Doublebottomreversal
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BTCUSD D1 chart (8/5/2019)Good morning, traders. Bitcoin has continued pushing higher this past weekend, ultimately marking $11860 on Coinbase before stalling out in supply. This is also the flag resistance and the median of the Andrews Pitchfork pulled from the July 17th swing low, July 20th swing high, and July 28th swing low. A pullback at this point shouldn't surprise anyone, but if we want the double bottom target to remain valid, then we don't want to see it break below the blue zone. However, price does not HAVE to pullback at this time. The H1 Stoch RSI has already reset more than 50% and the H4 Stoch RSI, while high, still has room to continue higher before attempting a reset.
The target based on the height of the descending wedge is $13465 while the Adam and Eve double bottom target is $13150. The D3 and weekly charts appear to have confirmed their 2-month-long hidden bullish divergence with both TFs having a lot of room to run, comparatively, in their RSI and Stoch RSI. The weekly candle closed extremely bullishly, engulfing the previous two and a half weeks worth of candles. Price has moved bullishly above the daily pivot. Stoch RSI is topped out on the daily but, as we know, can remain that way for a while as price continues to push higher. Daily RSI is only at 64, so it has a lot of room to run. While daily volume isn't significant in comparison to what was seen at the beginning of this corrective leg, it is expanding relative to where it was prior to this move up and candle spread is increasing, which is what we want to see.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
XBTUSD H1 chart (7/29/2019)Good morning, traders. Things got interesting near yesterday's close with price dropping and then rocketing back up. This was a very strong reaction out of demand at $9100 following a low volume sell off. As a matter of fact, that pop up had the largest M30 volume that we have seen since July 18th and the swing low nearly found the July 17th swing low. This led to a large, $650 spread long-legged doji printing on the H4 and a slightly larger-bodied doji on the D1.
Normally, in such a case, we would expect price to ultimately continue higher. With price finding support at the M15 pivot this morning, this is what we are going to watch for now but we have to keep in mind that we are still seeing decreasing daily volume. Until we see expanding daily volume coupled with expanding candle spread, there is no guarantee of either direction.
In printing this swing low yesterday, price has potentially set up an Adam and Eve double bottom. A close above the swing high of $11132 would confirm this and set up a target of $13180 based on the height of the double bottom. The W1 printed tweezer bottoms which generally leads to a reversal to the upside, however H4 and H6 RSI haven't yet closed above their descending resistances yet. As I have been mentioning since last week, these are the main indicators I am watching for confirmation of a possible reversal to the upside.
The D3 is still printing that hidden bullish divergence that we've been watching for a while now, so it has not been confirmed yet. But we also have the W1 printing hidden bullish divergence as well, and if this week closes higher, then we could see the confirmation on both TFs. Why might this week close higher in spite of all the bearishness running rampant on CT, TV, and YT? The FOMC is expected to lower interest rates this week. That will weaken the dollar and, as a result, anything valued against the dollar (all things held equal) should see a rise in that value.
But first things first, price needs to close above the H1/H4 pivot at $9775, and in order to do that it needs to close above the H1 21 EMA which it is currently banging against. This will pull the H1 and H4 RSI's above their resistance which should indicate continued demand pressure. I have noted a few diagonal support and resistance levels to watch. If price makes it through the grey demand zone then I will first be looking for it to bounce off the S1 pivot just below $8860. Beyond that, I will watch for a bounce off the descending red support line. So nothing has really changed from last week. All this short term movement between $9100 and $10300 remains noise.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
XVG Verge Historical Double Bottom Massive Bounce or Doom?Verge's luster has kind of worn off over the past few months (to say the least). But that does not mean it doesn't have the capability to make us money.
It's currently right around its historic 1.5 year low of 53 satoshis, going back to December of 2017.
On the weekly, its RSI is in the oversold levels hovering around 29.3.
Lower time frames show potential bullish reversal signals (constricting ema's, long sideways movement).
If you're feeling froggy, entry can be made between 53 and 60 satoshis.
Stop loss at 46 satoshis.
This could have some massive short term potential...if interest sparks.
Good luck and happy trading!
Aud Cad Analysis On Daily, Enter on Hour 4When we analyze Aud/Cad on the daily, we have left the support area and moving up. If we go to hour 4 , We have the moving average crossover and even though I have not included them in the chart , Full Stochastics has left the oversold area and the Rsi set to a 9 Period has also left the oversold area.
I included 2 Take Profits on the chart!
If you buy now you are entering on hour 4 what was analyzed on the daily chart!
BTCUSD 1H chart (6/7/2019) BULLISHGood morning, traders. I mentioned that I was cautious yesterday pending the outcome of the local TR. I said that we needed to see demand volume increasing, especially as price pushed through the descending blue resistance to signal a likely reversal, and we did. Price attempted to print a Spring on Bitstamp, but was not able to do so (price remained above the bottom of the TR support). Bitfinex actually saw price print the Spring. In both cases, the supply volume was lower when compared to the supply volume coming into the TR. This lower supply participation in this area was a great signal to initiate a long. Confirming the reversal is the expanding demand volume and growing candle spread as price has risen from that point. As a result, price has printed an SOS, is currently retesting the TR resistance as support, and will be looking for the $8175/$8200 level I believe. This will put price right into that overhead supply and at the descending channel resistance where we should look for a rejection and pullback before price pushes through the descending channel resistance. Based on the height of the channel, we should expect price to target the $9300 level. If we see price getting to that point, then I am inclined to believe that it will only be subwave 1 of subwave 3 of wave 5. Remember, I am operating under the assumption that the recent drop was a subwave 2 simple ABC correction.
