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BTC short-term rising wedgeAlthough I should probably wait to publish this for a little more confirmation, I just wanted to point out the current short term rising wedge (blue lines). I posted yesterday about some hidden bearish divergence on the 4 hour chart, but it looks like BTC just broke out of the first line of resistance (dotted white line) and is challenging the downward channel (red dashed lines) already. If bitcoin does manage to break out past 58-59K (which would then look like a break out of a bull flag), I think that then would be a very positive sign for BTC as well as all other ALTs. However, I also think there is also a good possibility that BTC will hit rise up to and hit stronger resistance near 57-57.5K at the top of the wedge. Things however do look positive in the long term if this is indeed a bull flag, particularly if a breakout does occur, but this long without any slight pullback in the short term seems a little unhealthy, particularly in an ascending wedge. Hence I would anticipate some resistance up to around 57K if none happens before then. I have also seen quite a few posts about some strong positive sentiment as well, so I am always open to an alternative view in the comments if you see otherwise or additionally if you see further validation downward that I am missing.
BITSTAMP:BTCUSDShort
by crypto_trends
Hidden Bearish Divergence on BTC 4 Hour DailyIt looks like there is hidden bearish divergence happening on the 4-Hour chart (red lines on price combined with red lines on RSI) for BTC. To me, this signals a likely continuation of the bearish trend in the short term (although I am always glad for a different analysis; if so please leave a comment). If the bearish divergence is the case, it looks like it might indicate another short-term drop but it might be small as it trends upward in the current downward channel (red dashed lines, there is still a bit more to be gained to reach the top of the channel). The red downward channel definitely is looking like it is forming a nice bull flag, but so far no other indicator I can see looks to give that confirmation (although I am open to opinions in the comments here as well). It should be interesting to see how much of a drop might occur if indeed one were to occur. But if so, I am curious if the channel will accelerate based on the rate of that divergence or if the bullish trend (white line, which is just the top line moved downward) will prevail.
BITSTAMP:BTCUSDShort
by crypto_trends
13
Hidden Bullish Divergence on 4-Hour ChartSo I just noticed that BTC is nicely in a descending channel (red dashed lines) but also showing some bullish divergence in the upward channel (white lines on RSI and on price). I don't necessarily think this is any type of guarantee of a continuation back upward, but this does make me wonder a little if BTC is at the bottom of an upward channel. The long term bearish divergence is indeed great however, but there are still many alt trends that are right at the cusp of a reversal of their own bullish trends that I wouldn't say that everything is guaranteed doom and gloom just yet if they are just dipping into the bottom of their own channels to build ammunition back upward. It looks like the red channel has 50K or so as the local bottom, so I am curious if that too will hold or if the channel itself might also be invalidated. If the channel support does hold, this also makes me wonder if BTC is about to be in a downward channel that could become a bull flag over the next few weeks as well. I suppose time will tell.
BITSTAMP:BTCUSD
by crypto_trends
1
BTC breaks out of descending triangleBTC looks to have gone up quickly today, but then after coming back down it now just broken out of a descending wedge (red line with the blue line bottom) and now has broken down out of a seperate wedge with regard to RSI on the daily chart. There is also bearish divergence (white line on RSI) that has been going on for months as well as losing the short term support (purple line) and falling into longer term supports (white and yellow lines). I suppose the good news is this will maybe get me to remove some lines and unclutter my charts. It is still early, so there is still the possibility of a fake out and shoot upwards, particularly with some possible jumps back up to the upper trend on RSI (white line), but I figure if we stay below the lower trend on RSI (red line) this could potentially go fairly badly in the short term. The point I a especially watching is around 50-51K. There seems to be strong support here that could also cause a bounce that leads to an upward channel (white lines) but if this does not hold, there are some large risks to watch out at 43K for a potential double top scenario leading to some significant down trends. Curious if anyone sees something differently that signifies any good news on the horizon. If so, feel free to leave a comment.
