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Will Monero (XMR) hit a new all time high in May?A bullish pennant (in green) has been developing since a bounce off of support at 0.0096 in late December 2016 reaching a peak and finding resistance at 0.0167. A cup & handle pattern has been clearly identified and at first it looked as though XMR would be ready to take off in early February 2017 buoyed by the anticipation that Jaxx would be adding an XMR wallet to their multi-platform app. As news came out that this addition would be scrapped for the foreseeable future the price took a tumble below Support Line A which had been holding since November 2016. The price eventually found support around 0.0118 and from this we can see that Support Line B has begun to form which has held firm for roughly 2 weeks now. On 14th February we began to see a rapid climb up in price again, almost reaching the price level of late January, but it was unable to break through Resistance Line A (formally Support Line A), where the top line of the green pennant transects with Support Line A at 0.0137. This coincides with Bitcoin's current bullish sentiment, which despite the negativity coming out of China that BTC and LTC deposits and withdrawals would be halted on Chinese exchanges for a month whilst AML (Anti-Money Laundering) systems were upgraded, anticipation of the BTC ETF getting the go-ahead along with issues of a far greater geo-political context are encouraging a run into BTC for speculative as well as safe-haven purposes. Bearish sentiment should be prepared for however if the ETF gets rejected, and one major crypto-currency which could gain the most from this result is XMR, which unike ETH for example, is designed to be a currency, whose privacy features are far more advanced than BTC and is not currently bogged down by the infighting surrounding the blocksize debate. Now, looking at the pattern as it has developed so far, we can already see that XMR peaked in Sine 1 in September 2016 followed by a trough in Sine 2 in November. A peak occurred again in Sine 3 in January 2017 and it is here we can see the price working its way down (even though the pennant is bullish) aiming for Support Line C. All signs currently point to a much higher trough in Sine 4 (a higher low) which is a very positive sign. If sentiment for Monero holds strong we might see a break outwards and upwards of the pennant by the end of February 2017 with Line B as the support until a break through Resistance Line A is achieved. This would take us into Sine 5 - the area judging by previous price movements which can be expected as a peak price area with a pinnacle price point in May. If sentiment veers more to the weaker side we could see the price drop through Support Line B to continue the part-completion of the pennant. However, as indicated in the chart, pressure from Support Line C along with support around 0.0118 could then be the springboard which propels the price upwards into Sine 5 beyond the level achieved in Sine 3. Currently the pennant suggests that when it completes, the price it targets is 0.0185 which is in a region of resistance/support from way back in the Sine 1 time-frame. A break through this area might help propel us into the 0.0200 zone which could then very well see a new bubble in price forming as excitement surrounds where it will rise to next. Will Monero hit a new all time high in May? To be continued...
Long
by CryptoCoinNomad
1
Bitcoin and crypto trading tips #1 - Trendlines and logarithmicHi Below you can see the trendline in logarithmic view. Notice how the trend is now completely straight and lines up with the straight yellow trendline. It's worth keeping in mind that not all trends will stick to the trendline in logarithmic view. You do still have trends that are moving so fast that they never return to a previous trendline until they begin a downtrend. However using the logarithmic for trendlines view can often give a better idea of where the price is likely to return to. The price will often never return to a trendline drawn using the non-logarithmic scale if the trend is a very healthy crypto trend. If anyone has any further thoughts or disagreements about this I'd interested in hearing them. Cheers, Mark
KRAKEN:BTCUSD
by MarkLudgate
2
BCY potention movesSome renewed interest in BCY could help it get over the threshold up to the next resistance point. After that I think momentum will eventually help it get over that. Add to that the fact that the game itself will launch fully in March, apparently, and assuming all goes well with that then transactional value should help it up. I'm looking to get in on that next retrace (A) if it looks good at the time. Alternatively, it goes down before all of that and maybe we'll just have to look again in a few weeks.
BLong
by nathansonic
1
Great time to go long MoneroBest opportunity would be around 0.0125. If it goes below 0.0114, I would be selling. Why long? The reason is that Monero is the first nearly fully anonymous cryptocurrency. By the end of the year Monero will be fully anonymous and it will finally have a GUI, so that people can use it with ease. It was 2016's best performing cryptocurrency and is now traded on 3 of the top 10 western exchanges (Bitfinex, Kraken and Poloniex). It is also Bitsquare's most liquid trading pair (XMRBTC). Also, many many prominent Bitcoiners are respecting Monero's team and their achievements.
