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BTC Update! Bulls maintain control for nowWelcome back everyone. I was away for a long weekend and really didn't check into charts too often as I knew I would not personally be trading anything here with limited access to internet. But the bulls finally made their move and well, I'm not too impressed thus far. Last chart we discussed the bulls trying to make their break and ETH and LTC both being much stronger and making their bull breaks to new highs since our lows a couple of weeks ago. BTC has broken upwards but still remains below its high from 12/24 of $4239. ETH and LTC both hit new highs compared to 12/24 with LTC really showing its strength getting a good 9% above its 12/24 high. BTC however, remains about 5% below its 12/24 high. So BTC definitely the weak link of the 3. Positive is it has plenty of space to form another 4 hour higher low and continue to rack up some support levels. Currently bulls would love $3969 from over night to be the higher low and then to see continuation today up towards our $4239 high. Bears have given some decent volume but bulls holding relatively well here. I am back for the week so will remain patient to see how bulls and bears react today and tomorrow before deciding on my next move but happy to see some bull breaks across most all names in the space and now its wait for further continuation and maintaining some higher lows and higher highs. Bulls need to show that stair step upwards pattern and avoid those elevators back down. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
1hr head and shoulder pattern forming at end of diamond patternWe can see a 1 hour head and shoulder pattern is threatening to break the neckline right now and if it were to do so we would essentially have a breakdown of the bearish continuation diamond pattern. We eliminated the possibility of it being a diamond bottom pattern when no volume accompanied the fakeout bullis breakout and nwo it is crawling back inside the diamond pattern at the last second to be able to turn it into a bearish continuation diamond with help from a 1 hour head and shoulder pattern breakdown. The target should the head and shoulder pattern breakdown but not not trigger the diamond is 3.6k and the secondary target should it also trigger the diamond breakdown we can see is much lower...I anticipate at the very least the head and shoulder breakdown occurring considering weekends are pretty infamous for dumping. However 4hr stochrsi is alreay pretty overextended on the bearish side so I can see a rebound happening by the time the 1 day stochrsi reaches that zone as well. However it is completely within the realm of possibility for us to also dip to the bearish continuation diamond target and even to the bottom trendline of the larger descending broadening wedge pattern we are seeing...if we do indeed fall below the 4hr 50ma(in orange) for too long of a period of time that gives us a real possibility of having the deathcross on the 4hr timeframe occur again which will inevitably lead to more downside...but I am hopefully we wont go farther down than the bottom trendline of the descending broadening wedge. These scenarios are only in pla in my mind if we first trigger the 1 hr chart head and shoulders...it will be what starts the dominoes on this one...if not we may just bounce back above the 4hr 50ma but probability does not favor this.
BITSTAMP:BTCUSDShort
by DrDovetail
Ascending Triangle Formation On NZD/CADHello Traders. I present to you another tactical trading Tuesday. This time we are looking into two long positions both into a trend continuation bias. The order levels are plotted on two consecutive trades based around the 4h trend line as well as the S/R levels around said trend line. Any deviation from these projections will deem these entry levels invalidated and consequently cancelling all trading. Stops are in place as per usual based around S/R levels as well. Trade safe, Trade well.
Long
by fromzerotospyro
[ETHUSD] $75 Target Short - Descending Triangle UPDATEI have updated my most recently published analysis of ETH price movements. The descending triangle pattern is still valid and these most recent pumps have added further data points to confirm this trend. The 100 ema appears to be nearly impossible resistance for the bulls. Shorts at the 100 ema or the upperbound of the triangle have great potential. Targeting entries above 91, I got lucky and caught a few sell orders at 95+ which are doing well right now. We can also see a bearish MACD cross incoming, a bearish Stoch RSI cross and a relatively high RSI overall. It is also important to keep in mind that we are still in a long-term downtrend which the bulls have not been able to break for months. A descending triangle breakout would mark another continuation of this downtrend. If we break through the lower bound we could expect to see ETH hit $75 at a minimum. The slightly opaque box represents the last line of support ETH currently has (this extends back to May 2017 levels). A break through that box would not be good for ETH. **This is for educational purposes only, you are responsible for your own investment activities** Happy trading mates!
