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$BTC - Bitcoin Weekly UpdateWe have broken my previous downtrend line for the better which is a great sign for bitcoin. Seems we have consolidated enough to see a positive breakout and have been holding over 8k for most of the week with some healthy drawbacks. On the daily we are in overbought conditions so i expect we see a little consolidation starting this week, but we have to hope the bullish trend continues. We are seeing some resistance at the 50 week moving average so this is the next hurdle we need to break over this around 8.3k and hold it by the weeks end. If this can be achieved then we aim for 10k to break the higher high which may not occur for a couple of weeks but with the volatility of Bitcoin its possible in a shorter time frame. The top bollinger band is around that area which tells me its in the realm of possibility.
by UnknownUnicorn2091450
ETH Channel on the DailyWe have been trading in this daily channel for a month, and if you apply it on the weekly chart it is a potential bear flag. Lose the daily higher low pattern and the odds of a weekly bear flag will increase significantly. Still weak and correlated to BTC, having already dropped to an hourly lower low on this bounce attempt while BTC has yet to do so. 5 tops in the $484s and bears are incredibly comfortable as long as they are resistance. If BTC loses the daily higher lows, we are looking for ETH to head back down to test recent lows in the low $400s. Further consolidation expected today as BTC has a potential 4 hour bear flag.
COINBASE:ETHUSD
by TheChartGuys
4
BTC Potential 4 Hour Bear FlagBTC has absolutely no volume on this bounce attempt even with a 4 hour inside bull break. The 4 hour chart is a potential bear flag and if we lose hourly higher lows we will likely confirm it. Bears are comfortable in the short term with the top of the bounce as a tight stop level. Still healthy consolidation on the daily and likely to see another declining volume day today. If the 4 hour bear flag is confirmed we will likely see hourly RSI oversold again and if 15 min RSI is under 25 with hourly RSI as well, that is when I get interested in an oversold bounce. Bulls will have to get over hourly EMA resistance to prove any bounce strength.
COINBASE:BTCUSD
by TheChartGuys
9
LTC - DEAD?COINBASE:LTCUSD chart is looking bearish. Rating: Neutral Since Reaching All-time highs COINBASE:LTCUSD has gone through complex corrections and tried to end the corrections with a new wave count at Pivot Point $100.20. LTC did complete a 5 Wave sequence which had a terminal point of $251.90. LTCUSD then began a ZigZag Correction. The correction should have ended at $110 which was a strong support level. But it was a head fake, LTCUSD looked like it had finished and was beginning Wave 1 of a 5 wave sequence but it abruptly failed and crossed the $110 key support level. LTCUSD is trying to make the turn now but the price action is still looking weak. So, is LTC Dead? Next Key Support Level is between $30-$50. -AB
COINBASE:LTCUSD
by FibMarketWatch
ETH Recovering a bitETH is testing 4 hour resistance highlighted in the video yesterday. ETHBTC has bounce overnight a bit as the consolidation was not as significant as BTC and the bounce has a higher % gain. There will be short term opportunities to capitalize on the ETHBTC oversold bounces but if you are swing trading continue to watch the daily chart of ETHBTC to look for the trend change. Bulls have a long way to go before the daily and weekly chart is anywhere near as bullish as BTC currently is. It all depends on the time frame for your trade as to which name to be looking at. Watching for a break of this tightening 4 hour pattern today though we may stay inside this equilibrium for some time.
COINBASE:ETHUSD
by TheChartGuys
1
BTC 4 Hour Equilibrium Watch Yesterday in the video we had 2 scenarios... 15 min EQ breaks bull and gives us our 4 hour higher low. 15 min EQ breaks bear and further consolidation needed to find the low. The bulls came out on top and now we have a 4 hour equilibrium. Watching to see how the daily inside bar breaks with this pattern for more short term clarity. There was some confusion from the video yesterday where I am getting lots of messages on why I think the top is in. Saying my weekly target is hit and I am now more cautious does not mean I think the top is in... it means I am establishing my game plan to not give back my profit in case it is. We still have no red flags for the bulls at this point and I still have a partial BTC swing position on.
COINBASE:BTCUSD
by TheChartGuys
12
ETH Tries to gain small victory vs. BTC After continued laggard action and weakness vs. BTC on the move up, we are seeing the ETHBTC chart get very tight in a bounce attempt. We may see a bull break there which just means we are seeing ETH pullback less than BTC does during healthy consolidation. Often times people forget that both coins can be going down but the ETHBTC pairing chart can make bull moves if ETH declines slower. We are still in a tightening daily range with a weekly chart that is ugly compared to what BTC has done the last 2 weeks. Without a fundamental catalyst I expect BTC to steal the attention of traders like myself as long as this ETF decision has yet to be made. I will need to see the ETHBTC daily chart change the trend to change my game plan.