Long
by BitcoinMacro
Factom - ENTRY on breakout or retest of trendline - FCTBTC Hi, We have a pretty good probability that this trend wants to continue. i really don't like these messy trends but considering how far we went up in the last uptrend on FCT it's worth trying to get in. Entry: the first thing i'm going to do is put in a buy order at the level shown on the chart. But I'm hoping that we will get a retest of the blue trendline (shown by the green arrows) and get in there on a bounce, as this will give a better chance of our stop not getting hit (if it's under the blue trendline). Initial stop: this will be under the lowest of the current range (shown in the chart) Exit: I'll be moving a stop up under the swing lows of the daily, and on the 4 hour if the price suddenly shoots up. What analysis I'm doing: The first thing that caught my eye is that, the current section (within the right-hand yellow box) is a carbon copy of the beginning of the last up trend (in the left yellow box) The mas are both green, have crossed over, and the price is holding above them (more or less) The drop in volume is a bit worrying, but I'd take analysis on the candles over that. Each swing low is higher than the last and seems to be holding as a new support level. the price is breaking up through the swing highs It's also worth considering that we are probably in a triangle on the larger timeframe (shown in the image below), meaning we may not have far for this trend to go before we hit the top of the triangle and move back down: Good luck with FCT guys! Mark
FLong
by MarkLudgate
2
Expanse / Bitcoin - Start of trend - Buying break upEntry: I have a buy-stop in at the top of the red box. As the price has already broken above the last four candles i could buy now, but as a general rule to avoid mistakes i like to always try and force the price to break some sort of resistance before buying. Initial stop: Stop-loss at the bottom of the red box. This is under the last low of the current move upwards. Exiting: I'll be moving a stop-loss up under the daily swing lows trying to capture as much of the trend as possible. If the price moves up too fast i'll move down to a smaller timeframe to manage the stoploss. What i'm looking for in analysis: I'm really in favour of these curves (shown by the blue line), where the price gradually slows to point it can't go lower and then gradually builds up again. In my experience they deliver much longer lasting and healthy trends. the moving averages are beginning to cross and both are green (search alma in the indicators for these) The price is holding above the moving averages and creating unbroken higher lows. The volume is beginning to pick up also Let's see what happens...good luck! Mark
ELong
by MarkLudgate
2
PascalCoin / Bitcoin - Trade management 4 - PASCBTCWell, got stopped out at the red line. Entry: If we break above the top of the far right red box (the long position indicator) I will rebuy. Stop: i'll have an initial stop at the bottom of the red box. Again this is a tight stop. We've just had a pretty big drop so people must be thinking about taking profit at this point, so I'm going to consider being more cautious from now on. however at the moment I'm going to go with a smaller stop for the reward potential. the wick on the dump candle is a good sign that there are buyers around that area. At this point it's a mixture of protecting capital form any large dumps (which could make the price drop very rapidly) and attacking the trend to get as much out of it as possible while it's good. Hope people didn't get stopped out like me! Mark
PLong
by MarkLudgate
PascalCoin / Bitcoin trade management 2 - PASCBTCHey good morning, Time to get back into PascalCoin. We're going for another break after this sideways movement. It's a little messy but basically forming a working triangle pattern enough that it's worth trying it. We're getting a consolidation of the price sideways. Getting in: We're going to buy the break of the last high, as indicated on the chart Stoploss: There are two potential stoploss placements. - Stoploss B, which is the safe version. If we're going up it's very unlikely that the price will return down past stoploss B. - Stoploss A is a more aggressive stop. But if you look back at the brevious break, once the price starts going up it pops and moves for some time, almost always not returning anywhere near the level of stoploss A. With this smaller stop we get a much better risk to reward. What am I looking for? - We're going through the motions on this PascalCoin trend. It's classic good moving crypto. We're going in and out of strong upwards moves and triangle consolidation. While this pattern keeps repeating we just need to keep buying the breakouts. - the price is almost completely respecting the larger trendline (yellow) and the moving averages. (with the exception of this last triangle - which i will take as an early warning sign that the upwards structure may be about to break) Good Luck! Mark
PLong
by MarkLudgate
2
PascalCoin / Bitcoin trade management 1Going to do two things at this point. The first is bring the stop up to the red line (0.00129). This is pretty tight but would get us out the trade with a 8:1 plus risk to reward. If we do break this point there's a good change the price will want to retrace to the larger trendline (as per the blue arrow) and I'll try and re-buy at this lower price (shown by the red circle). Basically at this point with 8:1 in the bank, if we do get stopped out i will re-buy at any point that the price begins to turn back up. In this way I protect my profit and make sure i remain in the trade, with the bonus of potentially buying lower on the way down. I prefer to keep a tight stop after a moving so far from the larger moving average as when the price comes down it often comes down fast. The second thing is to buy more at the break of the current forming range/triangle (the higher, righthand long position indicator), with an initial stop also at the red line. the only problem is that at some point I want to go to bed and won't be able to manage my stops. despite being in a good trend I don't want to sell or buy without the ability to reverse that, so if nothing has happened before i go to sleep I might cancel these orders and move the stop to somewhere reasonable on the higher timeframe. Sleeping sucks. Mark
PLong
by MarkLudgate