~$11 ATOM before relief bounce?Picture paints a thousand words, if ATOM breaks the neck line of $13.3, down to $11.45 which is also the 0.5 fib retrace before expecting any bounce.
Blockchain
Cosmos Double Top and 1hr bearish divergenceThoughts on ATOM?
Cosmos still has a Double Top and 1hr bearish divergence in play
Potential Cup and handle formingIf it breaks where the fib retrace is at 0.236 then up we go, get rejected, down we go, wait for confirmation
Bitcoin (BTC/USD) Daily Chart Analysis For September 16, 2022Technical Analysis and Outlook:
Bitcoin prices completed a rebound to our Mean Res $21,600 and some more as specified on ''Daily Chart Analysis For September 9''. Currently, the crypto is in the process of revisiting our Key Sup $18,900 and completed Outer Coin Dip $18,665 with the possibility of extending to the prevailing move to #2 Outer Coin Dip. There is a slight chance for a breakout to our Mean Res $22,450.
Perfect possible Double Top into the Cosmo?ATOM/USD
Bearish Case
- Double Top can be seen (white line)
- 1hr and 8hr RSI shows a exaggerated bearish divergence
- BTC is retracing, eventually ATOM will follow to in this bear market
Target Zone
- $13.41 (neck line of the bottom of double top)
- $12.81 (0.618 fib retrace)
- $11.60 (0.5 fib retrace & start of double top)
Bullish Case
- May break higher 8hr Histogram showing reversal
Thoughts?
Possible Bear Flag for ETHPossibility of a bear flag continuation for ETH, price target would be approx. $1400 if it is to hit.
Will the Eth merge send those to sell the news after buying the rumour?
Thoughts?
Possible Double Top for LUNALUNA/USD
Bearish Case
- Double Top formed and retested at $6.42 (0.236 fib retrace)
- Exaggerated Bearish Divergence on the 1hr
- Testing to break down of the ascending support line
- MACD on the 4hr looks to be turning bearish
Target Zone
- $4.888 (0.5 fib retrace)
- $4.202 (0.618 fib retrace)
- $1.99 (full retrace) given it is a double top
Bullish Case
- Stays within the supporting trend line and breaks the ascending triangle
Thoughts?
Shorting BTC againIn our last Bitcoin analysis with our TTW (trend-time-weight) system, we clearly positioned our portfolios for a very likely steady decline in the value of BTC with a target of $20K.
Now that we are here, BTC is in a stage 4 (bearish), entering the 210 MA average on the weekly chart (the reference for a bearish market in the mid and long run). Under no circumstances should we find buying opportunities right now if an active trading approach is implemented, only if a passive approach is sought.
Since early summer, BTC has been at a support which, if breached to the downside, the token could reach $11K-$9K levels. The RSI on the weekly chart is clearly bearish, at minus 34, and the MACD is clearly showing a downtrend that we could take advantage of with a quantitative trend-following strategy.
The probability of a trend reversal is actually very small in percentage terms, because the trend should first go through a stage 1, and then stage 2, but now it is still in stage 4, and it is quite a long way off (6-12 months, at least).
In terms of all our chartist, space-temporal, fundamental, economic and manipulative analysis, the most likely scenario is a downtrend to around $11,000 in the next few months.
Of course, we never know the future, and we are also prepared for a bullish pullback even if it is a very unlikely scenario, but professionally I would not see BTC as an interesting buy until the token reaches a value of around $30 000.
Strategy:
- Sell Stop: 16.500.
- 1st Stop Loss (0.25% of our portfolio value): 20.100.
- 2nd Stop Loss (0.5% of the value of our portfolio): 22.000
- 1st Take Profit (50% out): 11.000
- 2nd Take Profit (50% out): 9.000
- Margin requirements, swaps, spreads, execution model..: Depending on the derivatives exchange you use.
ABC correction for BNB $260 or $242BNB to head to previous support if we get rejected from this area, possible target areas are $260 and $242 as levels of support
Will Litecoin Find Support?Litecoin gave up the $60's, extending as high as $66.94, before crashing back down to support again in the $50's. We broke through several key levels after global markets sold off following red hot US inflation data, which impacted nearly every market including crypto. Litecoin is currently finding support at $55.84, but appears to be hanging on by a thread. If this level gives, then we will have support again in the lower $50 handle at $51.92 namely.
'The Merge' Hangover Slams EthereumEthereum has dumped, despite the fact that the long awaited 'merge' finally happened yesterday. We have been warning you not to get too excited over this and that it would probably end up in a pump and dump. As predicted, we got slammed back to the $1400's from just below $1800. The selloff coincided nicely with a tanking stock market, in addition to gold, and bonds. We appear to be seeing strong support at $1424, confirmed by green triangles on the KRI. Our next level of support below is $1341.
Bitcoin Gives Up the $20K'sBitcoin has shown sustained weakeness, edging down, giving up the $20K's. We are finding support at the next level below at $19.5K. Several green triangles on the KRI are suggesting support here. If $19.5K does not hold then we will likely see further support at $18.6K, a longstanding level that has held strong through the toughest of markets. If we are somehow able to rally, we must first solidify $20K before establishing higher levels.
Can Litecoin Hold $60?Litecoin is holding its range after testing and rejecting higher levels in the $60's after US inflation data came in unexpectedly hot. We are currently wavering about the $60 mark, with some volatility above and below. We do not seem to even have the strength to test $61.75 the next level above, let alone make a run for $64.37 again. If we fall further then $55.84 is sure to provide support.
How Will 'The Merge' Impact Ethereum?As predicted yesterday, Ethereum saw great support at $1547, confirmed by multiple green triangles on the KRI. We are currently ranging, bouncing back and forth between this level and $1653. Recall that $1653 is the first of a series of resistance levels which extend through the $1700's. These are sure to provide resistance unless serious momentum comes through. We are seeing the anticipated lack of enthusiasm over 'the merge' which happened about 4 hours ago at the time of this writing.
Bitcoin Holds $20KBitcoin has edged lower, but is finding good support around $20K. We gave up $20.7K entirely, but are holding just above $19.5K. A wick tested this level and it held strong. Green triangles on the KRI further confirm the support here. If we are able to pivot, then $20.7K is almost sure to provide prohibitive resistance. If current levels break, then we will likely see support at $18.6K.