COINBASE:ETHUSD
by TheChartGuys
4
BTC Scouting Morning 4 Hour Higher LowAfter seeing a 4 hour inside bar with a bear break we are now seeing healthy consolidation. The increasing bear volume on the loss of the hourly higher lows is notable. 15 min oversold bounce attempt currently underway and without a $100+ move it will be another sign of a shift in momentum towards consolidation. 4 hour EMA support still stands, and we are seeing healthy daily consolidation with an inside bar likely. I personally exited half of my remaining position at $8,384 as my weekly target for the trade was hit and we had not seen hourly or 4 hour consolidation in a while. I am waiting for a new 4 hour support to form today and I will exit the remainder of my swing when it is lost.
COINBASE:BTCUSD
by TheChartGuys
11
ETH Bulls Respond but LagSolid move up this morning in response to the BTC breakout, but still lagging behind big time. We are looking at a BTC dominated market and narrative as long as the ETF topic is on the table. Bulls must keep up higher lows and higher highs on the 4 hour chart to continue to head back towards recent highs. ETHBTC will have to change the trend on the daily time frame for these bounces to hold any weight, otherwise we will just see these moves given back for the inevitable BTC consolidation. I do not expect this alt/ BTC relationship to change any time soon as we have multiple weeks before we get more ETF information, either a decision or a delay.
COINBASE:ETHUSD
by TheChartGuys
1
BTC Bulls Punching Bears in the MouthBTC exploding up overnight trapping shorts from the push down yesterday to $7,600. We are seeing daily RSI break 70 for the first time since all time highs. There is a very clear sentiment shift as more and more people get hopeful for the ETF to be approved. Alts continue to get crushed compared to BTC strength. My visual target on the weekly was low $8,000s and here we are, so I am looking for clues as to what kind of continuation we could see. I will keep my swing position as long as 4 hour higher lows are maintained. Bulls should not be looking for entries up here. The last 3 15 min oversold RSI have been great entries.
COINBASE:BTCUSD
by TheChartGuys
10
BTC Daily Bull Flag ConfirmedVolume spike this morning as bulls went for a V-shaped recovery from 15 min oversold bounce to higher highs. We were looking at $7,777 resistance on the daily as the next level so technically we have a double top with this resistance. This now allows bulls to move my stop levels up to under $7,200 daily higher low. Notice the shift in sentiment, we used to see quick bulls moves then constant slow fade giving the move back. Now we are seeing bear pushes not able to knock the 15 min RSI far below 30, and then slow and steady buying of the dip for hours after. Looking for the bulls to keep 4 hour higher lows and see a nice uptick in volume today.
COINBASE:BTCUSD
by TheChartGuys
5
$BTC - Bitcoin Weekly UpdateWe find ourselves at a critical point in my opinion on Bitcoin, will we break and hold over $7500 this week. As i have said the past weeks I fear we are in a descending triangle and we find ourselves at the top of the triangle here this week, though resistance is holding at the 20 week moving average which is the red line on the chart here. To break the pattern we need to see price come above this, and hold above it by the end of the week. If this is accomplished, the long term health of Bitcoin. We still have strong support at 6k in the long term so if we do retrace and hit 6k a fourth time , i'm unsure if it will hold. We have seen the breakout on the third bottom the last few weeks already. As of today we are in the 7500 range, hope for continued support.
by UnknownUnicorn2091450
ETH Fade ContinuesETH continues with 4 hour lower highs and lower lows while BTC holds up strong. This is causing ETHBTC to get extremely oversold, and for the daily and 4 hour charts to significantly lose favor for bulls. It is becoming more and more clear BTC has the attention of the market right now and ETH is a prime example. I personally would only be looking to play ETH bearish and stick to BTC for bull plays. We will watch for a change in the 4 hour trend to try and make it back towards $500, but bull volume is non existent. This is an example where logic and some brainstorming led to a correct assessment of how the market could behave in light of the ETF date.
COINBASE:ETHUSD
by TheChartGuys
BTC Continues to TightenWe are seeing BTC test and hold EMA 12 support on the 4 hour and daily inside bars form. This is still extremely healthy consolidation and the fact that we are still holding up here is a testament to bullish strength. Bulls are sitting pretty as a bear break leads to a daily higher low and a bull break leads to continuation to $7,777 resistance. Notice the continued fade on other coins while BTC holds up strongest. The theory of the ETF having an impact on lack of profit taking is clear. Any entries on bull breaks should have short term mindsets and be day trades at these levels in my opinion. For longer term positions bulls want to see some healthy daily consolidation. Currently patiently holding a solid piece of BTC as a swing position core and waiting for clear setups to trade available cash.
