MAID/BTC - Price StructureToday we have MAID/BTC on the daily chart, a lot of individuals have asked my opinion about this cryptocurrency and I'd like to give you all a brief technical overview.
As you can see during 2015 we experienced a move from 0.00002000 to 0.00029400 within 4-5 months which is around a 1300% increase in price.
Currently, price is respecting the 0.618 retracement level, if we see a break of this level we will see an increase to 0.00029400, thus providing an excellent opportunity to buy!
If we fail to break the 0.618 level we will see a drop back down to the trendline before sky-rocketing, this is where I would enter my position (in a perfect world).
The main purpose of this post is to highlight the key price structure within the market, refer to this chart whether you're going long or short.
If you want more trading inspiration, connect with me below.
Lewisglasgow
Bitcoin - Price StructureToday we have BTC/USD on the daily chart, I'd like to give you all a brief overview of my current view ahead of the 1st of August.
As you can see price has created several key areas of support and resistance which we can use to our advantage.
Currently, price is trading in between $3,000 and the minor support trendline , this area turned into support around May 2017.
If we manage to break $3,000 we will see a move upwards of $3,500, however, if we continue to bounce off resistance, with larger players taking profit we will see a move back down to $2,000 or lower.
Whilst looking at this chart I would like to address the panic word "crash".
Bitcoin dropping from $3,000 to $1,800 over a period of one month is not a crash, it's a correction.
Even if we witnessed price drop to the lower support trendline at $1,300 (I find highly unlikely, but possible) it would still be in a strong uptrend.
As I have mentioned previously, as bitcoin achieves certain key levels, it will not return to them ever again unless we see a more dominant coin in the future.
The main purpose of this post is to highlight the key price structure within the market, refer to this chart whether you're going long or short.
To those trading over the next two weeks, stay safe and make smart investment decisions.
Bitcoin - Rinse and Repeat x2It's great to be back posting regularly, today I'll be analysing the similarities in market cycles for bitcoin.
For reference we have two charts we are going to be focusing on (use the two for comparison).
Chart #1: 2011-2014 (all time high $1160)
Chart #2: 2015-2017 (all time high $3000)
The analysis displayed in front of you is similar to my Siacoin prediction which was extremely successful (chart is shown below).
This is the reasoning behind the title "Rinse and Repeat x2".
Now back to the point, bitcoin... As you can see from charts #1 and #2 they both follow a similar cycle, although, years apart.
Many would call this structure a parabolic curve, however, I prefer the lows touching the curve.
Both moves start of from low to high and finish on higher high 3 at their all time high, from there a double test of support can be seen on both charts.
I'm expecting a move to support around $1800 as my first target, from there I will update my analysis.
With August 1st around the corner it will be interesting to see the future direction.
As always thank you for your support!
Siacoin - Harmonic ConfluenceHello everyone, I hope you all had an excellent trading week!
Today's analysis is a follow up from my successful prediction for Siacoin (chart is shown below) before the minor altcoin crash throughout July.
After reaching 840 we started a steep decline towards the mid 200's.
Now that price has stabilised I'm looking for opportunities to get back in on the long term move.
Price has formed a valid bullish shark pattern and a bullish deep crab, both completing in the same area.
This indicates a move up to 615 in the near future.
I'll be looking out for any analysis that supports or tests my judgement.
Updates to follow! Don't forget to connect with me below.
EUR/USD - Bearish BatHello, traders!
Today, we have spotted a bearish bat on the 1D chart with EUR/USD.
Risk/Reward Ratio - 1:3
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
NZD/USD The shark is here to take this one down. This one is heating up and soon ready for a short entry. The Shark pattern is almost complete and the RS is also confirming an overbought position.
Shark pattern
B: .331 no requierment
C: 1.419 must be between 1.13-1.618
D: 2.185 must be between 1.618-2.24
final x to d - .886 must be between .886-1.13
=good luck!
CAD/JPY - Bearish BatAnother JPY shorting opportunity, it seems to be bat week :) this time we have CAD/JPY on the 4h chart.
All-round excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I'm currently short on NZD/JPY.
NZD/JPY - Bearish BatHello traders, here we have NZD/JPY on the daily chart with a potential bearish bat pattern.
All-round excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I'll be looking for additional confirmation before taking the trade!
AUD/JPY - Bearish BatWhat's up everyone, here we have AUD/JPY with two bearish bat patterns on the 4h chart.
Excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Price has dropped from the first reversal area, I'm expecting one more move up to test the key level of resistance at 87.400.
I hope you all have a great week!
Steem - The CurveI'm back with another market insight on cryptocurrencies, today I'm on the daily chart with STEEM/BTC.
