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Cryptoforecast

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