HEXO Bullish Divergence| Seller Exhaustion| Local Resistance Hello Traders!
Today’s chart update will be on HEXO CORP where we have a probable bullish divergence forming on the daily. Local resistance is a key level to break to show first signs of a possible trend change.
Points to consider,
- Clear bear trend intact
- Bullish divergence forming
- Local resistance to break
- Stochastics in upper regions
- RSI respecting trend
- Volume below average
HEXO’s current trend is bearish with consecutive lower highs in place, this current bullish divergence signals potential seller exhaustion on the daily.
Local resistance needs to break; this will further bring the bullish divergence to fruition as the trend attempts to put in a higher low. The stochastics is trading in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside.
RSI is currently diverging from price by putting in higher lows whilst HEXO puts in consecutive lower lows, confirming a valid bullish divergence .
The current volume is well below average, it must increase when local resistance is broken to avoid the chances of a false break.
Overall, in my opinion, HEXO’s bullish divergence is the first sign of a potential trend reversal from such lows. Local resistance is the first key technical level to breach then structural resistance in order to change the current market structure.
What are your thoughts?
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And remember,
“Environmental distractions and boredom cause a lack of focus – All of us have limits to our attention span and these are easily taxed during quiet times in the market.” Brett Steenbarger
Stochastic Oscillator
Bearish Divergence| Rising Wedge| Volume Climax| .382 Fibonacci Hello Traders,
Today’s chart update will be on the immediate trend of BTC where we have bearish divergences forming at key structural resistance in a rising wedge formation, which serves as a bearish pattern.
Points to consider,
- Immediate trend bullish
- Local support at $9470.00
- Structural resistance being tested
- Stochastics in upper regions
- RSI putting in higher lows
- Volume climax evident
BTC has been putting in clear higher lows with evident S/R flips, if current local support holds; this will be another S/R flip confirmation. Structural resistance is a key level, a break will increase the trends parabola as this will put in a macro higher high.
The stochastics is currently in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI is clearly diverging from price by putting in lower highs, putting more emphasis on the bearish divergence.
BTC has a clear volume climax bar, signalling a local top may just be in as buyers become exhausted. If volume however continues to creep up, this will increase BTC’s probability of continuing this current bullish immediate trend.
Overall, in my opinion, BTC needs to remain above local support in this formation for a bullish bias. A break of local support will mean breaking outs of the rising wedge which serves as a bearish pattern. The .382 Fibonacci will then be the likely target as this area currently has an open GAP on the futures chart.
What are your thoughts?
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“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee
NEOBTC Range Trading| Structural Resistance| Low Volume Hello Traders!
Welcome to another update, today’s chart will be on NEOBTC, currently trading range bound where a break bullish will put emphasis on a clear higher high and a probable trend change.
Points to consider,
- Range bound trading
- .50 Fibonacci level – strong support
- Structural resistance being tested
- Stochastics in upper regions
- RSI respecting support
- Volume below average
NEOBTC is as of now attempting to break structural resistance which is in confluence with the .236 Fibonacci level, a break will put in a higher high in the immediate trend.
The .50 Fibonacci level is current support which has been tested multiple times, but to be backed with buy pressure coming in.
The stochastics is currently trading in the upper regions, can stay trading there for an extended period of time, however lots of stored momentum to the downside. RSI is respecting its local support (around 38), currently trading in neutral.
Volume is clearly below average, an influx is required to break key levels successfully otherwise fake outs are highly probable – evidently on fist attempt.
Overall, in my opinion, NEOBTC needs to break from its range bound trading, a break bullish will increase the probability of a macro trend change, and this is more likely as NEO is trading above key moving averages.
An important metric to monitor is volume, which is well below average, NEOBTC needs an influx for continued follow through.
What are your thoughts?
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And remember
“A quiet mind is able to hear intuition over fear.”
― Yvan Byeajee
Structural Resistance| Low Volume | Key Trade Location Hello Traders!