KRAKEN:ETHUSDShort
by Captainsmugglebutt
BTCUSD: New Range Or New Lows?Bitcoin update: Since the sharp sell off a few days ago, price seems to have found some stability. The appearance of two long wicks and inside bars certainly add up to signs of short term strength. It is a good location to cover shorts, or carefully add to long term inventory. The broader structure is now in a much less favorable position for a more significant price recovery any time soon. Although this market is still range bound when viewed from the broader perspective, it still has some room to retest the recent low of 5188. A close below the 5430 area will trigger a momentum continuation pattern toward lower prices. Before you get sucked into the hype and nonsense surrounding this market, keep in mind that the 4900 area is the lower boundary of the largest degree .618 support zone. This zone has been in play since June and still holds. This means, as ugly as the chart may look on smaller time frames, the market in general is still maintaining the price location where a broader reversal is a high probability. On top of that, the most recent sell off was basically triggered by a tweet. A mining dispute that moved the price hundreds of points in about 15 minutes. This type of vulnerability is a risk that is very prevalent in these markets, particularly since there is no regulation. Insiders can use whatever means necessary to push the herd out of positions, or worse lure them into shorts. It is how large players accumulate positions at great prices. They don't buy highs. Fundamentally not much has changed and we remain long term bullish. We have bought into the recent sell off to add to our inventory, but carefully. If price goes lower, we can handle it. We are a strong hand, and if it no longer meets our buying criteria, we will stop buying and just hold. For us, shorting at these levels (even if we could) makes no sense in terms of risk. We keep our long term and short term strategies separate. Since we are playing a strong defense, we will not take just any swing trade long trigger that appears. Short term structure now favors weakness so for us to take a swing trade long, we need to see a particular reversal structure in place. And since it requires the market to make an initial move higher, we will sit it out until it matures into the pattern that fits our more selective criteria. This helps to filter out the noise and fake outs that are highly probable at the current level. In summary, timing markets is about knowing how to adjust more than anything else. We don't operate with an "absolutes" mindset, or the losing mentality which runs rampant in this space. Our long term perspective still stands even in the face of the 6K break. We recognize the opportunity and risks and stick to our plan with our only adjustments being to increase our defensive measures. And for us that means being more selective on the short term, while consolidating our portfolio on the long term. Just like the insiders talked the price lower, they can talk it higher just as fast. You don't have to have a large account to think and maneuver like a large player.
COINBASE:BTCUSD
by MarcPMarkets
34
Good things come to those who wait: A case for retracements (UJ)Hello Traders Dollar yen has been on a rather violent bullish action the past two days after about six days of consolidation. Highlighted the major trend line that was broken on the hourly. My case is to wait on the retracement to take place back to 112.500 and trade the retest from the upside of the trend line. If price continuous without revisiting that price then we won't be boarding upon this one. Trade safe, Trade well.
Long
by fromzerotospyro
2
EurJpy. A revisit of old levels with new perspectives.On Oct 5, did an analysis on Eurjpy where the trade was triggered only 3 days later. From execution to achieving the exact Target profit was a total of 8 days. They always ask what will you do differently if you get to relive your live again or if you are young again? But the interesting thing about trading is that you get to relive redo and reenact your beliefs and mindsets within hours, days and weeks The only difference is that every trade is a new trade. Do not remember the previous winning or losing trade. Focus on the task at hand. It's a NEW trade.Full-s Key levels to formulate one's trading will be at 130.60 and 129 levels. Other levels is a waste of time.
by revelationtrading
EURUSD TRYING TO FIND SUPPORTOne more tactical trading Tuesday for your consideration: We are back once again to that 1.15333 level after a major capitulation for euro. Looking to go long again at this very crucial support zone as the buyers are jumping back in. There are wicks going as low as 1.1505 but this is only corrective movement not to be confused with the overall uptrend. Once 1.1500 is broken consider this trade idea invalid (as the sl suggests). Trade safe, Trade well
Long
by fromzerotospyro
2