Counterparty [XCP] - The exponential late bloomerGood evening dear followers,
Tonight I provide you my favourite investment for the coming week(s), namely; Counterparty . With the growth of the whole altcoin scene it is inevitable to predict growth in specific altcoins, though I still try to stay rational and seek for undervalued beauties. In this case we stumble upon Counterparty. As to be seen in the chart, the longterm wedge is being broken (purposely drawing the line through unnecessary wicks/daily (shakeout) closes due to irrational market behaviour. XCP has not gotten off the ground yet, and is mainly awaiting to be fuelled by positive news that is occurring at the 22nd of May. On this day, Counterparty will execute a hardfork which will add several features including a massive transaction cost reduction throughout the chain. On a further note, SEGWIT seems to being added in the near future. Bear in mind that these two fundamental news, will form te foundation of Counterparties' extreme incoming hype, which will result in massive volume increase as well as a surge in prices. First target is the first fib target, from there retrace before the next legs up will occur.
I hope to have informed you properly enough, may you have any questions feel free to drop them in the box below.
Trade cautiously and may the profits be with you.
Kind regards,
Gabriel Molenkamp
Appendix
counterparty.io
Exponential
XBIT - Remember our exponential ride in the fork?If you where not on the ride with us, check out the chart and trade here:
Here we are, back in the reality where markets don't grow to the moon...or do they?
Below the blue centerline, there is some more to pick up (...thinks the guy who want to buy big).
Therefore, price will probably go south some more points, before it finds support neart the white/blue up sloping Median Lines.
Let's prepare for the observation, keeping this guy in mind.
If I don't see it, please give me a heads-up...or just kick me where the sun don't shine §8-)
P!
Ethereum vs DASH comparison - Mindblowing fractal?Looking at this comparison, the chance is- based on the wonderful fractal comparison that Ethereum may breakout into new all time highs. As Ethereum currently is bouncing on its previous ATH dating back @ both March and May '16. If it is able to hold these levels, exponential growth seems plausible.
remember however, that MM's are relentless and since ETH is extremely liquid, it might need some more time before taking off (also being reliable on the current BTCC & BTCU fork situation). This however does not mean that this beautiful chart isn't one to watch closely.
WAITING FOR THE BREAK! :)
Trade cautiously & Kind regards,
Gabriel Molenkamp
USDJPY on flat wedge, and crossing of 200 and 50 EMA on 4hr TFUSDJPY's 200 and 50EMA lines have crossed on the 4 hour timeframe indicating confirming that there is a downtrend. In addition to this, if we go down to the 1 hour timeframe we can see that over the past 12 hours, the price movement is forming a flat bottom wedge (similar to the wedge that formed before the FED rate hike and price fell). The flat bottom wedge acts as double confirmation that price is going to be bullish, giving a good opportunity to short USDJPY.
TradetoStart Week 8: USD/CAD longWe will wait for a little pullback to the 1.40 level and buy from there.
This pair is ALL BULLS.
Baidu Bounce to $240Short term bounce setting up. RSI and stochastics are almost oversold and there is some bullish divergence when looking at the MACD. Also 200 EMA is just below the current price along with support that has been in play for a while. Currently trading right on the 0.382 fib retracement. Anything could happen but it looks like BIDU is setting up
US Oil Short From Bullish Flag; High Risk:Reward RatioUSO has broken it's uptrend a few weeks back, and since has been heading violently lower with no signs of stopping, at least not yet. Not in my eyes. I had a plethora of converging indications, so I've marked them in the chart A - F, and then explained my trade setup. Good luck.
A) RSI has broken above the 35 level, but this is likely because it bounced a bit from being oversold. It remains below 50 which is a bearish indication and still has resistance at the 40 level.
B) The cream of the crop. B marks the head of a head and shoulders pattern in USO. You can see when the neckline was broken here, while simultaneously breaking a series of important EMAs, USO began it's slide. We would expect some sort of throw back to this neckline. This will be important in our trade setup later.
C) Here is our bearish flag and Andrew's Pitchfork. You can see the slight countertrend movement off the lower bollinger band, and what now looks to be a hanging man. This entire move up is hitting resistance in the pitch fork, as well as the flag formation, and has formed entirely on declining volume. That's not a positive sign for continued upward momentum.
D) PSZ (Prior Support Zone) from way back when. I'm expecting a move down into this zone where it will coincide with support at the lower BB or lower median pitchfork line. We may get a bounce down here, or more consolidation.
E) Volume Decline Throughout Bear Flag
F) Declining & Still Negative MACD
The one thing I didn't like here was the RSI, and that the weekly chart shows that we may need a throwback before extended downward momentum. This is where that neckline comes into play. We may very well see a throwback to the 66 area before we are awarded with any serious downside momentum. However the weekly RSI is also in a downtrend, reinforcing our bearish outlook. I'm short a directional diagonal on this play, to take advantage of Theta decay, and let oil slowly drift lower in my favor until we reach that prior support and I debate what the next play will be. More downside, or a retracement? Maybe a renewed uptrend? Who knows?