Today’s chart update will be on big daddy BTC, which has been trading at a key trade location where a move from is highly probable before or on February 10th (measuring previous consolidation at this current level).
Points to consider,
- Trend testing major resistance
- POC local strong support level
- Stochastics topping out
- RSI trading in upper regions
- 200 MA retest probable
- Volume below average
BTCUSD’s trend is at a key structural technical level where a break will put in a macro higher high, further confirming a trend change. The POC is currently local support where BTC will most likely retrace to if the 200 MA fails to hold a retest.
The stochastics is currently topping out, can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI itself is trading above support; a break will increase the probability of a retest of the 200 MA and the POC.
The 200 MA retest is highly probable due to the market structure; a correction at some point is imminent. Volume on the other hand must increase and remain above average to ensure follow through in any direction.
Overall, in my opinion, BTC will most probably incur a move before or on February 10th as it has been trading quite stagnant at a key trade location. A move in either direction will dictate the overall market trend for Bitcoin.
What are your thoughts?
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And remember,
“Events, circumstances, and experiences arise and pass away. Winning trades, losing trades, fear, greed, sadness, happiness, and eventually your own life. Everything is in a constant flux. Learn to go through it with stability of mind. A meditation practice helps a lot.”
― Yvan Byeajee
ADA/BTC Higher Lows | Critical Resistance | Triple BottomHello Traders!
Today’s chart update will be on ADA/BTC which has been putting in consecutive higher lows as it comes to test a critical resistance level. Will ADA have enough momentum to break this level and maintain a bullish bias?
Points to consider,
- Overall trend changing
- Support respected with a triple bottom
- Resistance currently being tested
- Stochastics neutral, projected upwards
- RSI neutral, not overbought
- Bollinger bands tightening
- VPVR decreasing in volume of transactions
ADA has changed it’s mid- term trend from its overall bearish sentiment, a full trend change confirmation will only come to fruition when the critical resistance level is broken. Support has been respected; a triple bottom is evident, signalling that buyers are strong in that area. Resistance is being tested as of now, has rejected price multiple times, however this time price is consolidation near resistance, signalling a break looks imminent.
The stochastics is neutral at current time; momentum in either direction will dictate the bullish and or bearish bias. RSI is also neutral, respecting its trend line as it approaches its apex.
The Bollinger bands are tightening as ADA reverts back to the mean; this signals that a break will be imminent. The VPVR is clearly decreasing in volume of transactions; bulls have low resistance poised in the cluster above.
Overall, in my opinion, ADA/BTC will confirm its trend change by breaking current resistance convincingly. This will allow the trend to put in a new higher low. A rejection from current point will send ADA back to support, which will probably confirm a trading range.
What are your thoughts on ADA/BTC?
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And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
LTCBTC Bull Flag| Volume above average| Key Resistance Hello Traders!
Today’s update will be on LTCBTC where we have had a bull flag breakout currently testing structural resistance, a close above this will confirm a trend change.
Points to consider,
- Resistance to break
- Bull cross imminent 200 MA & 20 MA
- Stochastics projected up
- RSI respecting trend line
- Volume above average
- VPVR decreasing in transactions
LTCBTC is testing a key structural resistance, a close above will confirm a trend change putting in a higher high. Bullish cross is imminent of the 200 and 20 MA, further puts emphasis on the probable trend change.
The stochastics are projected upwards, can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI is respecting its trend line, coming close to its apex signalling a break it imminent.
The volume is above average which looks healthy, must sustain when LTC breaks structural resistance for follow through. VPVR is decreasing in volume of transactions from structural resistance and above, signalling low levels of resistance in terms of volume of transactions.
Overall, in my opinion, LTCBTC’s bullish MA cross may propel to break structural resistance. A close above will confirm trend change with a new higher high.
What are your thoughts?
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And remember,
“You have power over how you'll respond to uncertainty.”
