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RCN/ETH Con't. - Pre-Pennant Pole Analysis. Double double tops.As always, ongoing learning! In going over the RCNETH pair, I scanned before the flag to see if there were signs showing potential movement upwards before the flag. I found what looks to be a double top along with a crossing above the signal line to indicate upwards movement. Within the pennant itself, it seems that there is what looks like a double top as well, leading me to wonder how often a double top turns into a pole or pennant. Perhaps a double bottom can turn into a bear flag or pennant?
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by Desreversti
RCN/ETH Moving Up? Pennant Pole Forming, but Heavy ResistanceThis continues to be another thought exercise for me. Hopefully it will be for you too. Any comments about my approaches are welcome as we often best see the errors in others than we do in ourselves. It seems the market sometimes speaks well to me while other times, it's a completely foreign language. Continuing the mission to dig myself out of negative holdings, I'm looking for ways to buy and sell. In looking at RCN/ETH, I noticed a flag formation forming. The last time I saw one forming, it hit about 2/3rds of the way up, so I'm planning to sell at either 2/3rds up or completely up depending on how the market is feeling. I've read that flag poles are what to look for and pennants tend to indicate a potential reversal of trend. Maybe my brain is a bit off, but I've seen pennant poles indicate upwards growth. Part of this thought exercise is to help me check my logic. TA today is based on 1 hr bands and will be noted otherwise if not. GOOD FOR UPTREND: TA that indicate yes towards an uptrend. *Pole is near completion and is well formed. *Bands indicate upward continuation with increased volume post-sqeeze. *Volume is reducing as market comes to equilibrium. *RSI is currently pointing slightly up at 62 after hitting high on pole at 70.84 *MACD is showing upwards growth. BAD FOR UPTREND TA that indicates potential issues. *Sell/Buy book 0.00032: 254,687 0.00031: 102,638 0.00030: 104,273 0.00029: 21,544 Current price: .00028379 ETH 0.00028: 18,088 0.00027: 71,581 0.00026: 34,639 0.00025: 28,329 *RSI is still higher overall at 62 with recent overall low bear-like market behavior for past several days. *MACD blue line is flatlining while signal line approaches CALCULATIONS: *Pennant pole calculation Top of pole: 0.00029420 Minus bottom of pole: 0.00024541 Equals a difference of: 0.00004879 *Sell calculation Bottom of pennant: 0.00027895 Plus pole length: 0.00004879 Equals a sell goal of: 0.00032774
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by Desreversti
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BTCUSD - Possible Short Term Increase to $13,202I am continuing my practice, so this shouldn't be advice that is actionable and is more of a thought exercise. This time around, I'm focusing on BTC pricing as I have roughly half of my holdings in BTC at the moment. Being a newbie, I did not have any idea about the need for liquidity to help with buying the lows, so I am looking for an opportunity to sell 25% of my BTC holdings when I am in the positive. I bought in mostly around $14,000 to $16,000 and did not know I should have sold closer to 18/19,000, so am currently at a loss, but that's ok since it's a lesson to me about crypto markets. It came at a cost, but is applicable inside and outside of crypto markets. The early signs of a pennant began soon after I started working on this chart and have progressed thus far in a way that fits into my initial belief. My understanding with bull pennants is that they are a variation on flags, but have a triangular shape rather than a rectangle pattern and generally continue upwards if completed properly. The caluclation for measuring the next potential increase in to take the difference of the poll from the top and bottom of the pennant. Top of pole/pennant: $12,688 Bottom of pennant: $12,219 Bottom of pole: $11,628 Difference of bottom of pennant and bottom of pole: $12,219 -$11,628 ---------- $591 Top of flag/pennant: $12,688 +pool Difference: $591 ----------------------------- $13,279 This is a bit above CoinTelegraph's prediction of $13,202 based on a head and shoulders pattern. ( cointelegraph.com ) TA NOTES: SUPPORT/RESISTANCE: -Red lines are resistance lines that are target breakthroughs for movement to a higher sustained level. -Orange lines indicate suport/resistance lines. If bottom orange line is broken, the the pennant may be in danger. -The lower blue line indicates the breaking into a downwards pattern the may post a higher higher, but it will be below $13,000. BOLLINGER BAND: -Band indicates that value is there, but mid line is about to have a cross in it that can indicate a downturn. RSI: RSI indicates fairly oversold, but with a movement downwards. STOCHRSI: StochRSI indicates possibly slightly oversold, but there is movement into the 0 line, meaning it is neutral.
COINBASE:BTCUSD
by Desreversti