Taking a look at price action another way, price is currently confirming the double bottom that it printed as it tests the peak of that pattern as support. The target based on the height of the double bottom is $8413 on Bitstamp. This necessarily will push price through the descending channel resistance which sets up the ~$9300 target mentioned earlier. As we can see, price is also printing a flag with a target of the ~$8200 area, also mentioned above, based on the height of the flagpole. The red line that price was rejected at a few hours ago before retesting resistance as support is the weekly/monthly pivot. In terms of the 1H pivots, we can see that the immediate targets are at the S1 pivot with the larger channel target at the R1 pivot. Finally, the daily 21 EMA is currently sitting just overhead at $7940. Price continuing to head above that EMA, the monthly pivot, and the 1H pivot is all bullish. Therefore, while nothing is ever guaranteed in the charts, things look a lot more bullish than bearish at this time.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
CL1!: Watch for the reboundCL1! has completed the stretch price objective for a channel breakdown at 1.382x. This price objective also ties in with an ABCD completion from the Apr peak.
You can see CL1! has formed a double bottom on high volumes and price action has broken a new SSR level on the upside.
Normally on a breakdown or break-up, we would expect to see a retest of the previous support/resistance. In this case, a potential retest would be the $61.20 level which coincides with the 61.8% retracement level.
QKC Double BottomBINANCE:QKCUSD is now sitting on strong support. As you can see it broke the downtrend and is now retesting the downtrend line. It's also formed a large double bottom. QKCBTC has never been lower (almost a double bottom as well) and I believe Bitcoin will retrace so look for a BTC bounce from here due to the USD double bottom.
Ethereum targets higher support levels after 10% gains todayIn the past 8 hours COINBASE:ETHUSD pair has gained 11.43% as the bulls took control of the market. Ethereum has formed a double bottom formation, with the price crossing the $165.00 USD resistance level, signaling a bullish momentum in the market. Breaking the upper resistance level at $177.00 USD may see ETH set a new support above $200 USD.
Add ETH!
EURJPY BULLISH TREND IN PLAY?Here we see the 4 hour eurjpy chart, with a few reasons to go long.
One is the bullish chart pattern that was printed.
Second is the double bottom that is circled in yellow.
Third is the 2 osc just leaving the oversold after giving them a quick kiss goodbye.
I am personally taking this trade, how ever its not a signal. Just an idea.
Thanks
Good results from ReckittIs this time for Reckitt to reverse and head back upto 72?
Could form double bottom reversal and head upto 87. Time will tell.
ETHUSD - Double Bottom, Or Top?Bulls may have gained the EMA 12 , 26 , and broken a minor downtrend line , but the Bears have MA 50 , 100 , and with backing by a large downtrend line . MA 100 is settling right atop the down trend line from September , and recent price action just saw MA 50 act quite quick with profit taking.
While a minor double bottom reversal may have formed near $100, there is stiff double top action positioned. Some real upward momentum is going to be needed to overcome these Bear defense lines.
To fail here would invite another $80 retest, and perhaps a firm double bottom reversal, one with enough momentum. However, a 'Chink in the Armor' here would certainly soften things up a bit.
The next few days will tell tales.
Good Luck, Traders. May you find yourself on the correct side of it.
Coast Clear to Long FBLong Facebook
I don't have fancy charts but the recent candlestick chart is clear that Facebook had completed its double bottom reversal to turn bullish. This is confirmed when Facebook went above $171 today in a continuation of the bullish pattern. Facebook also announced superb results despite the negative privacy news about it. Finally, it would appear that the political issues (shutdown, trade wars) and hawkish Fed had all cleared the horizon. My opinion is that the coast is clear for good shares to shine in Feb 2019 after the sharp downturn in the last quarter of 2018 and the recovery on Jan 2019. Sure, there are worries about slowing Chinese growth and there will be political fights over the wall but it is unlikely to slow down the recovery and the general recovery theme.
EURGBP long setupHi traders,
now we can see the beginning of a potential double bottom chart pattern at the 4h chart on EURGBP at a support zone.
This will give us a good reason to go long and trade the double bottom reversal.
A trend reversal is also posible so I will open 3 positions with 3 different top ups.
I wish yo a good trading week.
Stefan Forex
The "Bottom" bottom is in... and no one is buyingHODL today, buy Lambo next year. Want moon? You have to be bold/patient (is a virtue) when everyone else is fearful. If you are waiting here, you will never get that $3,000 that everyone so desperately wants. Here comes the short squeeze...
Merry Christmas to all you good boys and girls. The greedy will get coal in their stockings.
Your's Truly,
-racethehair