― Yvan Byeajee
AIONBTC Bullish Divergence| Increasing Volume| Key Resistance Hello Traders!
Today’s chart update will be on AIONBTC where we have visibly increasing bull volume as structural resistance gets tested.
Points to consider,
- Trend still range bound
- Structural support – Accumulation
- Structural resistance yet to break
- Stochastics in upper regions
- RSI at overbought
- Volume increasing
AION’S trend is still range bound; it needs to break structural resistance promptly to allow the trend to put in a new higher high. The structural resistance is a key trade location where a close above, will further confirm a bullish bias.
Support has held AION successfully as accumulation was visible with the extreme volume coming in and staying above average. The stochastics is currently in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
The RSI is trading in overbought territory; a correction is imminent to cool of the indicator, more probable to test its support. Volume has been clearly increasing signalling bulls are in town, this needs to sustain for follow through.
Overall, in my opinion, AION needs to break structural resistance promptly with a confirmed daily close to keep a bullish bias – volume is looking extremely bullish.
What are your thoughts?
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And remember,
“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.”
― Yvan Byeajee
XLMUSD Key Resistance|200 MA| Trend Change ProbableHello Traders
Today’s chart update will be on XLMUSD testing a key Resistance, the 200 MA, where a break will increase the probability of a confirmed trend change.
Points to consider,
- Short term bulls intact
- 200 MA, major resistance
- Structural support respected
- Stochastics in upper regions
- RSI respecting support
- Volume declining
XLMUSD’s chart indicates that the immediate trend is bullish with consecutive higher lows being established. Major resistance level is at the 200 MA average, where a break of it will further confirm the trend change.
Structural support has been respected putting in a clear higher low in the current trend. The stochastics are currently trading in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
The RSI is respecting its trend line, a break of it will increase the probability of a rejection from the 200 MA. Volume is clearly declining, signalling a breakout is imminent which will come to fruition with an influx.
Overall, in my opinion, a break above the 200 MA will be a very bullish indication of a confirmed trend change as XLMUSD will put in a macro higher high. But this does need to be backed with strong bull volume.
What are your thoughts?
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And remember,
“A quiet mind is able to hear intuition over fear.”
― Yvan Byeajee
Bullish Divergence| Higher Low| Declining Volume Hello Traders!
Today’s chart update will be on OGI where bulls are promptly trying to change the bearish structure; key levels must break for a trend change to come to fruition.
Points to consider,
- Trend structure changing
- Local support being held
- Structural resistance to break
- Stochastics in neutral territory
- RSI diverging from price
- Volume clearly declining
OGI’s structure has slightly changed due to the bullish divergence playing out, new higher highs will confirm the overall trend change which has not happened as of yet.
Local support in being held promptly, in confluence with the .50 Fibonacci level, OGI has strong technical support confluences. Structural resistance is a key level to break; OGI must close above as this will instil a highly probable new higher high in the trend.
Stochastics is in neutral territory, momentum is stored in both directions at current given time. RSI is diverging from price with clear higher lows, signalling a local trend change.
Volume has been declining which increases the probability of an influx at current support. Bear volume visually has been drying up; OGI needs bull volume for follow through from current support.
Overall, in my opinion, local support must hold for OGI, a retest and close above structural resistance will confirmed the trend change with a new macro higher high.
What are your thoughts?
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And remember,
“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.”
― Yvan Byeajee
LINKUSD Key Resistance| Low Volume| Cup and Handle ?Today’s chart update will be on LINKUSD where key levels a prone to get tested; a bullish formation – cup and handle- is upon fruition.
Points to consider,
- Bull trend from yearly lows
- .328 Fibonacci serving as support
- Key resistance to break
- 50 MA providing current support
- RSI respecting its resistance
- Stochastics in upper regions
- Volume declining
LINKUSD’s immediate trend has been bullish with consecutive higher lows in place. The .382 Fibonacci level is currently holding as support, it must hold true with the cup and handle pattern coming to fruition.
