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Cryptocoin
ETHEREUM ETH/USD sevaral wedges, see ETH wants to testing the triangle's resistance. Now in the resistance zone of .ATH. , near support line.
Target
620 $
ETH Trying to Change 4 Hour TrendETH bulls are following the BTC lead with a bounce and attempt at a daily higher low to stay in a tightening range.
The 4 hour chart needs to give us a clear higher low and higher high to be confident the daily support has been set.
A higher low and higher high will also get us over EMA resistance on the 4 hour currently stiffing the bounce.
It is important for the bulls to follow through today and prove the shift in momentum, otherwise it is just another lower high on the 4 hour.
Bulls only short term hope for the rest of the month is for BTC to follow through with a $6,800 break to confirm the inverse head and shoulders possibility.
Both bulls and bears can be patient while the daily charts tighten.
BTC Bulls Trying to Form Daily Higher LowBTC had a bear break to lower lows confirming another bear flag but with 4 hour RSI in the low 20s, bulls bought the dip for a solid bounce.
We are looking for a daily higher low and equilibrium to form, and with a higher low and higher high on the 4 hour, we will be confident it has been set.
The current consolidation on the 4 hour is a potential bull flag, but we are still rejecting from EMA 12 on the 4 hour.
The momentum has shifted a bit as last night was the first sign of bulls we have seen in 3 days.
The possibility of a daily inverse head and shoulders bullish reversal pattern is still alive but bulls have a lot of work to do over the next week to try and see it follow through.
Tight stop losses for bulls are using the low of consolidation.
I would be a bit patient as a bear to see how the daily chart shapes up today.
ETH Yet to See Lower LowsETH has more cushion because the last bounce was more significant.
This means while BTC is dropping to lower lows, ETH has yet to break the bottom of this dump yet.
Momentum still favors the odds to break this level until we see BTC make some kind of move that shows bulls buying the dip.
ETH Bulls need to be cautious as we are much close to the must hold daily support than BTC is.
This means we will likely break to a lower low before BTC does on the longer term time frames.
BTC has not shown us 1 sign of bullish action since our last $6,800 rejection and the momentum shift.
We cannot give bulls ANY benefit of the doubt against this trend unless they give us a reason to.
BTC Bears with Another Leg DownNot surprising to see another leg down as the last bounce attempt rejected 5 times from the top of the bounce.
The bounce just cooled off hourly and 4 hour RSI to give space for further downside.
EMA resistance on the 4 hour will be key for the bulls to look to shift momentum back in their favor.
Scouting for a daily higher low to form and give us a tightening equilibrium range.
Next support down is $6,000 as there is limited previous price level support.
Odds of a weekly bear flag will be favored as long as all the tops at $6,800 remain.
Risk to reward does not favor bearish entries down here for those late to the bear party.
ETH Testing Lower Highs for Bounce Follow ThroughBattle for EMA hourly resistance for ETH and BTC this morning.
Get over these levels and we will zoom out to 4 hour EMA resistance which are closer to ETH than BTC currently.
Very weak bounce at this point and the bulls will have to grind higher all day.
Note hourly and 4 hour RSI has cooled off enough to potentially allow for another leg down.
We have to see bullish volume to show someone is doing some buying, or we remain cautious and skeptical of the bulls.
Looking for a daily higher low to be set to set up the likely equilibrium that will form into next week.
BTC Bounce Still Lacks BullsGrinding hourly EMA resistance and trying to see the first bounce in a long time.
Bulls are building a base of support but there is little conviction for any bounce follow through.
RSI on the hourly and 4 hour have cooled off overnight which does open up the potential of another leg down.
If bulls get over hourly EMA resistance, we zoom out to the 4 hour and watch that time frame EMA resistance.
BTC ETF decision August 10th will have the bulls hopeful. We will be watching for some buying heading into the decision.
Note the ETF currently 1 share would cost $150k+ so this is pricing out a lot of retails traders and investors.
What this does do for the bulls is set a date and give bulls more incentive to hold out.
I dont have a ton of hope for the ETF passing, but we will monitor it for the next month!
ETH Daily Double low $451 Lost ETH is dumping harder than BTC this morning as the sector pulls back after one last $6,800 rejection.
4 hour RSI is oversold and hourly RSI is under 20 as we see an attempt at an oversold bounce this morning.
