as expected we are now seeing a huge impulse of bearish volume today taking us even further down now below the 200SMA. I do believe however the 200 MA has responded very well in the past to having acted as a support so there's still a slim chance we may see by the end of today's candle that the candle finds a way to close back above the 200SMA. I think if you look at the biggest bullish volume swell in BTCs history (September 15th) you will see the day prior to that candle it had a bearish volume spike around the size of the 2 we've seen in the last couple days. I also think once Bittrex and Binance open their doors back up to the public and bittrex allows for more USD pairings which is supposedly on the way, you're gonna see another big influx. We may dip potentially as low as the 5000s before that occurs though. So hodl with all your might, develop nerves of steel, and remember to look out for bull traps disguised as valid bull trends. Also if today's candle does close beneath the 200SMA mI expect because of that and because this was a valid bearish engulfing candle that a dip as far as the mid to upper 5,000s is possible. I'd say its well worth laddering in small amounts at 6500 though just in case we see a reversal sooner. Very small amounts maybe 10-20percent of your expendable capital. Also lastly, also very important to make sure that whentrying to time the bounce that there's also oversold conditions on the RSi and MACD on most of the different time charts.
BITFINEX:BTCUSD
by DrDovetail
BTCUSD Continuing to stay inside Bearish Channel & above 200EMASince BTCs decline from its all time high in December you can see it hasn't gone outside of this downward channel (in green) and today so far seems to be no exception. Another extremely reliable line of support BTC has not dipped under and has in fact bounced off of several times in the last 6 years or so is the 200 day exponential moving average (blue line) on the day chart. I predict that once again it will stay above both the bottom line of the green channel and also above the 200EMA. Set your stop losses an position exits accordingly...if it falls under that line I will be exiting my position but may increase my position slightly above those lines with the anticipation that it will bounce upwards.
BITFINEX:BTCUSD
by DrDovetail
SELL ENTRY ON USDCHF CHECK IT OUT As you all can see price has been in a downtrend phase for quite a while now. Price tried to break my trendline but it receded back in the downtrend phase. Price also made a fib c on my 38 % fib level and it is now currently moving downward aggressively. My moving averages have also crossed to the downside with continuing bearish candle sticks. From all the information i perceive on my chart i believe price will arrive at 0.9858 soon. DO NOT TAKE MY ANALYSIS FOR GOLD I'M JUST A 17 YEAR OLD TRADER
Short
by A_JAY
Pennies To Thousands Material About To Breakout On Weekly CloudIn our book Pennies to Thousands we look for low price cost stocks that trade above $1 up to $8, the reason we like this type range is because there maybe some research but the institutional research is light in this area. The reason we don't include stocks under $1 is we believe there are too many stocks promotions and scams in the sub - one dollar area. We also like stocks in growth industries. This stock meets our strict standards of technical analysis like. On a daily chart: It is above the cloud, above the 50 and 200 day moving average, it is above the 8 EMA which we call the goal line, the MACD crossed, the Relative Strength Index set to 2 is above 80 and the PVT is sloping upwards and positive. On a weekly chart: It is setting up to come out of the weekly cloud. These are the type of candidates along with fundamental analysis that we look for as our potential multi baggers. In our book, which you can buy on Amazon (www.amazon.com) we have strict entry and exit rules, please read them. Thank you
ALong
by penniestothousands