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Very interesting group of channels tying tops & bottoms togetherWe can see this perfect group of rising channels that are the same width apart here on the btc log chart connecting our 2019 bottom to our current “alleged” market bottom, as well as connecting our 2018 top and our current top. I had to post an idea of this so I can see how these trendlines and channels continue to play pivotal roles against price action in the near future. Seeing it this way gives me added confidence the bottom is likely in..although with a black swan big enough I suppose price could still collapse to the bottom trendline of the worst channel. For now I believe bottom is more probable to be in than not though. *Not financial advice*
INDEX:BTCUSD
by DrDovetail
Xrp still inside a slightly larger symmetrical log triangleWe had a glorious breakout yesterday and today have seen that candle retrace more than 50 % of its length liquidating all sorts of top buyers no doubt. This happened after price manages a wick above the monthly 50m (in orange) but ultimately was rejected from that zone. It wasn’t just the monthly 50ma that put up the resistance however…there is in fact one last top trendline of a slightly bigger triangle on the xrp log chart shown here in red. Price action got close enough to this line to experience a rejection through the combined resistance of it and the monthly 50ma…the red triangle’s apex isn’t until the end of June…hopefully price will break above it in the current zone though when patterns usually have their breakouts on average (about 5-15% away from the apex). If it takes as long as it did to break up from our pink triangle however it could consolidate inside the triangle here until late June. That would shake a lot of frustrated weak hands no doubt. However I’m still confident we have broken up from the pink triangle and should still reach its full $4.90 target, might just take many months to get us there. The first step will be flipping the top red trendline to solid support and an even more important next step will be flipping the monthly 50ma to solid support. Those are the 2 trendlines to watch. *not financial advice*
BITSTAMP:XRPUSD
by DrDovetail
An update on the symmetrical triangle on the monthly xrp chartThe current candle on the daily chart looks absolutely massive compared to the other candles before it. You can’t really see it on the monthly chart, however I chose to use the monthly chart for this idea because the triangle it’s breaking up from is best seen on the monthly chart. With such a massive candle on the daily I’m confident we are finally breaking up from this pattern. I had already posted an idea featuring this monthly triangle a few weeks to a month or so ago but wanted to post a new one because I noticed that the measured move price when I charted the triangle on this exchange (BTSE) was slightly lower than what I posted on the previous idea with the monthly triangle. The previous idea I posted, it looked as if the measured move target was over $6. This was charted on the bitstamp exchange. Because the price can jump exponentially with each inch you move the price label when you are on log mode I decided to double check going by the exact top of the dotted line instead of what the price label said. When I did this on the BTSE chart, the top of the line was actually at $4.59 instead of over $6 so I wanted to clarify and update. Part of this price difference could be because this is a different exchange so I will also go back to the bitstamp chart to see what the top of the dotted line is on that one and update this idea as well as my previous one about this triangle. Either way, even though the target may be slightly lower than my initial chart suggested, it still seems to be calling for a new all time high…and I am confident price will eventually head to the over $6 range and much higher in the long term, albeit maybe with some sizable corrections along the way…and this current pump seems like it may be just the start. *not financial advice*
BTSE:XRPUSDLong
by DrDovetail
An update of xrp’s monthly candle on the bitstamp log chart!I just did an update on this monthly log symmetrical triangle using the BTSE chart in my previous idea, but wanted to also go back to the exchange that I first posted the idea on almost a month ago which was bitstamp. Upon going back to that exchange, I discovered there were actually two potential targets to this triangle breakout. If the bottom yellow trendline is the more valid trendline for this triangle, the breakout target is around $4.90. However, if the bottom trendline to this target is the slightly lower and longer pink trendline, then the breakout target is $7.10! Either way, we have only just begun to pump and it appears like a new all time high should be happening in the not so distant future for xrp!! Next big resistance to watch is gonna be the monthly 50ma(in orange) *not financial advice*
BITSTAMP:XRPUSDLong
by DrDovetail
Monthly falling wedge on btcusd reaching its apex on bitstamp.We currently have 9 consecutive daily chart candle closes above this falling wedge. You cant see that here because it is the monthly chart. I think we will need at least 2 weekly candle closes above the falling wedge to confirm its breakout however. Other exchanges charts have had price action above their falling wedge patterns for even twice as long as this one has so that adds to the bullish confluence and probability that this pattern will soon confirm a break out upward. A breakdown from this pattern would result in an impossibly low measured move target so odds favor the break upwards. May still take a couple months to confirm however. (Not financial advice)
BITSTAMP:BTCUSD
by DrDovetail
10
#TheStrat BTC 13k to 16k Still a Possibility!4hr Chart shows the small broadening formation we are currently inside of I would watch the price action closely in this broadening formation and the longer term formation from my last post and look for bullish reversals (ex. 2u-1-2d, etc) on the daily and weekly timeframes. Keep in mind that the monthly timeframe is still red, my humble prediction for the reversal and recovery of bitcoin would be within 2 months . This is so that the monthly chart candles have a chance to form an actual reversal (ex. 2d-1-2u). Educational purposes only, not financial advice. Thanks for reading :)
COINBASE:BTCUSD
by fuuuqeht