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Harmonictradingincrypto

Potential BULLISH Reversal in LINK/USDTHey all, A bullish BAT pattern has just completed in the Daily chart. It seems like we got an initial reaction. There might be a short term reversal depending on the price action in BITCOIN. If you haven't seen my BITCOIN harmonic analysis yet, check it out. I believe that it is not a time to be greedy. So, I am looking for a modest profit in this trade. I will put my first profit taking around 20 MA which is also very close to the 0.236 retracement level. I'll then watch the price action in BITCOIN and LINK to take the rest of my profit. I'll have a very tight stop-loss. This chart has a very tight PRZ. A break below the terminal candle is a sell signal to me. I'll cover my position if that happens, and look for an entry around 200 MA. Let me know what you think!
Long
by TableLamp
5
Is more DOWNSIDE coming for the BITCOIN?Hello everyone, Before sharing the harmonic patterns forming/formed in altcoins, I wanted to share with you my BITCOIN analysis. Because everything happening in cryptocurrencies tied to BTC. A few weeks ago, I detected a Bearish CYPHER pattern in the weekly chart of BTC. The pattern completed on August 1st and BTC sold off very aggressively subsequent to the pattern completion. This means two things: 1) As a newbie, I am getting better at harmonic analysis. 2) This BEARISH CYPHER pattern should be taken seriously. Right after the aggressive sell-off, bullish trend wanted to continue and tested the $12,500 level. As you know, harmonic trading requires an active trade management. One should look for confirmation patterns/candles following the pattern completion. One classic pattern formed following a BEARISH CYPHER pattern is the HEAD-AND-SHOULDERS pattern. Take a closer look at the BITCOIN Daily chart now. Look at the region following the pattern completion. What happened next was a breakout to the downside after the completion of a HEAD-and-SHOULDERS pattern. So, first, we saw a very aggressive sell-off right after the pattern completion and, then, a breakout to the downside after the HEAD-and-SHOULDERS pattern completion. These are the signs telling us to take this BEARISH CYPHER pattern very VERY seriously. So far, everything goes according to the plan. As long as we don't break above the downward trendline, the bearish play is ON. First level we should watch is the 0.382 retracement level at $9,150. Another factor that supports the importance of this level is the fact that 200-MA is right around the $9,150 level. I should also note that weekly 200-MA sits around the 0.618 retracement level which is around $7,100 (My chart doesn't show the 200-MA since I am price data from Binance. If you pull up a chart from another crypto exchange with price information going back further, you can view weekly 200-MA). It is very hard to predict when things will happen in complex systems. But we can always analyze and make an educated guess, right? Considering how this pattern has behaved so far-- it sold off aggressively subsequent to the pattern completion and a breakout to the downside after a HEAD-and-SHOULDERS completion-- we can say that this pattern completion shows all the classic signs. Therefore, I predict that BTC will peck the $9,150 level this week or, probably, next week. I make this prediction by looking at Fibonacci time analysis. This pattern, if completed next week, would be perfectly symmetrical. It is totally okay for a pattern to be asymmetric around the B point. However, when things happen sooner, price action needs some time to rest and gather momentum to continue to its trend. It is common for patterns completed early to wait for the XB = BD moment to continue to its reversal move. Here is another classic SIGN. Finally, considering the desire in DXY to move higher, more DOWNSIDE in BITCOIN is more likely than not. Therefore, traders chasing profit in altcoins should know that they have a very brief window and less room for profit than usual in the altcoin market. I believe that one with tight stop-losses and less greed can still make some profit in this market. I always appreciate constructive feedback. Thank you!
Short
by TableLamp
3
A Potential REVERSAL in ANKR/USDT to the UPSIDEHello everyone, I am an enthusiast of harmonic pattern trading. I have been studying harmonic trading for a few months now. Therefore, I am a total newbie. I believe that I spent enough time in the library and it is time to publish my ideas and get feedback on them. This first idea is about a Bullish BAT pattern that I found in the ANKR/USDT pair in the DAILY chart . Let me briefly tell you why this pattern looks promising to me. 1. Pattern completion is NOT premature. Scott Carney, the guy who is now to be the founder of "harmonic trading", says in his book that time from B to D should be at least at 0.382 of the time from X to B. My experience so far agrees with Scott Carney's suggestions. Patterns I have found with D points before or right at 0.382 of the time from X to B are almost always failed patterns. With that said, you would want the pattern to be ideally symmetric. This pattern, on the other hand, is not symmetric, it is not mandatory. 2. The Potential Reversal Zone (PRZ) is tight. The three values that determine the PRZ, which are 0.886 XA, AB=CD extension, and BC projection, forms a tight PRZ that provides a less risky trading setup. 3. Once the prize enters the PRZ, we get an initial reaction, a "tail candle" BUT! We didn't get a quick upside bounce?! It is right. Although, if you take a look at the BTC .D chart on 4-hour chart, there was another bullish pattern for BTC Dominance. We got out of that just a day or two ago. So, you can't expect altcoins to reverse sharply to the upside in an environment where the BTC is dominating the market. The good thing for ANKR is that it stopped its downward move just below the PRZ and the DEMAND at that level is stronger than the SELL pressure. 4. The RSI is also showing a bullish divergence with the price action. This is also a positive sign of a potential reversal. As Scott Carney says in his book, harmonic pattern trading requires active management and I have a few things to say on that, as well. To me, there are two major trendlines to watch during this reversal. The first one is the green-dashed trendline with a positive slope. We should first break above it and should stay above it. As long as we stay above it, it means that the reversal move is ON. The second is a resistance trendline of previous highs. This trendline is not very far from the 50 MA which increases the importance of that area in the chart. However, if we can break above the red trendline and it becomes support, then the price can go higher. Considering the desire of DXY to move to the upside, I don't know if ANKR can go up till the 0.382 or/and 0.618 Fibonacci levels. To me, it is strongly tied to the move in DXY and the correlation is negative. However, there is still a chance of good profit in this setup. The most likely scenario to me is that ANKR touches the 50 MA which is around 0.010. I hope you enjoyed it. I appreciate your constructive feedback and criticism.
Long
by TableLamp
1
I am looking to Exit Crypto for good at this markBTC has proved itself to be very harmonic. Presenting multiple harmonic trading opportunities. It has also proven to follow the precious metals futures model I have outlined in previous posts. This model has been very accurate and predicts a leg up here followed by painfully slow death spiral. It has been a very fun ride and I have made some money but it is time to transition into other markets imo. My price target is the .618 retracement of the previous run around 7500 this may change depending where we get a bounce at. If I am wrong I will be that guy buying BTC at at 10k+ and only getting 100% return when I could have got 400%. Strategy: Short term bullish
BITFINEX:BTCUSDLong
by Gweilo
6