Daily CLQ0: A Potential Positional LongThe fear is out and folks are running for an exit; the reduction of short risk exposure in progress. Best time to look for long entries. However, watch for the transitioning of lower timeframes into bullish or sideways formations for potential long-term buy entries with reduced risk. A 1R return of $2K per contract is the minimum expected return here with a potential for 5R before this contract expiry.
Pivotsupport
BTC shows a strong bearish favor in weekendBTC shows a strong bearish favor in weekend
After a dump and pump of BTC on Sep. 19, 2019, BTC's price has formed a descending triangle pattern on the M30 timeframe.
Though local resistance prevents BTC to go down, most of the indicators on most of the lower timeframe (H4 and lower) point to bearish favor.
Though triangle patterns are the bilateral patterns, which means BTC might go on either way (up or down). From my experience, the price will have more chances to break down local resistance at the end of the triangle.
A SHORT idea with the final target to be on 2nd local support, with a protective stop at MA20 is recommended. Important supports and resistance are as shown in the chart.
#bitcoin - Daily Pivot & Weekly Pivot SupportsAs mentioned yesterday, we are not out of the woods yet. Currently, the Daily Pivot is working as support followed by the Weekly Pivot in case this fails, which can fairly happen. We are at resistance now accumulating beneath it, which is normal and not worrying me by now. I have marked my bearish levels when I would start to rethink the bigger picture, so far no reason for that. We are still on track. "H6" Eve remains unchanged for now.
I am not going to set targets for today as I am not sure if the market has any power right now to move on to next Pivot Levels. Might take a little.
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Warm regards,
Neru
Downtrend - rejection from yearly pivotAs you see we hit yearly pivot Support 1 from previous year. That is why price stalled. But since its downtrend and price is under bearish volume pressure (AD line si very bearish) I expect to see a breakout to current Support 1 as it already touched it several times - the more touches, the weaker the support level.
ADABTC looking for that swing opportunityCardano! Shelley! Or just a flop?
Buy the rumour, sell the news? Seems like this is what happened to Cardano, with a nice swing high, breaking out from its inverse HnS, together with much news on the explorer, partnerships, Shelley testnet etc.
Anyway, enough ranting about old news. So what is the chart telling us now?
I'm rather optimistic for the following reasons:
- RSI divergence (lower lows on price, but higher lows on RSI) is signalling some reversal pattern. A similar RSI divergence can be spotted at the peak of the Inverse Head.
- This coincides with ADA's last bottom at approx 800 sats
- 800 sats has proven as a critical level of support
- Yesterday's candle closed a 'bullish doji', indicating weakness in the bears to pushing price below the 800 sats range.
Regardless, if the bears fail to break this critical support level, likely we will proceed with an upward rally, i'd be looking at the 23% fib or 1080 sats range for the first exit point. Notice that this is a the support level, or the peak of the Inverse Shoulders. The next level ideally would fall around the 50% fib or the previous Inverse Neckline, or 1350 sats range.
BAT juicySimple TA on Basic Attention Token (BAT)
No complex TA, just plain vanilla.
Looking at the longer term support trend, we see BAT testing this support with an increasing divergence on the RSI. The likelihood of BAT pivoting at this point is not clear yet, as it is still too early to tell.
Regardless, I'd say this is a good RR ratio with a tight stop loss.
Targeting conservative profits to be booked in at the 23% fib puts this at 5000sats or 35% ROI.
If this indeed results in a full blow reversal, track chart patterns closely to book in staged profits.
ETHUSD - Just some Lines on a ChartSome simple and irrelevant lines on a chart along with the other convoluted TA out here to gorge on. I don't have any other advice other than 'see the price' and it looks like a bear flag , so maybe it isn't.
Take a gander at your Bollinger Bands on 4H with 230 Period Length @ 1.2 StdDv
More on volatility theory on DadSharks Page (see image link)
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