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Cryptoforecast

Ethereum - A Continuation Pattern Appears!Ahoy traders! Today I'm providing trading information on Ethereum as it is looking very interesting. A symmetrical triangle appears on the chart which is known from explosive breakouts, continuation and that it can break either way. Even this pattern is known from a trend continuation but it is also known from false breakouts which increases risks when trading it. Volume should start diminishing the deeper it goes in to the apex and volume is essential tool to confirm the breakout as it should start expanding after the breakout. The downtrend line and MA50 are acting as resistance levels for now and breakout through of them with increased volume is the first signal of a breakout. What confirms upward movement is that when the price breaks through and holds above of 0.236 fib level ($488). In case this starts breaking down then the next attractive support is $445 which is near to 0.618 fib level and is the first location to watch for reversal. The second attractive support can be found near to 0.786 fib. The danger here is that symmetrical triangles often gets people stuck in to their position because of the chance for a false breakout. Also noteworthy is that the price has been moving inside of a channel and has not been able to break through either way. Conclusion Symmetrical triangles are known from rapid breakouts and that’s why when trading it, it’s recommended to use tight stop-losses. Volume confirms the breakout and this trade should be monitored closely when trading it. Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP! If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter! Things to Remember: Stop-loss orders are strongly recommended. Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. Do your homework before investing. DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything. Yarr
BITFINEX:ETHUSD
by yarr
3
Litecoin - Back At The Breakout Level. Will it Hold?Ahoy traders! The unleashed Double Bottom Pattern reached the first resistance level at $92 and returned back to the break out level. The question for now is that will it hold the break out level or break below of it? The price is staying above of EMA26 level and is at the neckline of the double bottom pattern at $86 level which could potentially turn in to support level if it holds. EMA26 has worked as the support in the past and it's critical to hold above of it to continue moving further upwards. When EMA26 is combined with the potential support level at $86 level it offers a potential reversal location. If it doesn't hold The Neckline level and EMA26 then the second attractive zone is at $82.3 level near to EMA12. Conclusion Litecoin is showing strength on the larger scale so it should be expected to hold support levels more better and break resistance levels easier. This market tends to follow Bitcoin so it's also important to keep in eye of it as well. It can be a good idea to open a small position at this level and add more once it starts showing clearer signals. I'm expecting it to test this area multiple times on lower timeframes before establishing a rock solid support. Longer it stays at this area the more likely it's trying to push higher. Lastly the daily candlestick needs to close above of the resistance level of $89 to remain bullish. Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP! If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter! Things to Remember: Stop-loss orders are strongly recommended. Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. Do your homework before investing. DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything. Yarr
BITFINEX:LTCUSD
by yarr
Bitcoin - Safe Zone to Buy? Don't Bet on It!Ahoy traders! In my previous report I wrote about The Inverse Head and Shoulders Pattern which activated yesterday and showed significant move upwards. Now when the market is showing strength and break above of the neckline, it indicates that it's easier to break resistances and more likely to hold supports. Right now it's hovering right below of the resistance zone and leaving wick behind after receiving small rejection from MA100 level. This is area which the price is expected to test multiple times before moving further upwards. It's also in the area which isn't lucrative for trading and if you are in profit, then it's time to lock in some of them. Now when bullish momentum has been unleashed on the larger scale, then the price should be expected to form higher low which is one of the key elements of an uptrend. The uptrend consists of two things which are Higher Highs and Highers lows. Taking this in to note we can understand that if it get's rejected from the level where the price is right now then we also understand that we should search for levels that are attractive for buying again. The first attractive zone is the $7.000 support The second attractive zone is the neckline of the pattern at the $6.800. Conclusion It's important to learn to be patient and find setups that you are comfortable to trade with. When the bullish pattern unleashed it's actually good time not to FOMO in and wait for better buying opportunity. When you are trading without setups, it's like gambling and it will form bad trading habits in the longer run. Another thing to keep in mind is that no market shoots straight up, they usually build up within days and weeks. As weird it sounds like but taking trade in a zone where there are no clear setups, is actually increasing your risk. I'm still bullish on Bitcoin on the longer term and before the market can climb higher it's healthy to see a) retrace b) accumulation c) or any pattern that supports upward movement. Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP! If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter! Things to Remember: Stop-loss orders are strongly recommended. Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. Do your homework before investing. DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything. Yarr
BITFINEX:BTCUSD
by yarr
9
Bitcoin - Inverse Head and Shoulders PatternThe market is showing a bullish reversal chart pattern which is called as the Inverse Head and Shoulders. This type of pattern usually forms in the bottom of the market. On the daily timeframe the price is breaking above of EMA12 level and RSI is already above of 50 level. The price needs to hold these levels to continue upward movement. Once EMA12 crosses above of EMA26 then it's giving extra confirmation and boost to this pattern. What's important to keep in mind with this pattern is that the volume has to start expand towards the neckline and this gives validity to the breakout once it happens. Otherwise the breakout has higher chance to fail. When it breaks out of this pattern the price target should be set around the next resistance zone that can be found in between of $7.500 - $7.800 levels. This is a game of patience and having a proper trading strategy helps you to lessen your risk. Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP! If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter! Things to Remember: Stop-loss orders are strongly recommended. Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. Do your homework before investing. DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything. Yarr
BITFINEX:BTCUSD
by yarr
3
Bitcoin - Where The Price is Going Next?The market managed to recover back above of 0.618 fib level and leaving a long wick behind. This indicates that you can find demand close to 0.786 fib level. It's important to wait and follow if it does manage to hold 0.618 fib level and higher low formation which both are crucial for upward movement. the Longer it holds 0.618 fib level the higher is the chance that it's trying to push higher. The price needs to take down $6772 level to continue pushing higher and to get me confidence enough that the overall trend has changed. This can work as good entry level together with confirmed signals and partial profit target can be found around $7090 level. Main profit is around $7.400 - $7.700. If it doesn't hold 0.618 fib level then it's likely to retest 0.786 fib area. In the larger scale it's starting form inverse head and shoulders pattern. Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP! If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Things to Remember: Stop-loss orders are strongly recommended. Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. Do your homework before investing. DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything. Yarr
BITFINEX:BTCUSD
by yarr
Litecoin - Double Bottom and Higher Low formation.The chart is showing two bullish patterns which are Double Bottom and Higher Low formation. This is second time when the price visits support zone and tests it. This is important zone for bulls to defend to maintain bullish structure of higher low which is crucial for the beginning of an uptrend (read more in the educational information). Both of these patterns are supporting each other and they are often very first signals (not fully confirmed yet) of possible trend change. Educational information: An uptrend consists from two different things higher highs and higher lows . When you think two of these, then higher low is that usually gives the very first signal for the beginning of an uptrend while higher high usually confirms it. Double Bottom is a bullish reversal pattern which often occurs at the bottom of the market. The break out can be confirmed when the volume starts expanding together with the price breaking through of neckline. Patience is the key What's important to keep in mind here is that the price still needs to take down 86.7 level before able to push higher and this is level which acts as bullish break out confirmation. The price is located in the area where it's attractive to open smaller positions and start increasing it when the trend change does happen eventually. When the volume starts increasing and about to break out then 86.7 level can be good entry point for longer term investments. It's really good to wait until the market starts showing more confirmed trend reversal signals before entering with any bigger positions. Without signals or setups you end up building terrible trading habits and in the longer term it will make you suffer trading wise. That's why it's important to resist trades without setups or with huge amount of FOMO. Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP! If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Things to Remember: Stop-loss orders are strongly recommended. Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. Do your homework before investing. DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything. Yarr
BITFINEX:LTCUSDLong
by yarr