COINBASE:BTCUSD
by TheChartGuys
14
ETH Has Clearly Weakened ETH has consolidated much more significantly than BTC, losing 4 hour EMA 12 support. The pattern drawn here is a potential bearish reversal Head and Shoulders to be keeping an eye on today. We will likely need to see BTC break the low of current consolidation to see these supports break and the uptrend lost on the 4 hour. I am personally staying away from ETH for now as there was the negative article highlighted in the video and the correlation to BTC clearly favors bears the last 2 days. Always check in on the comparison charts ETHBTC if it is not clear visually to you just looking at the charts. Until some coins start forming some up trends in their BTC pairings, I personally will stick to BTC. If I could play it bearish on Coinbase I would short ETH on any BTC weakness.
COINBASE:ETHUSD
by TheChartGuys
4
BTC Bulls Cooling off 4 hour RSIAfter a big day yesterday, we are seeing healthy consolidation cooling off RSI levels and allowing EMA supports to catch up. Note the 4 hour RSI was one of the highest points in history in the 90s after we saw the last leg up last night. This is very notable as even at all time highs we did not see the RSI do that. we will now look for a base of support and higher low on the 4 hour to be set today. Last 2 of the 5 min oversold bounces have seen solid returns for short term bulls. Lots of bulls will be looking to reload, add or initiate a position on some healthy consolidation. I personally will look to do the same to add to my core swing position. Only red flags will be notable bear volume and dumps to extreme RSI levels without bulls buying the dip, which is certainly not expected any time soon.
COINBASE:BTCUSD
by TheChartGuys
8
ETH Following BTC Consolidation Very healthy consolidation as we look to EMA 4 hour supports if we see further pullback. Only red flags will be increased bear volume. This setup is ALL about BTC and clear $6,800 resistances, so attention should be there just as much as ETH. When bulls show up for the resistance test it will be fast and out of nowhere. Expecting a test sometime within the next 24 hours. Currently a patience and waiting game as those that do not have positions and do not want to chase a bull break are looking to add on this consolidation.
COINBASE:ETHUSD
by TheChartGuys
1
BTC Bulls Healthy Consolidation Slow and steady pull back, no red flags of bear volume, EMA support on the hourly being tested. Even if we consolidate like this for the next day or two the bulls are still very close to resistance and bulls can make their move any minute. Lots of bulls are looking to add on consolidation just based on our group alone. EMA 4 hour support if we pull back to lower lows. So far the ideal scenario with the bull flag highlighted in the video is potentially setting up. Still holding a swing position and not going to exit unless daily higher lows are lost.
COINBASE:BTCUSD
by TheChartGuys
3
Scouting ETH Daily Equilibrium Bulls have some nice momentum to start the morning after a 4 hour bull flag is confirmed. Bulls have short term momentum as long as the 4 hour uptrend is intact. If we lose the 4 hour trend, we look for our daily lower high, and equilibrium to form. 4 hour RSI levels for ETH and BTC make it unlikely bulls are able to just head up and break the daily lower highs, still needing 4-5% ... but it is possible. ETH bulls should see significant follow through if the 5 tops on BTC at $6,800 are broken. This will be a GO signal for the bulls. That is THE level to be watching this week!
COINBASE:ETHUSD
by TheChartGuys
1
BTC Bulls Control the MorningBTC Bulls confirming a 4 hour bulls flag and hitting the $6,500s target where we were visually looking for a daily lower high to form. It is still a possibility to confirm the drawn bullish reversal inverted head and shoulders, but it is not the likely scenario in my opinion. The reason for this is because the 4 hour RSI is already 70, and we still need 5% to get to resistance. We would need to see 4 hour RSI in the 80s for the bulls to see a breakout in the next few days. Still looking for a daily equilibrium as the most likely scenario. Liking the shorts continuing to climb as it will be more fuel for the bulls if we do get the break causing a bit of a short squeeze. Bulls still have some hope! I personally will be utilizing all my cash in BTC and ETH if we do see this $6,800 break.
COINBASE:BTCUSD
by TheChartGuys
10
$BTC - Weekly UpdateThere is not much more to report than last weeks as we begin this week with a smaller red candle once more still under the 10 week moving average and still within this possible descending triangle. BTC has been week in volatility and moving overall sideways for weeks now so there has not been much movement at all. It feels like its stuck not moving much in either direction. We still have a lot of resistance above to see a breakout so unless we see people start to really buy, and im talking heavy purchases, we will continue in this fashion. Yo can say we are in a consolidation period, but I believe as investors, everyone is waiting to see where we go or people are afraid to enter in positions at this point. i have funds on reserve whether or not it dips closer to 6k which has been a strong area to buy and i keep watching to see if we will hit that area again. We have come close but on the daily bouncing between 6.1k and 6.4k on average.
by UnknownUnicorn2091450