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Higher low? Or breakdown confirmation of rising wedge?We have to dip under 6.8k to forma lower low and hand control back to the bears. If not we will simply form a higher low. There's a chance we can bounce back up into the rising wedge but if this current 4hr candle closes here or lower there is a very high probability it will trigger the breakdown that can potentially send us back inside the weekly descending triangle pattern. Let's hope by the time it reaches the 1 day 200ma that we see a bounce it seems like once it gets there the 4hr rsi will be hitting the oversold zone so a bounce there is possible..however if the breakdown from the rising wedge is triggered it will only be a dead cat bounce at most. Hopeful that we bounce up from there and prevent going back into the triangle.
BITFINEX:BTCUSD
by DrDovetail
Inverted h&s break out target of 7230 hit. Higher high achieved!Usually right after we hit a higher high we see a lower high and while I think considering we are still finding resistance at the much larger/longer inverted head and shoulder neckline we will likely dip down for another higher low here. before we finally break the neckline of the larger inv h&s. I think odds are good if we see that higher low form that we will most certainly trigger the 1 week charts descending triangle pattern...if so we will be bullish in a very big way as long as we can stay above the 1 day charts 50ma like we have been continuing to do we should trigger that breakout. Very hopeful for what Q4 might brig in btc.
BITFINEX:BTCUSDLong
by DrDovetail
Great sign for bulls we've achieved a higher high on 4hr chartWe seemed to have confirmed the bullish break upward from the symmetrical triangle we were in (in pink) the target for a breakout from this pattern is in the 7.3k range. However Now that a higher high has been achieved if we were to have a sudden downside here before reaching that breakout target it would likely only form a higher low and then continue going upward. Immediate lines of resistance to keep in mind that could prevent us from reaching the breakout target is the 4hr 200MA (shown here in blue) and the 1 day charts 50ma represented here by the orange hyphenated line, as well as the psychological resistance of 7k. All 3 are worth considering and keeping a close eye on price action once the candle tries to test any of these 3s resistance. However should this breakout be confirmed I think we will see a climb to the 7.3k region before the downturn occurs...we may even send a wick above the old inverted head and shoulders neckline before hand too. Must be ready for bullish or bearish outcomes to play it safe though.
BITFINEX:BTCUSDLong
by DrDovetail
A break upward from here would solidify the higher low at $6250 Unless this becomes yet another fakeout the price action appears to be ready for a break to the upside which will confirm the higher low and at the point we will be looking to establish a higher high (above 6.9k) to continue the pattern and officially hand control back over to the bulls. if we were lucky enough to achieve a higher high on the next leg up then odds are very good at that point that we will be seeing btc finally break upward out of the 1 week descending triangle pattern we are in. Of course even after achieving another higher high on the 4hr chart that would still give the bears as many as fourteen days to send it crashing back down inside the triangle but probability much more highly favors a confirmed breakout. So far the recent ETF rejections haven't caused the price to dump too much but still something to anticipate the possibility of. I think most people see the big ETF to focus on as the Van Eck ETF which won't be decided on until somewhere around around September 23-30th.
BITFINEX:BTCUSDLong
by DrDovetail
big rejection @ 1day 50ma bck inside the 1week dscnding triangle Couldn't get above the 1 day 50 ma or the 4hr inverted head and shoulder neckline they were double reinforced resistance and we now find ourselves back inside the 1week descending triangle pattern. We are nearing the apex of this pattern so I anticipate a break out of it eventually and most likely a bullish break though we may see a bearish breakout fakeout just before. I would have exited my position just at the neckline of the inverted head an shoulder had I been near a computer when it pumped and would likely still be out right now sitting pretty but since I didn't and also wasn't aroudn for this breakdown I am still holding. I may have missed some accumulation opportunities but What I'm looking for at the moment is for this current dip to form a higher low on the 4hr as we just achieved a higher high. If we turn back around soon enough and form a higher low probability will continue to favor the upside.