Hourly EMA resistance is an area shorts are waiting to enter or re-enter.
See BTC analysis for the daily pattern that MUST break bullish for any kind of bounce continuation.
Bulls need to be prepared for worst case scenario... which is a weekly bear flag.
I will go into the possible outcomes for the next 2-4 week outlook in the video later today.
BTC Rejection and DumpBTC had one last push for the bulls yesterday just after the video posted, that lasted all of about 4 minutes before a clear rejection for the 6th time in the last 2 weeks from the low $6,800s and a complete turn around to a break of 4 hour support.
This led to a very bearish overnight dump to oversold conditions on most time frames.
We are currently still trying to see hourly RSI cool off on a bounce.
Only hope for the bulls here is for a daily inverse Head and Shoulders Reversal pattern.
The more we pull back on the daily, the more likely for a daily equilibrium.
Daily EMA 12 and 26 never got the bulls cross, and the bears are back to complete control on all time frames.
It is up to the bulls to PROVE any strength to us from this point, as shorts are back to being comfortable.
ETH Bulls Looking for a 4 Hour Higher LowHealthy consolidation overnight with no red flags as the bulls for BTC and ETH both test EMA 4 hour support.
4 hour inside bar bear break was a signal further consolidation was coming.
Bulls need to change the trend back to the bulls on the hourly for our 4 hour support to be set.
Bulls still need to clearly get over daily EMA resistance for bulls to be comfortable on the daily.
If this consolidation gets more drawn out, anything on the daily over $451 will be a higher low.
Personally playing things on longer term time frames with more of a swing trade mindset.
Still all about BTC multiple tops in the low $6,800s.
BTC 4 Hour EMA Support TestHealthy consolidation since the last bull break, as the bulls look for their new base of support.
Bulls will have to break the clear 4 hour lower highs to be convinced the new support has been set.
Bulls are also holding EMA daily support and looking to maintain through a bull cross.
There has been a bull spike the last couple days just after 8 AM Eastern, but the bears two days in a row have been there to push the price back down. These spikes in bull volume keep the price momentum favoring the bulls, by not allowing the bears to get significant follow through on the pullbacks.
Currently in a long position and waiting for a clear new 4 hour higher low to form to move up a stop loss again.
$BTC - Bitcoin Weekly UpdateThe last two weeks have been good for bitcoin with some steady overall gains, and this eek we are staring with a slight retracement. However, I have a cause for concern for the long term aspects of Bitcoin at this time. The 5737 support line has been touched many times in the past and over the last month. I have a triangle drawn on the weekly chart here and my concern is that if we remain within this triangle for the next few weeks as we come to the apex we could find ourselves in a heavy decline or breakdown. As you can see the weekly candles are getting smaller and we have consolidation happening in the long term. If this continues, we may be in a descending triangle formation for the long term outlook. There is a lot of long term resistance we have to break in order to avoid this pattern from occurring. First we need to break and hold 7k. That hasn't happened in over a month. This is the first step, a big step. Two you can see we have had some heavy resistance against the 10 period, yellow line, and 20 period, red line, moving averages. These also have to be broken and held, then ascend through the triangle upwards. RSI is at 44, a bearish signal and declining and the weekly Volume Moving average has been declining steadily.
I know people do not like bad news when it comes to bitcoin, calling it FUD, but numbers do not lie. The chart itself shows the candles in a decline. Lower highs and lower lows, but this is the state of bitcoin for the long term. I am still in the game adding more fiat to my accounts ready to buy in and continue averaging down if i have to for i believe money is there to be made. Crypto is not going anywhere, were just overall bearish at this point so you play the market bearish. Buy low, sell at spikes, accumulate more wealth, you just have to be careful and wary of your trades. Be mindful and watchful every day.
BCH - Ready for New HighsBCHUSD has broken out of the downtrend channel that it has been in since reaching all time highs in Dec-Jan.
The price broke the downtrend channel between the Fibonacci numbers of 1.414 & 1.618.
We have seen a recent spike which has only retraced 23.6% which suggests we are going to have an extended wave.
The first target is at approx. BCHUSD $1269 (1 Week)
The second target is at approx. BCHUSD $1889 (1 Month)
I will update this analysis for corrections.
Feel free to ask questions.
-AB
BitCoin - Stocastics over bought!BitCoin - Stochastic indicate over bought conditions in a secular down trend = Excellent shorting opportunity!