Key resistance is yet to break, a close above will change to overall structure of the trend by putting in another higher high. The 50 MA is key, currently holding LINK support near resistance, needs to hold true when key levels are
tested.
RSI is respecting it resistance, currently trading neutral, a break of resistance will increase the bullish bias. The stochastics is trading in the upper regions with lots of stored momentum to the downside.
Volume is clearly declining, this signals an impulsive move coming, especially when key level get tested.
Overall, in my opinion, a break bullish of the current channel will increase the probability of a bull continuation. This will increase the probability of a cup and handle formation which serves as a continuation pattern.
What are your thoughts?
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And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee
EOS Descending Broadening Wedge Formation |Bull Flag|Low Volume Hello Traders!
Today’s chart update will be on EOSUSD which has a bull flag forming above the 200 MA average after breaking bullish from a descending broadening wedge formation.
Points to consider,
- Trend broke bullish
- 200 MA serving as support
- Local resistance from Fibonacci Extensions
- RSI respecting support
- Stochastics projected downwards
- Volume clearly declining
EOSUSD trend has broken bullish with a confirmation of an influx in volume from its descending broadening wedge. The technical target is associated with the first price touch in the formations upper resistance line.
The 200 MA is currently serving as support; EOS is consolidating and forming a bull flag which is a continuation pattern in this instance.
Local resistance is provided by the Fibonacci Extensions, EOS technical target aligns with the 1.277 Fibonacci Extension – a level prone to profit taking.
The RSI has bounced of support, currently holding in the upper regions as price consolidates. Stochastics is currently projected downwards, can stay trading in current region for an extended period of time as price develops.
Volume in clearly declining, an influx of volume will come to fruition in either direction, EOS needs bull volume for follow through from current probable bull flag formation.
Overall, in my opinion, a break will come to fruition, key levels have been broken which has changed the trend of EOS. Consolidation above the 200 MA is very bullish; especially with a bull flag forming, which will be confirmed with volume.
What are your thoughts?
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And remember,
“There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”
― Yvan Byeajee,
BTCUSD 4 Hour 3 drive bullish divergenceWe have 4 hour 3-drive bullish divergence currently. Green and red boxes are liquid zones.
With all these targets, we have to take them level by level.
Target 1 is 8500
Target 2 is 8700
Target 3 is 8900. A daily close above 8900 will create a higher high on the daily timeframe, if this happens then we will likely retest weekly horizontal resistance at 9500. A weekly close above 9500 will create a weekly uptrend and start a new bull market
A 4 hour close below 8200 will lead to a support breakdown and likely to retest prior lows at 7700.
200 MA| Resistance | Correction| Low Volume Hello Traders!
Today’s chart update will be on LTCBTC where it failed to break the 200 MA, putting in yet another lower high in the bear trend.
Points to consider,
- Bearish structure
- 128MA current support
- 200MA is Major resistance
- Stochastics topping out
- RSI hitting support
- Volume below average
Litecoin, overall has been putting in consecutive lower highs, until this structure changes, it in in a strong bear trend. The 128MA is current support, holding LTC but does look quite weak.
The 200 MA is a major resistance level for LTC to close above, this will signal a probable trend change if it comes to fruition.
Stochastics in currently topping out, lots of stored momentum to the down side. The RSI is currently in neutral territory, a break or bounce is probable in either direction.
Volume is well below average, LTC is probable to retrace back to structural support as bull volume follow through has failed.
Overall, in my opinion, LTC failed to break the 200MA, thus a correction back to support is probable as this area holds the golden pocket of the Fibonacci retracement.
What are your thoughts?
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And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee,
The Chinese TESLA? Bull Trend| Correction Imminent| Resistance!Hello Traders!,
Today’s chart update will be on a stock called NIO (referred to as the Chinese TESLA), which has come out of a bear trend approaching key resistance.