BITSTAMP:BTCUSDShort
by crypto_trends
Potential wedge forming on LTCLTC has dipped and looks like it may start to form a large wedge (orange line and white line). I think there is still a potential down to $180 as I mentioned yesterday, but it is largely dependent on BTC as the two look to be in lockstep once again (with a drastic potential change after this week, more on this in my previous posts). If however BTC goes drastically down, I then figure all bets are off and LTC will likely follow at this point. The most likely scenario from what I can tell is If litecoin continues to follow the trend of bitcoin, and if bitcoin continues upward, there might be a retrace back up for a short time before taking a dip or a breakout (similar to what I wrote on BTC earlier today). If that were to occur and a wedge indeed does form, then it seems like there will be sideways action that could likely go up then dip back to around $185 again over the next few days before deciding which direction out of the wedge it would head. Hence, it looks to me at this point like LTC is heavily dependent on BTC for the short term, and then whichever way things break for BTC, LTC will be more drastic in that direction thereafter. And as always, I'm open to opinions if folks see anything that stands out otherwise.
COINBASE:LTCUSD
by crypto_trends
DASH is about to hit crucial supportDASH just broke out of what could be considered a bear flag which could mean it is about to head downward. What makes matters worse for DASH is it is about to hit the bottom of a long term wedge (green lines) right around the 50% Fibonacci level near $212. Although this is a great opportunity for a bounce, with the bear flag just breaking, it must also be considered that if support breaks, it can easily hurl into a whirlwind downward over the next month. Hence there is some crucial support to watch soon around $212 for DASH.
COINBASE:DASHUSD
by crypto_trends
LTCBTC downward wedge ending soonI have been writing a bit about the long term downward trend (orange line) which has some good potential to last a while (potentially into the summer) if it continues to hold, but the short term wedge (red line and green line) looks like it will culminate within the week. Once again LTC is near the bottom of this downward wedge, so it should be interesting to both see what direction it breaks as well as what effects that might have on both BTC and LTC. With BTC trending near the bottom of its current upward channel and LTC now breaking out downward out of a wedge, it makes me wonder if this might mean that BTC will trend downward and LTC will either not follow or follow drastically, or will BTC trend upward and LTC will follow more drastically? Either way, it should be an entertaining week for the pair.
Long
by crypto_trends
1
BTC wedge break and channel supportBitcoin broke downward out of a wedge yesterday (orange lines), but still managed to find support from the upward channel it has been trending in since the last low at 43K (green dashed lines). Hence BTC looks to be treading on some precarious ground here. If the support of the green channel continues to propel a bounce, there are some potentials to rise up and above 63K (wedge potentials at that price indicated by the blue dashed line). However, if support at the current bottom of the channel falters, there are potentials down to 51K and beyond. It looks to be an interesting crossroad over the next couple of days to see if the price can gain momentum and keep rising or if a dip is in order.
BITSTAMP:BTCUSD
by crypto_trends
LTC Breaking downward out of wedgeIt looks like LTC is now breaking downward out of its wedge (orange lines) and from what I see, it looks to be retracing back to the wedge (potentially to $200) before heading back downward. If it continues the long term upward trend (white lines) it then looks like it should be able to only dip around to $180. Not a horrible dip if it indeed is not a fake out and heads back up (which is still quite possible at this time). However, if it breaks too far below that support, it might indicate a larger reversal is in order. However, LTC typically follows BTC, so if BTC were to head upward, then there are some positive possibilities in order, particularly as LTC/BTC have been very much in lockstep for the past few days. Although additionally, it should be interesting to see what happens though if BTC heads downward significantly as well, as Litecoin's drops have been rather significant compared to Bitcoin lately, so it might give LTC the upper hand if a larger drop happened on BTC and not as drastically on LTC. Hence LTCBTC might be of particular interest to watch over the next few days.
COINBASE:LTCUSDShort
by crypto_trends
3
BTC Potential Wedge FormationIt looks like support held yesterday for bitcoin in the upward channel (dashed green lines). However, so long as the support holds in this channel, it looks as though a wedge could potentially form if the price heads back upwards from here (light blue dashed line). If that were to occur, the potentials could lead to a slight all-time-high, afterward another retrace (although it could also breakout) and then either break downward of the wedge back to around yesterday's price or lower to 50K (purple line), or it could head upward towards targets of 67K or up to 73K (green line). NOTE: These lines are not meant to be exact nor predictions so much as being there to indicate potential directions. There however still is a possibility of a healthy dip to around 51K from here (breaking the bottom dashed green line) after which I think 43K is still the greatest concern to watch for BTC to be in a double-top situation, but until that green channel's support fails, I think it is good to consider this as a possibility more than a likelihood (hence falling below 53K looks to be a confirmation concerns toward any of these scenarios). However, if the former wedge situation were to occur, I think the more important situation to watch will be RSI patterns for further bearish divergence, since if the wedge does not break upward out of the RSI wedge, there is a good possibility of BTC running out of momentum for at least some time. And if the latter situation occurs, then the red line support on RSI is additionally something to watch out for if it were to break below that point on RSI. Curious what others might think as well if there, particularly with regard to the wedge forming on RSI.
