Get started

Keylevel

ALGOBTC | Key Level | Trend Reversal | Head and ShouldersTodays Analysis – ALGOBTC – Forming a potential head and shoulders pattern, trading at a key level within a multi-month descending channel. Points to consider: - Range Median – key level - Head and shoulders - Low volume - RSI below 50 - Stochastics oversold ALGOBTC has found support at the range median of its descending channel. Price holding above the area will establish the right shoulder of a potential head and shoulders (H&S). Price breaking and consolidating above channel support will further validate this pattern. A validated head and shoulders pattern will establish a higher low in the chart, indicative of trend reversal, forming a bullish bias in the market. Volume is tapering off and remaining below average, an influx is needed price attempts to break channel resistance to avoid any false breaks as seen previously. The RSI has broken below 50 indicating increasing weakness in the immediate market. Stochastics are oversold and may remain oversold for some time as seen historically, before momentum shifts to the upside. Overall, in my opinion, further price development will determine a directional bias. An S/R flip at channel resistance will allow for a long bias and a break below range median, price is likely to test channel support. What are your thoughts? If you’ve read this far - thank you for following my work! And as always, Focus on you, and the money will too!
by Kudiiee
ADABTC | Key Level | Bearish Price Action | Trade SetupToday's analysis – ADABTC – Showing signs of exhaustion as it tests key a support level. Breaking below support, price is likely to retrace to daily support. However, if PA continues to respect the 21 EMA, a bullish continuation is probable, negating the thesis. Points to consider: - Bearish price action - S/R flip re-test (trend reversal) - 21 EMA (visual guide) - RSI testing 50 - Bearish Stochastics ADABTC showing signs of a local trend reversal as price retraces from local highs where bull moves are quickly being sold into by the bears. With body candle-closes below local support, price will likely retrace to daily support where it finds an equilibrium between supply and demand before a decisive macro trend continuation or reversal. A break below the 21 EMA forms a bearish bias and an S/R flip re-test of local support and the 21 EMA will form a lower high, confirming the bearish bias. RSI forming a lower high projection. A break below 50 is needed for price to break local support and retrace to lower levels. Stochastics projecting down, breaking below 50 indicate decreasing momentum in the market. Overall, in my opinion, a body candle close below local support validates a short trade to daily support with risk defined (SL) near local highs. What are your thoughts? If you’ve read this far - thank you for following my work! And as always, Focus on you, and the money will too!
Short
by Kudiiee
2
ATOMBTC | Key Level | Double Bottom | Trend Reversal Todays Analysis – ATOMBTC – Consolidating at key support, an impulse move to structural resistance is probable as it continues to hold above the 200 EMA. Points to consider: - Pivot point (key level) - Double Bottom/probable head and shoulders - Macro trend reversal - Volume influx - RSI above 50 ATOMBTC trading at a key S/R cluster as it breaks and holds support above the 200 EMA, attempting to break bullish. Body candle closes above this zone, an impulse move to structural resistance is probable. A bullish continuation from this level validates a double bottom pattern. An S/R flip retest of daily support will form a left shoulder for a probable head and shoulder pattern and also form a higher low on the chart (indicating a macro trend reversal). The recent influx of volume coincides with bullish price action, adding substantiality to the move. Volume must remain above average to maintain a continuation and avoid any fake-outs. RSI and stochastics trading above 50 validates strength and momentum in the immediate market: oscillators need to range above 50 to maintain the bullish bias. Overall, in my opinion, ATOM needs to hold daily support to increase the probability for an impulse move to structural resistance. If you’ve read this far - thank you for following my work! And as always, Focus on you, and the money will too!
by Kudiiee
2