As many of you already know I recently started contributing on Steemit throughout June, you can follow me @lewisglasgow.
I see a lot of potential in their platform and cryptocurrency, although it is not ready for mass adoption it certainly has many positives in the eyes of investors/traders.
What is Steemit?
Steemit is a social network that looks and functions a lot like Reddit, but with one HUGE difference... Steemit pays both the content creators when their work gets upvoted, as well as the people who curate the best content on the site by upvoting others work.
Now that I've got that out of the way, here is my view from a technical standpoint
The curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
As price is pushed towards the lowest possible value there are three potential outcomes:
1. STEEM will crash (highly unlikely).
2. It will continue to trade below the curve.
3. Experience a huge breakout to the upside.
Of course, we experinced a brekout of the curve moving from around $0.60 to $2.40.
Earlier this year I came across a similar situation with BTS and XRP, in which both of those assets experienced a tremendous amount of growth.
BitShares.
Ripple.
Just to clear this up, I do not expect a surge in price like we seen with BTS and XRP.
I'm expecting a steady move up between the key zones highlighted in grey, use these levels as an indication to where price will stall.
Right now the market is now correcting itself and preparing for the next move up.
Updates to follow! Don't forget to add me on social media :)
DXY ... WOW!! A major reversal is coming to the dollar It will affect all these pairs - NU/USD EUR/USD GBP/USD USD/JPY AU/USD
The economy in the USA is doing great. lowest unemployment numbers in 17 years. Fed is slowly increasing rates. Even if inflation isnt moving up yet, Fed is still raising rates to have some ammunition for the next recession. Keep in mind inflation is a lagging indicator, by the time you start getting it whipping through the economy, its to late. Also, the first thing to show inflation isnt durable goods etc, its Assets. Large Assets in the US are inflating, houses are increasing in value at a strong pace.
The market has been bearish on the dollar for a long time dating back to march of 2017, even as far back as November of 2016. Market is bearish, fundamentals are strong. It doesnt add up. So it seems the pressure is building for the dollar to be bullish. Now throw in the technical analysis with a very nice bullish Bat on the WEEKLY chart with an RSI at 33. We are not there yet but we are getting very very close to a turn around in the dollar.
USD/CAD - Bullish CypherGood morning everyone! I'm super excited about todays set up!
Here we have a bullish cypher on the 1D chart with USD/CAD.
So much news on the USD came out yesterday, I decided to sit on this one until today. Low and behold, I woke up and it has hit D point!
We can look to place a long position on this pattern with a take profit set to 1.3530
REMEMBER: Set your stop loss accordingly.
Risk/Reward Ration - 1:2
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
AUD/JPY - Bearish BatHello, traders!
Here in Scotland with @LewisGlasgow and @ KyleMcquade! We are having a great time building bonds, growing and learning with the Six Figure Capital team!
Today, we have spotted a bearish bat on the 4H chart with AUD/JPY.
Once price hits D point (87.140), we can look to enter out position and sell it down to 83.750.
The take profit level shows confluence in respect to the support line I have shown just below the pattern.
Risk/Reward Ratio - 1:3
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Siacoin - Rinse and RepeatBefore we dive into today's analysis, I'd like to thank you all for your continued support in helping me reach 5,000+ followers, I'm extremely grateful!
The setup displayed in front of you today is a prime example of market cycles repeating themselves, I have clearly illustrated on the chart the similarities between the two extended moves up.
I'll strip this chart down from top to bottom.
Firstly, you can see both moves up fell back to the 0.618 retracement level before finding a solid support.
Both carrying similarities in terms of time and price, you can see move 1 lasted 5 days and 20 hours counting up to 140 price bars.
Move 2, on the other hand, lasted 6 days and 17 hours counting up to 161 price bars.
Taking a look at the chart shown below we experienced a very similar move in terms of price structure as well.
Both start off from high to low, of course, followed by a further 3 lower highs and 2 lower lows.
From there we saw a lot of consolidation before price direction suddenly changed as both created a higher low at a solid level of support.
Following the higher low, both re-tested the previous high (lower high 3).
In the first situation, this is what sparked the move up to 740.
Will we see a similar breakout to reach 900? Only time will tell.
Bitcoin - Three DrivesHello traders, due to numerous requests for the future direction of Bitcoin here is my current view for BTC/USD on the 4h chart.
I'm expecting a similar move to the one we experienced 2 months ago (chart is shown below).
The prediction above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1600.
I will be treating the present setup in the exact same way.
The 0.886 retracement for point B aligns with a bullish bat pattern and bullish reciprocal AB=CD (chart is shown below).