BITSTAMP:BTCUSDLong
by crypto_trends
BTC breaks bear flagBTC finally broke out of its upward channel today (purple dotted lines forming a bear flag) and hit some expected support at 54K. I think the question of how bad things can get for BTC will depend on the next few days. BTC currently has a bit of support in the remaining upward green channel (around 53K), but this too can be seen as a bear flag, and if it were to break, 50-51K is easily possible. If that support breaks around 50K, the most important support for bitcoin will be 43K, since a break there can easily be seen as a double-top situation with a fairly longer recovery afterward. On the daily side of things, the trend I am especially watching is the wedge forming on RSI. It has been forming for quite some time now, but I have not been paying too much attention to it as prices rising in the short term can easily overpower it (particularly if prices were to bubble). The current price action has caused it to trend downward, so there is still some room to head downward (until the red line on RSI), but seeing as the current price actions has not been too violent, I am interested to see what today's close will be before paying too much attention to it. Additionally, there is bearish divergence forming on daily RSI (the upper white line), but I think we will have to wait and see how large an effect this has as we approach the edges of this wedge. For the large part, I am watching the daily close today, as well as what potentials there are for either a slight upward retracement in the next 48 hours, potentially leading to a reversal back up. For the most part, a little retrace on the daily chart is fairly health, and the weekly chart is looking rather healthy for BTC, but there is still quite a bit of potential for some negative scenarios in the longer term if BTC doesn't recover soon, particularly for ALTs.
BITSTAMP:BTCUSD
by crypto_trends
BTC bouncing on/near trend line supportBTC looked to retrace slightly after some dancing around 61K as expected. The part I find interesting about this latest bounce is how near BTC is getting to many trend lines approaching. For one, BTC just bounced off the hidden bullish divergence trend line (green dash line on RSI). But even more interesting I think is the rising support trend line that has been consistently trending up on the 4 hour chart ever since 43K that BTC is also near (solid dark-green line on RSI). Even furthermore there is the bottom of the current upward channel (purple dotted line) that BTC is getting very near. In addition to that there is also the top of the original channel for which BTC is right above (yellow lines) as well in addition to the intersection with the previous channel's top (dashed green line for price). All these trends can easily mean a nice bounce is occurring right now, although there is still a little more time whereby it can easily dip a little more around 58K into tomorrow, then bounce upward. For many others I have seen, 57.5K has been called out a few times as strong support, and it looks like a lot of intersections occur around 58K, but below 57K also looks to be of great concern to watch out for as well. Hence, there is also the possibility that the price can break below each of these trends and into former trends (green dashed and yellow lines). If that were to occur, each of the trend lines represents a different levels of support ranging from 47K to 54K afterward. My thinking is that the stimulus payments being released will create an influx of folks jumping into markets, but only time will tell if that indeed does occur, especially before any dip might occur. However, if there is a large bounce, I am keeping a close eye on near 67K to see how much resistance there is in addition to how much pushback there is on RSI afterward. And of course, I am open to any additional interpretations as well as any other insights others might point out. Opinions are welcome as always.
BITSTAMP:BTCUSDLong
by crypto_trends
Bitcoin new All-Time-High Short-Term PossibilitiesBTC looks to have nicely broken the all-time-high like I was hoping for yesterday. Now the question I wonder is how far until it retraces. I see a couple of options that seem most likely. There is a bit of resistance around the current price up past 61K, with some good possibilities to stay around or below 60K for a while. However, a large part of me wonders if BTC will make it all the way to 66K in the short term and then retrace from there (particularly as this will hit the upper part of the purple channel in the short term). Although it seems like a long shot (as it would be a long shot upward), it is well within the realm of possibility from what I can tell. Although, I am still watching out for a fake out here (as it could still be the top of that green channel) and even a reversal is possible (which is scary since it has potential to lead to a double-top situation and a short at 43K), I now feel it is at least less likely. Curious if any others have any strong ideas on any targets or even reversals. Opinions are welcome.