BITFINEX:BTCUSD
by DrDovetail
2
higher low/higher high triggered need 1 additional higher lowWe have achieved the followup higher high after the higher low I mentioned in the last idea. It seems like btc is content on maintaining its fractal of 2014's behavior for now. We still want one additional confirmation higher low to hand control over to the bulls but I bought back in at 5890 as soon as I saw that higher low...not typically what I would normally do I would usually wait for at least a higher high before I jumped back in but it was my confidence in the fact that things were continuing to play out like 2014's bear market did that gave me the confidence we would be going up first. Keep in mind just one follow up lower low can be enough to hand the reigns back over to the bears which is why its so important to get that additional higher low after the current higher high. for the bulls I look for a higher low/higher high and then 1 more follow up higher low for confirmation of a trendshift. For the bears since they have gravity working in their favor I usually only wait for just the first lower high/lower low and don't wait for the follow up lower low. Hopefully if this price action maintains its close fractal similarities with 2014 we can make it to 9.7k or so within the next month before we see any further significant downtrend...Anything is possible though so we will have to wait and see and be prepared for all possible outcomes. Even though I'm listing this as long I won't be surprised if we soon enter a small correction, I'm just thinking it is likely that correction will form an additional higher low and continue the uptrend...hence the long. As always this is not financial advice...make your own decisions and good luck with whatever you decide.
BITFINEX:BTCUSDLong
by DrDovetail
4
higher low/higher high + follow up higher low established.My main sequence that I base trend reversals on is when we establish a higher low followed by a higher high and then a follow up confirmation higher low on the 4hr chart after being in a downtrend that tells me that we are reversing to an uptrend. The ivnerse is true when we reverse from an uptrend to a downtrend. What we are currently seeing in the market appears to be reversing to an uptrend as we have just gotten our confirmation higher low after our most recent higher high. On top of this we have another big signal of mine which is whenever we get more than 5 consecutive candle closes above the 50 MA (in orange) we are in a buyers market. This concept is more effective on the 1 day time frame but can also work on a smaller scale on the 4hr time frame. ..Currently on the 4hr time frame we now have 12 consecutive candle closes above the buy sell line and are a good ways above it. We also have the current 4hr candle breaking above the top trendline of a big equilateral triangle pattern. I think we will still be heading to the inverted head and shoulder break out target of around 7.2k. Before we get there it is important that before our next dip we form another higher high to continue the higher high/higher low sequence. So before the next dip we want to reach at least $6870 or so and all signals are telling me that probability favors us doing so. So this idea will be listed as long. Of course this is only my own personal strategy and as always not financial advice. I wish you luck in whatever strategy you choose to implement for yourself. Best of luck and thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
1
BTC forms another higher low; testing top line of faliing wedge.BTC continues its higher low/higher high pattern by forming another higher low on the 4hr chart. and is now testing the top trendline of the falling wedge again. To continue its bull pattern we will want to look for it to reach a higher high than the last higher high of $7777 I personally think we will be heading up to 8k before the next retrace but are currently finding resistance at the falling wedges top trendline. I see enough room on the 4hr rsi to overcome this resistance though...so I'm listing this idea as long. You make your own choices though as this is not meant to be taken as financial advice.
BITFINEX:BTCUSDLong
by DrDovetail
BTC attempting to breakout of falling wedge/form a higher high Very positive signs as of late for BTC as we can see on the 4hr chart we have already formed a higher low at $7270 and are now setting our setting our sights on following that up with a higher high which we will need to get above $7661 to reach. If we do achieve this higher high and then follow it up with an additional higher low then I am confident we have gone back into bull mode...So we need to watch for both a higher high and an additional higher low to be confident we are going bullish. However it appears we are attempting to break bullishly upward from the current green falling wedge pattern I have on the chart and if we trigger that breakout I think a higher high is pretty much a certainty. We will need an additional 4hr confirmation candle to close above the triangle as well and a nice surge in bullish volume to go with it. Another good indicator will be if we can finally climb above the 60 line on the 4hr RSI which has been putting up solid resistance so far. If we trigger a bull breakout from the falling wedge we will certainly be getting over the 60 resistance line on the rsi and hopefully flipping it to a line of strong support as well....If we can flip the 60 line on the RSI to a strong line of support then we should see a nice bull run with only higher lows, higher highs, and sideways consolidation for a good portion of June. Very encouraging signs.