Points to consider,
- Strong uptrend in fruition
- Structural resistance yet to break (.50 Fibonacci in confluence)
- MA’s crossed bullish
- Stochastics in upper regions
- RSI in overbought
- Healthy bull volume
NIO’s bull trend has negated the bearish structure putting in higher highs with convincing volume. Structural resistance is yet to break, a very key level to close above for a bullish bias, however, NIO is probable to retrace.
Moving averages have crossed, which is a very bullish sign as this confirms that momentum is changing for a lower low trajectory.
Stochastics in upper regions can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI is trading in overbought, correction is imminent, most probable a retrace back to support is upon fruition.
Healthy bull volume which must sustain above average for follow through, otherwise fake outs from key levels are likely.
Overall, in my opinion, NIO is upon testing a key technical resistance in confluence with .50 Fibonacci, a rejection back to support or MA’s is likely before another leg up.
Bullish Long Term!
What are your thoughts on this stock?
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And remember,
“You become fearful the moment you identify with fear. But once you begin seeing it as an impersonal changing phenomenon, you become free.”
― Yvan Byeajee
BTCUSD Golden Pocket| 200 MA| Regression Trend Hello Traders!
Today’s update will be on BTC’s daily chart where it has been rejected from the golden pocket, a correct may be imminent due to heavy resistance confluences.
Points to consider,
- Trend testing strong technical resistances – Golden Pocket & Regression Trend
- Local resistance - 200 MA
- Local support at .786 Fibonacci
- Stochastics topping out
- RSI coming into apex
- Volume below average
Trend is testing strong resistance, golden pocket, a key Fibonacci level where BTC has been rejected from that is also in confluence with local resistance. The 200 MA and upper resistance from the regression trend line proves heavy technical confluence.
Local support is found at the .786 Fibonacci level, BTC is probable to return to this area before an impulse move back up.
Stochastics is currently in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside. The RSI coming into its apex, signalling that a break is imminent in either direction.
Volume is well below average, an influx in imminent with a decisive move; this will help dictate the direction of BTC.
Overall, in my opinion, BTC is likely to correct to support due very strong resistance. A correction will cool of indicators such as the RSI and the Stochastics before another leg up.
What are your thoughts?
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And remember,
“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.”
― Yvan Byeajee,
IIPR Adam & Eve Pattern| Bull Flag| Bull Volume Needed!Hello Traders!
Today’s chart update will be on IIPR which has a potential bullish pattern playing out – an Adam and Ever reversal formation that will be confirmed by a break of structural resistance.
Points to consider,
- Bullish pattern coming to fruition
- Structural resistance to break
- EMA’s supporting price
- Stochastics in upper region
- RSI trending up
- Bull volume required
IIPR’s Adam and Eve will be confirmed by a break and a close above current structural resistance, price is now consolidating near this resistance in a potential bull flag, a hold of this level will mean a confirmed S/R flip.
EMA’s currently supporting price, needs to hold true when key levels are broken for a continued bullish bias.
Stochastics is trading in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. RSI as of now is respecting its uptrend, a break of its line will cool it off to neutral levels.
Bull volume needs to come true in this current bull flag otherwise this whole set up will be negated, we have notable bear volume as of now.
Overall, in my opinion, that chart will be confirmed bullish once structural resistance is broken with confirmed bull volume. IIPR does have bullish formations but are not confirmed as of yet.
What are your thoughts?
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And remember,
“Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.”
― Yvan Byeajee,
Bullish Divergence| Equilibrium|Resistance| ALT Season? Hello Traders,
Today’s chart update will be on XRPBTC with a probable bullish divergence coming to fruition if local resistance is broken.
Points to consider
- Trend testing key levels
- Local resistance to break
- EMA’s currently support
- Stochastics neutral
- RSI respecting trend
- Increase in volume
Trend is testing technical levels and holding, an evident bullish divergence is diverting XRP to change the current down trend. Local resistance is yet to break, a close above will confirm the bullish divergence.