The red arrows shows when the Stochastic indicator is over bought (above 80), corresponds with great exit opportunities in a secular decline (started Dec '17 and ongoing).
Failure to break convincingly above US$6,800, adds weight to the above.
ETH 4 Hour Descending Triangle The double bottom at support is giving shape to a descending triangle pattern.
Lower highs and a horizontal line of support are the trademarks of this pattern.
If we see just another lower high on this small bounce attempt, the range will continue to tighten.
We are on the verge of a bearish cross of 4 hour EMA 12 and 26.
Essentially bears still have short term control, but the bulls are not just rolling over and giving it to them.
Bulls have to make a convincing shift in momentum this morning or another leg down is inevitable.
BTC Short Term Double Bottom Bulls are holding 4 hour support but also have a short term double top of resistance to watch.
Clear range of support and resistance short term to be watching.
Daily consolidation at this point is very healthy and bears would need a clear leg down to gain short term control fully.
We have seen a couple pumps at 9:15 AM Eastern (less than 2 hours). Not enough to call it a pattern, but something to keep an eye out for.
Bulls taking back control of the hourly chart with a clear break of resistance would keep the potential of daily bull continuation as a possibility.
Daily chart forming inside bars to watch for a break as well.
BTC Battles and WicksBTC not seeing the normal slow grind consolidation after pumps we are used to.
Overnight has been a constant battle between bulls and bears.
We saw a couple bear pushes down that were met with bulls market buying to save the setup.
The last 2 days we have seen a pump at 9:15 AM Eastern and many are watching for it again today.
All eye on low $6,800 resistance which has rejected the price the last few attempts this month.
We do have a tightening range with the wicks on the hourly but keep in mind these wicks are triggering stops in both directions in this choppy environment. Any trade entries need to factor in the potential of this whipsaw action making risk to reward management much more difficult.
ETH Back to EMA 12 Support on the 4 HourAfter seeing continuation last night to a higher high, we have seen more significant consolidation to cool off RSI levels.
The notable difference in the previous consolidation is that it was upward sloping and did not cool off RSI levels.
This gives a "wedge" patten that often leads to a bear break and pull back.
Also worth noting the triple top on BTC which held back the bulls from any significant continuation.
Now we patiently wait, keep an eye on consolidation volume, and see if the bulls can hold this 4 hour EMA support again, just like the last period of consolidation did before the bullish continuation and another leg up.
BTC Healthy EMA 12 Support Test 4 Hour. BTC has a triple top of resistance and has now pulled back to test EMA 12 support on the 4 hour.
This support held last consolidation as 6 candles tested it before another leg up.
We were also consolidating upward in a wedge pattern which was another red flag for bulls as RSI was not cooling off.
So far no red flags during this consolidation and ETH/LTC were able to head to clear higher highs while BTC triple topped.
Bulls will potentially be looking for an entry when we have a clear low of consolidation to use as a stop level.
Keeping an eye on volume as increasing bear volume would be a red flag.
15 min trend needs to change to give us a base of consolidation as support.
ETH Waiting for BTC's lead for the breakETH does not have a clear 4 hour equilibrium pattern like BTC currently does, but it is similar.
We will look for BTC to give us a break in the near future which will likely dictate the direction for ETH.
Bulls must see the continuation we have lacked for 6+ weeks to try and change the daily trend.
This is still healthy consolidation at this point but a bear break will have us heading back down to recent lows, and will deflate bulls.
Clear support at low of consolidation to use as a potential stop for bulls, and multiple clear resistances for the bears to use with the lower highs.
BTC 4 Hour Equilibrium TightensBitcoin in a tightening pattern on the 4 hour which is showing up as a daily inside bar.
The break of this range today will dictate momentum for this week as it is time for the bulls to prove follow through or shut up.
Healthy daily consolidation so far which is a great setup for follow through, but bulls have disappointed on many occasions the last few weeks.
The current setup will allow for a trade entry on a break in whichever direction, keeping in mind we have been seeing some fake outs.
Clear higher lows and lower highs to use as stop levels for those wanting to keep a tight leash on the trade.
Lots of patience waiting for this break, likely sometime within the next 8 hours or so.
Watch for volume to indicate potential follow through when the break occurs. Be skeptical of a low volume break.