BITFINEX:BTCUSDLong
by DrDovetail
What hints to expect if the Adam & Eve Double Bottom is ValideHi all just wanted to gie you an idea of what to watch for if this bigger Adam and Eve double bottom is valid. If it is the size I'm projecting, then the bottom is likely already in at $6420 back on Easter(aka Jesus' resurrection and possibly btc's resurrection?) so far we have just established a higher low on the 4hr chart after the higher high we had of 7500 so we need now to establish one more higher high on the 4hr to give control of price action back to the bulls...we will probably form a higher low on the 1 day chart before that happens though so be on the lookout for a higher low on the 1 day as that hasn't happened yet. If we can achieve a higher high on the 4 day that will be a great sign. If the Eve bottom truly is forming the way I think it is we should also on the next retracement only go down to around 6520-6660 max before picking back upward...as you can see by the symmetrical arc I gave it (which in crypto things rarely prove to be that symmetrical but it's just a rough guideline to go by) we have reached the end of the downward motion and should start sloping upwards if so we won't be going under 6800 again after the 15th of april....and if this is correct we should be back above 10400 by may 15th but we could also easily break above that and validate the adam and eve far before that since things are never quite that symmetrical. To reach those heights by May 15th would be excellent, and when you realize that the volume spike we got on february 7th is larger than the one from last year that 3 months after it happened we got the alltime high...there's very good reason to believe that we may be able to reach another all time high some time in May. Breaking above the 10400-10500 area and closing above it by may should trigger the eve shoulder and send us upward to 14700 or so...an from there the FOMO that kicks in could easily take us above our all time high...especially with all this news of institutional investors entering the market, and people like rockefellers creating venture funds for crypto and george soros getting involved in crypto...it all hints at a very bullish turnaround very soon. So for the longterm at least I am long so this idea will be long...but in the immediate day or 2 we may drop back down to the uppers 6500s-6660 region and then by the 15th of this month i dont think you'll see us get below 6800 again. You choose your own path however as this is not financial advice. Good luck and thanks for reading!
COINBASE:BTCUSDLong
by DrDovetail
Bull flag beats out bear flag; new higher high established.As you can see we have busted up out of the bull flag and thus also upward out of the bear flag as well...I have posted 2 price targets for a bull flag breakout one that considers the pole of the flg to be just one of the green candles a price point we've already reched...and then another prie point in case the entire bull flags pole was also the long green candle just before that as well. I'm glad to see we've finally gotten a candle above the 50MA buy sell line as well...if we can close 5 consecutive 4 hour candles above the 50MA(in orange) aka the buy sell line...then expect thigns to get very bullish very quick with a domino effect ensuing. We continue to trigger higher climbs the odds are great that we will be reversing the death cross and triggering what's known as the golden cross which would help make things mega bullish. so not only do we have the potential to climb higher just from the bull flag breakout but by breaking out of the bull flag we also broke out of the bigger bear flag which would have an even higher potential climb in store for the price action if that breakout is confirmed which I believe it will be. So for now I'm switching to long I will only switch back to neutral or short if on the enxt retracement we get a lower high or if when we climb back up from the retracement we get a lower low...to confirm the bulls are noe in control after we got this higher high..w.e need the confirmation of then a higher low on the retracement followed b a 2nd confirmation higher high...I'm confident we will get that....this is not financial advise however so you make up your own mind. Thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
Bitcoin: BTCUSD Grinding Higher - But Raise Stops Bitcoin: BTCUST Last Update 01:20gmt/20:20est Bitcoin is continuing to grind higher, still contrained by the parallel above it.It's double topping in the near term - has to find buyers enough to push above the high at 11490 on Coinbase feed but will likely still get rejected by the parallel above it even it can push higher now - but grinding upwards towards 11765 completion target perhaps sometime around 14:30 est tomorrow. A small speed line is forming under the lows of this break so far and bulls will be looking for it to hold firm to avoid the risk of Bitcoin topping out in near term and moving into a dull energy sapping sideways to downwards movement due to lack of follow through come far east opening. So It's Ok for swings to stay long for now in hope of 11765 later but consider raising stops to under the little dynamic by 50 points or so to trap in 300 plus points profit for the day even it does wrong from here. It's been hard work all day. It would be a shame not to let it run, but also a shame to risk it slipping away. These choices are ultimately down to profile, as usual. Any move and hold above 11765 (could only be due to far East volume buying) would be extremely bullish - but unlikely in the near term. Nevertheless if wrong and we see it happen at any point over the next 24 hours we follow long once more.