BITSTAMP:BTCUSDLong
by crypto_trends
1
Hidden Bullish Divergence on 4-Hour ChartExcellent little dip going on the 4-hour chart. Yesterday I had anticipated the possibility of a couple of dip possibilities, but now that one has started, I think there are some interesting possibilities. On the down side, BTC is near support for the upper trend line (purple dotted lines) of which I spoke of yesterday, and if that breaks, then BTC could likely be headed to support at 51K (green dashed lines, which also represents a Fibonacci retracement line). This would then leave 43K as a number to VERY closely watch in my opinion, since if BTC falls below that, it is in a double top situation and read for a short. However, on the upside, despite there being slight bearish divergence that started a couple of days ago (check out my previous posts if interested), there is now some fairly visible hidden bullish divergence going on on the 4-hour chart. As the price has climbed higher and higher, it appears the RSI has dipped lower instead (dashed green line on RSI). What is interesting as well is that RSI too is nearing a support line that has been forming since the end of the initial drop on February 23rd. Hence I figure there is also a good possibility that this could bounce and end up in the positive purple channel such that if the all-time high were to break, it could potentially lead to an upward jump rather easily. That would likely need a couple of taps against the purple trend line in the next few hours, but I anticipate if SPX were to hold up today, BTC might trend upward with it. Still a lot of time left on the 4-hour chart to determine which direction this may go (the lines also have not fully touched yet, so likely still a little more dipping to occur until the afternoon or evening at least), and the daily chart looks concerning if there is a close today around this price, but this is definitely a good data point to watch in my opinion. I think there is still some time to watch to be certain (until the divergence solidifies), but definitely something to keep an eye on as the day progresses, particularly if there is a return back upward and then another slight dip back downward. I'm also curious if others feel similarly or see anything I am missing, particularly with the divergence. If so, please leave a comment as opinions are always welcome.
BITSTAMP:BTCUSDLong
by crypto_trends
2
BTC short-term moment of truth coming upBTC looks to be making a run toward the all-time high. However, RSI on the 4-hour chart (red line on RSI chart) has me concerned in that it is once again looking lower as we head up in addition to all of the surrounded resistance right now. Hence I really wonder: Will we double-top? Will we break through? Or will we hit resistance by the smaller channel (dashed green lines) as well as hit resistance by the longer term trend from the last jump up around 42K (yellow solid line). Even if RSI does indicate downward, I have learned to always also expect a short burst possible after as well (similar to what happened mid-February). I suppose we shall see shortly, but if we do break out, there is a good chance we could end up in the higher channel (purple dotted lines, note: I probably should have drawn that going forward in time, not backwards, but I just wanted to emphasize the point about the channel), particularly as the daily chart still could have a little bit of energy left to grow. Opinions welcome too if you think there is something that shows a more definitive sign one way or another.
BITSTAMP:BTCUSD
by crypto_trends
1
BTC Short-term Bearish Divergence and FlagsSome (slight) bearish divergence showed up today on the 4 hour chart (red lines). This then looks confirmed with a bear flag (blue dashed lines) inside a bear flag (purple dashed lines). Hence, things are not trending well in the short term. The daily chart also looks to have accelerated a little too quickly and is starting to run out of momentum as well. Then there is a very long term trend line of which we just hit the top of that goes all the way back to the previous highs (yellow line). Hence, I think there is still a chance for a slight extension (possibly back up near 57-58K) within the day to form a wedge (with the blue line up and/or purple lines as support), but for the most part, things look like they can easily head down in the short term. As to "how much down" I think there are quite a few options and it is not necessarily a doom and gloom situation. The purple line for support in the purple channel is option 1 (which could easily result in ascending the purple channel upward), but I think the stronger support would be the green trend line at the original Fibonacci support around 51K over the next few days. If that occurs, I think 51K is a key price to watch, since if it significantly buckles, we are headed back to 47K. If 47K doesn't hold, there are potentials all the way back to 44K over days, including an unlikely but possible scenario all the way to 40K if there were a flash crash. The most likely situation I will be watching is if there is an overextension back up, with lower RSI, then I think 54K and then 51K would be good numbers to keep an eye on with a potential wedge over the next week. All the above being said, I would not say that we are in for doom and gloom with news like the U.S. stimulus passing and so much news about people wanting to invest in stocks. Hence, I figure once money starts arriving in people's bank accounts, BTC will look like an investment for many causing some quick recoveries and new highs. NOTE: This is BTC, so it is easily possible to continue up despite a negative trend and/or do a quick trend down, build up momentum, then shoot up, particularly if the price beats the all-time high. I'm also curious if any others have anything or can see anything I am missing. If so, please leave a comment!
