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TRXBTC Likely Bounce Soon, Start AccumulatingTRXBTC got a little over-extended and needed this pullback. As long as today's daily candle is either a red doji with lower volume than yesterday or a green candle, expect that we return to the upward trend. There was a nice bounce off the 9 EMA and now we are battling for the 5 EMA on the daily chart. It may look ugly to breakout traders, but this is a beautiful chart for a dip-buyer. The hourly chart suggests we are either in accumulation phase now, as selling volume has decreased while price has stabilized as we make higher lows on the largest red volume candles but lower highs as well. As energy builds in this zone, we will shortly see if we need a deeper pullback (perhaps to the 20 EMA) or, as I expect, we break through the 5 EMA on the daily and eventually close above VWAP (blue) ~0.00001btc to start making higher highs again. A close below 0.00008 is likely an indication that we are still breaking down, but the stochastics suggests this is near support, as we are about to see hidden divergence on the hourly.
Long
by Red_Ben
6
Just Buy Dips On CryptosETHUSD set up for a couple really easy trades recently. Buying dips with EMA's has worked well in the past, why not keep doing it? Don't get complacent, though. Do at least some volume analysis to be sure you're not unnecessarily catching knives. Stochastics on a lower timeframe to confirm your entering at new support is also helpful. The more difficult part of the trade is setting targets and stops, as these suckers are rangy. Using Fib extensions works nicely. I've added some targets on the daily chart to use while trading the hourly and 15min charts. No reason to enter a short-term trade as price approaches or just breaches these lines....I must remind myself that seeing the lines get breached is a signal to find the next likely pullback and enter, NOT A LICENCE TO CHASE. I don't like giving ideas on stops, but I will say I find candle closes a lot more useful technically than lows, so if you're in need of a hard protective stop, (often resulting in significant slippage in cryptos) managing size to make the stop looser is preferable for me. breaks below EMA's have been awful stops IME. I would much rather use volume profile, fib retracements based on candle closes, or candlestick patterns (especially on longer timeframes), as there are many false bearish signals or failed breakdowns in momentum moves THIS strong and the faster timeframes magnify this effect. Don't fight the trend, ride it.
COINBASE:ETHUSDLong
by Red_Ben
Maybe another dip of optimism on USDSince 2015, I marked the 93-93 region as the market's most pessimistic standpoint on USD. We saw reversals from this band three times before and each time with similar market psychology. Apparently, this time is no different than the others. USD index 92-93 level might again be a good opportunity to buy the dips. As it happened before, we need a driving event for the reversal, which (I hope) might be the ECB monetary policy statement this Thursday. In case Draghi disappoints the markets on asset purchase program, a firm green engulfing candlestick might close between 94.0-94.50 by the end of the week. Even further, if upward move is supported by following hawkish FED comments on balance sheet reduction and interest rates, why not consider 97-98 region again this month? Also, I don't think that ECB is really happy with the current level of EURUSD parity.
TVC:DXYLong
by CitRoN_RouGe
8