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Siamese Falling Wedges & a 4 Hour Golden CrossWe can see we will likely be getting a 4hr golden cros on the 4hr chart roughly 2 hours from now on Bitstamp(shown here). A quick look on the Bitfinex chart(not shown here) shows me a 4hr golden cross has already occurred on that exchange which could be why we are already seeing 3 nice green candles in a row here.Of coure it could also be in anticipation for the golden cross as well. Other bullish elements include the current falling wedge we are in(in yellow). It is nearing its apex and we can also see that it is overlapping with another falling wedge(in white). This overlapping wedge effect I haven't seen talked about before but the term I'm coming up with for it is siamese falling wedge because they are kind of fused together. Currently the most valid of the 2 wedges I believe is the yellow wedge and it is exciting to see price action trying to break above it...unfortunately right at the top trendline of the yellow wedge we currently have the historically strong teal horizontal teal line overlapping the trendline and creating a double reinforced resistance. Ultimately the kind of patterns eventually resolve bullishly so I anticipate we will inevitably break upward here...the 4hr stochrsi ah plenty of room to go up. However, I now think the breakout target is gonna be more for the wedge than it is any kind of long poled bull flag so I don't believe we will be breaking out of the bigger wedge above it necessarily but I do believe we will at least test it and we will hopefully finally break above the 1 day charts 50 ma for a bit which has been incredibly powerful resistance for a long time. Whether or not we will be able to sustain priceaction above the 1 day 50ma and flip it to solidified support I will have to wait and see how things look once we get there. For now I am at least in the immediate and semi short term long. Just my position though not financial advice by anymeans. Thanks for reading!
BITSTAMP:BTCUSDLong
by DrDovetail
3 hour goldencross vs. potential h&s breakdownbull signal vs. bear signal on btc right now...because of that this idea will be listed as neutral. We can see we have the bullish case of a 3hour golden cross that has just occured...usually leads to a bullish outcome and we can also see the 3hr stochrsi has been skimming the bottom range for awhile which means there's more momentum available to go up than down. his is also the case on the 4hr stochrsi as well (not shown here). As for the bearish side of things we have a potential head and shoulder breakdown being threatened...however the volume on the candles below the neckline thus far has not been the type you would typically see with a legitimate breakdown suggesting it could be a fakeout...also the entire h&s volume profile from the left shoulder to the right is kind of suspect as well. I'm still anticipating a fakeout but if it does breakdown the target is right around the 3hour 200ma so I'm guessing we could easily bounce right back up odd that zone if a breakdown does occur. Of course, just above the bull flag we have been in we have once again met extremely strong resistance from the 1 day 50ma and the top trendline of the falling wedge we've been trapped in for awhile. So it wouldn't surprise me if the price action decided to continue back downward and retest the weekly 200ma. As always its wise to be patient and wait for a surge in volume confirming the break one way or the other before making a decision.
BITSTAMP:BTCUSD
by DrDovetail
Augur wins most bullish chart of the day. WIll continue.Augur started its bull impulse after breaking up out of an inverted head and shoulder pattern it then went well above the projected breakout target and it was at that moment you could tell it was going to at least aim for a cup and handle or a higher high. It has achieved that higher high and not only that the enxt high to reach is a considerable rung above here...I didn't have time today to buy into the initial bull breaks on augur bu am planning on buying in if it can maintain and solidify support right at the first horizontal teal trendline. If It can, I am confident we can see a golden cross on the daily for Augur as you can see it's already fairly close an this current bullish action ahs likely sealed the deal for the golden cross. If this happens expect augur to continue to go up even if btc goes down...the next target to watch for is the next horizontal teal line above this....if the golden cross occurs...I'm anticipating we find resistance there only to form a cup and handle and then continue even higher. I will be watching for a retest of this first horizontal teal trendline first and foremost though...we need to solidify that as support to ensure the golden cross will occur firstly. If so I am definitely bullish on Augur in the enar future. It is of course currently one of the most utilized erc20 tokens after all. Of course this is my own personal opinion and not meant to be financial advice. Best of luck and thanks for reading!
RLong
by DrDovetail
Tron's the most bullish lookin chart in crypto at the moment.The 1 day golden cross is inevitable the bullish breakout of the bull flag seems inevitable too which should then also make the cup and handle breakout occur as well. A perfect triad of patterns all combining with a daily stoch rsi that has lots of room to fly make this an easy long. Golden cross should occur in the next 3 and a half hours. If it hits the cup and handle breakout target it can almost double it's price but once again a reminder that this is not financial advice ;) thanks for reading!