This provides additional validation for a reversal at 0.886 rather than the 0.786 retracement level.
There is a lot of speculation that BTC will drop to $1,000 due to it losing a further 13% in the last 24 hours, however, bitcoin has proved many credible analysts wrong time and time again, it will be interesting to see how this trade develops over the next month.
Connect with me below for more training inspiration :)
NZD/USD - Double Trading OpportunityHello traders, here we have a bullish 5-0 pattern on the 4h timeframe with NZD/USD.
Price just formed a valid C point at the minimum 1.618 level which aligns with a valid bearish shark pattern, which has opened up a shorting opportunity from C to D.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Taking a look at the daily chart below price is still respecting the upper resistance trendline.
If we experience a successful short position from C to D, this will open up an opportunity to buy in the future.
I hope you all have an excellent week and safe trading!
GBP/AUD - Bullish 5-0Here we have another 5-0 pattern but this time on the 4h timeframe with GBP/AUD.
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
Price formed the C point at 2.0 and has started the decline towards D, keep an eye on this setup over the next couple of weeks.
I hope you all have a great day :)
Siacoin - The Bigger PictureHello traders, following up from my successful prediction for Siacoin (chart is shown below), I'm now looking at the bigger picture for potential moves throughout June.
As you can see from the 1h chart, price exceeded the high at 590 and peaked around 740, followed by a 30% decrease in price.
This has provided an excellent outlook going forward as I can determine the major levels of support... I have highlighted the areas of interested with grey circles.
As we all know, the cryptocurrency market can be unpredictable at times, this is why I am providing several outcomes for Siacoin in the near future.
1. Respecting the support trendline, price will continue to trade above 500 making a move towards 850.
2. Experience a 50% drop to the lower trendline, followed by a steady move up to 850.
Of course, price will not follow this exact outline but I am highlighting the levels it may meet before seeing a move up to 850.
These two outcomes do not factor in a correction for BTC, if we see this happen, pay close attention to the price structure provided and use it to your advantage.
In addition, price formed a valid AB=CD on the 15m chart which hit TP 1 at the 0.382 retracement level, let's see if it can continue to hit 0.618.
The main purpose of this post is to highlight the key price structure within the market.
If you want more trading inspiration, connect with me below.
NZD/USD - Bullish 5-0 + GOLDEN RATIO X3Hello traders!
I am SUPER excited about this set up. I have been keeping an eye on this since markets opened this week.
We are looking at a bullish 5-0 on the 4H chart with NZD/USD.
Given the Fibonacci measurements at C point, it has been measured to the GOLDEN RATIO not only once...not twice...but THREE TIMES!
I usually never trade this pattern down unless the first 4 measurements of a 5-0 match a shark pattern, but you cant ignore confirmation like this.
I'll be trading this pattern down until it hit D point (0.7010), closing profit and following it up with a long position back up to (0.7200).
The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50
AUD/NZD - Bullish BatWhat's up everyone, here we have AUD/NZD with a bullish bat pattern on the 4h chart.
Excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50 (price closed below the 50% but I would still consider the structure valid)
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
The D point aligns with the daily trendline which has proven to be a key pivot point in the market, I'm expecting price to stall out upon completion.
I hope you all have a great week!
Siacoin - Price StructureToday we have SC/BTC on the 15m chart, as there is not a lot of data for this asset, however, a lot of individuals have asked my opinion about this cryptocurrency and I'd like to give you all a brief overview.
As you can see price is creating several key areas of support and resistance which we can use to our advantage.
Currently, price is trading in between 340 and the trendline , if support holds and we manage to stay in this zone we will see a break of the trendline followed by a big move up!
If we see a break of support price will drop to the zone below, trading between 340 and 290.
A close below 290 would see price drop to lower levels.
Siacoin is currently a part of my portfolio, they have excellent potential long term.
Now taking a look at the 1h chart below, I would pay close attention the area between the 0.382 and 0.618 retracement levels, price seems to be reacting at these levels.
A close above 0.382 would be a good confirmation for a move up.
Price is currently creating lower highs and lower lows, we need to break the previous high to see a big move up.
The main purpose of this post is to highlight the key price structure within the market.
If you want more trading inspiration, connect with me below.
Crude Oil - Change of DirectionInteresting setup on the daily chart for USOIL which appears to be trading within a descending channel, price recently broke a solid support trendline which had been holding for around 12 months.
It will be interesting to see if price respects this structure going forward.
The main purpose of this post is to highlight the key price structure within the market... Refer to this chart whether you're going long or short.
Feel free to connect with me on social media :)
