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BTCUSD: Bearish on the 1D timeframe but bullish divergence on 4HBitcoin is bearish on its 1D technical outlook (RSI = 39.469, MACD = -911.900, ADX = 24.282) but on the 4H timeframe it has posted a bullish divergence on the RSI via a HL trendline, which was present on the last two Lows. Those were not bullish divergencies though as the price was also on HL, which makes today's formation even more bullish. The pattern is a Channel Down so we are now aiming at a new LH on the short term. This was priced previously on the 0.9 Fibonacci level, so our TP = 71,000. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CRYPTO:BTCUSDLong
by InvestingScope
Second target hit. Lower High made. Resuming downtrend.TP2 = 176.16 (July 29, 2017 low) hit as 1D made a new Low at 169.35 (RSI = 33.683) before it spiked to 226.94. That level was again rejected on what seems to be the latest Lower High on the 1W Channel Down (MACD = -97.260, Highs/Lows = -132.5717, B/BP = -252.1900). We are short again on Ethereum, targeting 176.16 once more and 138.61 in extension. Any upside attempt should be limited by the 273.77 Resistance (short accumulation point).
BITFINEX:ETHUSDShort
by InvestingScope
2
Wiggle wiggle wiggle... ETH countertrend to BTC correction? Technical view on ETH (find a macroview chart in update section) seems to corroborate an idea mentioned in my earlier post today on BTC (it is linked below), i.e. we might see a technically supported correction in BTC at the end of April indeed. The wedges in ETH's chart seem to equally converge towards a very pointy area of "forced decision making" by the market that coincides with a crucial fib levels - both circle and fans - as well as BTC's potential breaking point in a narrow - essentially similar- time-frame, i.e. towards the very end of April (potentially around April 29). ETH seems to wiggle itself into this pennant accordingly, with a slight downtrend bias. This bias might not be totally surprising, as BTC will likely kick it up a notch testing its long-term upper trend line before a correction as mentioned in my earlier article (linked below). So what could this mean overall? If BTC corrects as expected, substantial equity could very likely shift into ETH positions, and comparatively sudden. Both ETH upturn and BTC correction are on the cards in many a traders hands, so there could be plenty of action ahead (probably when I'm asleep, as usual). I keep these thoughts as kind of a logbook, so I can revisit later, and see what worked out, and what didn't, to improve my analysis skills over time. Obviously, you should not rely solely on this idea for your trade decisions. Research, analyse, make a decision accordingly. All the best for your trades! TL;DR: Technical indicators temptingly support expected first BTC Elliot correction wave that could coincide with major ETH upturn at the very end of April.
Long
by moontumble