BITSTAMP:BTCUSD
by crypto_trends
5
DASH is changing the channel higherDASH looks to be breaking out of a nice wedge (orange lines). However, what I find even more interesting is DASH also looks like it has an interesting uptrend over the past few months. When I move this trend line to the bottom, it shows our current trend going on right now (green lines). The more interesting part is we are currently at the bottom of the line while also in the middle of a breakout. This looks pretty promising right now, although also leaves very little margin for further retracement. Should be interesting if it continues the uptrend in the short term, but at least shows some promise. I have heard some interesting points made by others to the contrary with regard to DASH as of late as well, so I'm also open to others' opinions if you have them.
COINBASE:DASHUSDLong
by crypto_trends
4
ETH looks to be headed towards its 23.6% Fibonacci RetracementETH spent quite a bit of time between its 38.2% and and 50% retracement levels (more than other cryptocurrencies that I have been watching at least). But starting yesterday, it led the charge as it broke out and looks to be headed toward the 23.6% Fibonacci right around 1.8K. However, BTC has been around its own 23.6% retracement level for some time now (back and forth). This makes me wonder what ETH is going to do next, particularly if BTC surpases its own 23.6% Fibonacci and heads towards its own all time high. From what I can see, the possibilities are that both stay near their 23.6% Fibonacci retracements for a some time and catch their breath, or both charge forward (with potentially ETH leading the way), or possibly ETH (and maybe even BTC) head back to their previous retracement levels. Either way, looks like too much uncertainty to me in the short term. I'm curious if anyone else has any insight or has anything to add or point out that I am missing?
BITSTAMP:ETHUSD
by crypto_trends
1
BTC at a crossroadsAs I start to zoom both in and out a little on BTC and alts, I notice that there indeed looks to be a crossroads possible over the next few days. As BTC starts to break out of a downward channel, but with no push behind it even after a stimulus bill passing in the senate, it looks like over the next three days, there is a good chance for a fizzle out to rise slightly (potentially looking like a fake out) and getting strong push back near 51K or fizzle out here, causing a push back down to around 44K, such that if 44K doesn't hold, there indeed is the chance of hitting the .618 Fibonacci near 40K for which I anticipate some very strong support (and leading to that ABC correction so many are looking for). After which however looks to be a good opportunity for BTC to get a push back up in about a week to continue on a trend upward. Hence I think we are much in a "no trade" zone until we either break to the positive soon or see if lower support starts to hold. Curious on others thoughts if this indeed looks like no tell-tale sign in any direction for a while. That being said, there is also lots of news on the horizon with potential bounces in stocks and stimulus bills on the rise, so lots of possibilities, but the patterns and trends just aren't showing much yet from what I can tell.
BITSTAMP:BTCUSD
by crypto_trends
Is FILUSD Giving us a (⚠) break? Cryptopocalypse Soon Over?COINBASE:FILUSD Idk about you guys, but i'm pretty much over this dip. Last time i not set a stop loss/cover trade when a dip is coming, because yours truly overslept and woke up SICKKKK -_- However, i have been swing/scalping for the better part of this week to make some come ups on this fall, but that has nothing to do with this post lol... Anyway, It appears that Filecoin is in a triangle, and it just may be 1 more day of these lows. ( Id say more like 2 more dips below 25RSI on the 30Minute Chart, and after that second rise if conditions are right, it'll breakthrough (At least multiple of my screeners and what Im seeing in the charts. Hopefully this dip is over, and life can return to the previous gains we all know and love. Goodlucc and happy trading my fellow kings and queens. happy hunting 🤙 #TriangleBreak #Betterdayscomming #Cryptopocolypse Ps... dOnT sUe Me, TrAdInG is UnPrEdiCtAbLe, tRaDe @ yOuR oWn R!$k, aNd BlAh bLaH bLAh... PS^2: if you laughed at or read the line above in a "funny" voice you gotta follow me,like the post. or at least comment if ya did:) Or any other ideas you had, or what your expierences were during this dip, we'll share our Ls or Ws.
COINBASE:FILUSDLong
by KingCryptoMike
2