Long
by DrDovetail
Coin 2 Watch: Tron / Golden Cross, Cup & Handle, and BullflagDespite the current bearish outlook on bitcoin we can see that tron has a lot of exciting things currently going for it on the 1 day chart on binance. It has completed a cup and is now currently working on the handle which happens to be inside a very long bull flag. We can also see what appears to be an inevitable golden cross about to occur on the tronbtc pair which should be sustainable when you factor in the other bullish patterns that are about to trigger along side that golden cross..would not surprise me one bit to see tron stay resilient and even somewhat in the green during btcs next bear move. We can see the daily stochrsi has plenty of room to go up as well. Fundamentally this could be caused by a few different factors but I think the 2 biggest are that it was added as a pair with xrp on binance and also trx was named the first binance gold label project coin. There's likely other big developments recently too but I haven't had time to dig any deeper into the fundamental side of tron. Anyways I expect it to do very well in the following weeks if this golden cross occurs and the cup and handle triggers so while this is not financial advice I do recommend you keep an eye on it and make your own decisions on whether or not to grab any for yourself. Thanks for reading.
Long
by DrDovetail
3
XBTUSD 1 Hr Mex Chart: Volatility incoming•Been watching the 99 EMA on various timeframes, interesting how it seems to be a pretty well respected line for either support or resistance, particularly on lower TFs. Caught a nice short yesterday at $3840 looking at the 99 EMA and PA together. •Also the RSI stuck below 50 is another indicator I’ve been keeping an eye on. I’m curious to see whether that RSI level being tapped repeatedly will break for a move up, or hold strong to push price further down. The tightening up of price/smaller body candles are a sign that a big move is coming soon, one way or the other. My gut says we see a quick move up to trap some bears, but not seeing any clear signs just yet.
BITMEX:BTCUSD.P
by UnknownUnicorn2934042
A quick short to 3.6k or so after diamond top appears.we have been forming a diamond top on the 2hr chart. The last break upward to 4.1k was assisted by a 2hr chart golden cross, but now that same timeframe is forming a diamond top with the trendlines following the candle bodies...there is a slightly more obtuse diamond top on the 4hr chart that can be connected by wicks....if the diamond top by candle bodies is the more valid pattern we will dip to at least 3.7k and if the diamond top charted by the wicks is more valid then we may dip to 3.6k or so....3.6k would make for an excellent top of the right shoulder for our currently speculative 1 day chart inverted head and shoulder pattern.....the projected top of the right shoulder seems like it will likely coincide with a golden cross on the 4hr chart but the inverted head and shoulder is currently still a speculative pattern only but still one worth keeping an eye on.
BITMEX:BTCUSD.PShort
by DrDovetail
1
XBTUSD 4 hr Mex Chart: Looking for the big swingsSome nice bullish movement on BTC this morning, looking to catch a wick to $3563 or $3630 for a short at some point, but may have to settle for the $3492 equal highs we see here and previously. Watching how the next few hours go before I change anything. Also looking for short term long entries at $3282(again) or $3250 if demand shows up again, could be for a nice bounce. Ideally, I catch the longs, up to the shorts and all the way down to $2814 or $2610, but we shall see. Some sideways action on BTC could let the markets breathe, and we could see A lot of big oppourtunities in altcoins.
BITMEX:BTCUSD.P
by UnknownUnicorn2934042
S&P 500 TopI believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business. I am calling a top in the S&P 500 and the charts pretty much speak for themselves. What is most important to me is the death cross with the 50 & 200 day MA’s along with the 200 flattening out after a multi year trend. I am also viewing the current range as a Wyckoff Distribution pattern. From here I would expect a breakdown of the ice line or one last dead cat bounce to retest the middle of the trading range at $2,700 - $2,725. The 50 day MA also happens to be waiting in that area and if that does get retested then it would provide a high probability short sale entry. Same goes if we get a daily close below the ice line. When we zoom out to the weekly the picture does not get any prettier, in fact it provides very important confirmation. We broke down the 3 year bull trend line and promptly turned it into resistance. The 22 week MA has rolled down, with the price below it, for the first time since the last presidential election. This week also just closed a bearish engulfing candle. According to Thomas Bulkowski: “the bearish engulfing candlestick serves as a bearish reversal in 79% of the 20,000 examples that I studied.”(1) I have been fully out of my S&P longs for over a month and now I’m fully entered into shorts. That is due to the price closeing below the 4, 9, 50 & 200 MA’s on the daily combined with a death cross with the 50 & 200 along with a bearish crossover with the 3 & 9 MA’s. This is confirmed with the weekly closing below the 4, 8 & 22 MA’s with bearish crossovers across the board. If you would like to learn how to use moving averages more effectively then I would strongly recommend subscribing to Tyler Jenks Hyperwave youtube channel and starting with the following video. www.youtube.com (1) thepatternsite.com
FOREXCOM:SPX500Short
by Sawcruhteez