BITFINEX:BTCUSDLong
by sumastardon
Spirits Airlines Inc. Where's The Support Zone?Prices are currently at THE 39.00 - 38.00 Zone. I believe that we could potentially see prices go lower only to spike back up, ultimately wiping out prior higher highs at both 49.00 and 60.00 . I don't believe however this is going to happen immediately, we might be monitoring this for a while guys. Let's now wait for this stock to find a lower support zone. Sector: Industrials. Airlines Vol: 844.878K EPS: 8.94 Market Cap: 2.769B P/E: 4.47
SShort
by Graignm09
BTGUSD Grinding higher and still looking goodBTGUSD Update BTG never made it to 188 entry point, which was calculated by it hitting the long term rising support at the bottom of the chart - unfortunately 1 day earlier than it did - close but no cigar. If you got the eventual low at 190 bang on by watching and waiting that extra day you have been well rewarded for that patience with BTG up 45% in 36 hours since then. Right now there's a battle raging between bears hitting down hard from 278-275 with a series of pins forming from above, and yet from below the bulls are meeting all sales and absorbing them ...pulling assistance from the strong speed line that 's supporting the move from the secondary low at 200. This still looks good whilst that support line holds (stops for longs under here, moving up under price) Likely to keep grinding higher - stay with it or pick some up...should reach 340-344 fairly soon where look to take profits again if touched.
BLong
by sumastardon
IOTA: IOTUSD Steady progress grinding higherIOTA IOTUSD The last two trades this week on Iota longs have both used the break below the speed line under the day's rally to exit. It has worked quite well so far...the first from 3315 to 3712 and the second from 3315 again to an exit at 4100. The next entry point here was on the break of the minor downtrend at around the 3604 mark but missed it due to chasing Bitcoin for a lot of yesterday. Not good. Anyway it continues to grind higher. Still a good idea to run stops under the trendline for the day, shown on chart, as exit for longs, though. If it loses the line it should come back to 4044-4024 range where it should pick up support again. Looks quite good though, overall
BITFINEX:IOTUSDLong
by sumastardon
LITECOIN: LTCUSD Flag pattern = continuation higher likely soonLITECOIN: LTCUSD Litecoin is in the process of making a flag, signalling that his period of weakness is just continuation before LTC pushes higher still. Two strikes on the lower parallel spells HOT. Buy on dips now back to 92 and add when the upper parallel is broken on upside for momentum burst into new high ground. Stops under 92 and under the upper parallel when broken on upside for 2nd long from there
BITSTAMP:LTCUSDLong
by sumastardon
3
Crude Oil Brent: UKOIL Looking to close out on test of 63.80UKOIL: Crude Oil Brent Update In the last comment stops were raised to just under 60 as we continue to run this long-pull swing trade to its conclusion, which may happen on Tuesday coming. The low yesterday was 60.01, so it came within 6 pips of stopping out before rallying once more. A damn close run thing, as Wellington said of the battle of Waterloo. Still looking to close out on the fourth strike of the upper parallel that's controlling this entire up-wave, around 63-80 to 64.20 range, if struck. If not will probably close out just before the Opec meeting on Tuesday coming. Long-time readers may remember we ran with the last Spring rally earlier this year right up to the morning of the Opec meeting on 24th May, selling right off the highs at 54 and then buying back at 44 and then again at 46 for the current rally. Selling on the news, well just before it, may well prove to be right thing to do again. Ideally, Brent will hit the upper parallel around 64 and that will be time to exit with 1800 pips of profit (with 30 pips of original risk) on a 4 month trade. (Try making those profits on Nasdaq, cowboy) Otherwise will likely sell before Opec (on Monday night). Of all the 100,000's of financial instruments out there from Bitcoin and other less reliable fiat currencies through to bonds and stocks no instrument trends like Big Oil. Nothing is so wave-like, trend-like, or, usually, so helpful to traders. If anyone knows a better complex to trade than Big Oil, from a technical perspective, please message. The stop has to stay under 60 for now.
FX:UKOILLong
by sumastardon