EMA’s currently support, must hold true when local resistance is broken, worthy to note that it has been weak as of late.
Stochastics is currently neutral; a fall in any direction is probable. The RSI is respecting its trend, diverging from price by putting in higher lows whilst XRP puts in lower lows.
An Increase in volume needs to sustain when a break comes to fruition, this will increase the probabilities of a continuation.
Overall, in my opinion, XRPBTC is trading between two levels where equilibrium may come to fruition from this bullish divergence. Local resistance is a very key level to break as of now.
What are your thoughts?
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And remember,
“You have power over how you'll respond to uncertainty.”
― Yvan Byeajee,
Inverse Head and Shoulders| Key Resistance| Trend Change Hello Traders!
Today’s chart update will be on APHA which is forming an inverse head and shoulders, close to breaking its neckline.
Points to consider,
- Trend change attempt
- Structural Resistance/ Neckline being tested
- EMA’s acting as support
- Stochastics in upper regions
- RSI at resistance
- Volume increase
APHA is attempting to change its trend by testing a critical technical level that has rejected it multiple times; a break will establish a higher high.
Structural resistance, in confluence with neckline is being tested; a break of this level will confirm the inverse head and shoulders pattern, a bullish reversal pattern.
EMA’s acting as support, bull cross has come to fruition, must hold true when key neckline, resistance breaks for APHA.
Stochastics in upper regions can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI is at its resistance, key level being tested, must break for bullish bias.
Volume clearly increased, healthy volume that must sustain when trend change comes to fruition for follow through.
Overall, in my opinion, a break of the inverse head and shoulders neckline will confirm a trend change, a higher high will be establish, initiating a new trend.
What are your thoughts?
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And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee,
Structural Resistance|Market Structure Change|Volume Increase Hello Traders!
Welcome to another update,
Today’s chart will be on LTCBTC which has broken key levels negating the market structure. LTC is probable to reach higher levels before a bullish confirmation of the POC.
Points to consider,
- Trend change in fruition
- Major resistance broken
- EMA’s holding price
- Stochastics in upper regions
- RSI hitting resistance
- Volume increase
- POC bullish retest
LTCBTC trend change is coming to fruition as a new higher high is being established from local lows. Major resistance has been broken, a much staunched level that was confirmed with a bullish re-test.
EMA’s holding price as support must hold true for a continued bullish bias upon retests of key levels. RSI is trading at resistance; a return to neutral territory is probable in the near future.
Volume has increased visibly, confirming breaks of key structural levels; LTCBTC needs to sustain such volume for continuation in trend.
Overall, in my opinion, LTCBTC has clear levels to watch and break. A retest of the POC will be healthy as it will cool of indicators such as the RSI and Stochastics before another leg up.
What are your thoughts?
Please leave a like and comment,
And remember,
“You become fearful the moment you identify with fear. But once you begin seeing it as an impersonal changing phenomenon, you become free.” ― Yvan Byeajee,
CME Futures Open Gap| BTC Correction ?Hello Traders,
Today’s chart update will be on the CME Futures chart, which has an open gap that with a high degree of certainty will get filled.
Points to consider,
- Trend topping out
- Structural resistance hit
- Support zone being tested
- Stochastics projected down
- RSI approaching support
- Increase in bear volume
- EMA’s crossing bearish
The trend seems to be topping out as BTC has evident volume climax bars at a very key technical level, the structural resistance. The support zone is currently being tested, must hold for a confirmation of the S/R flip.
Stochastics is currently projected downwards, can stay in lower regions for an extended period of time, however lots of stored momentum to the upside. RSI is approaching its support, in neutral territory, this support will help determine direction of the trend.
There is a clear influx of bear volume, signalling that seller are currently in control as price failed to break resistance. The EMA’s are on the verge of crossing bearish if current support level does not hold.
Overall, in my opinion, BTC will fill the open gap sooner rather than later, this is very evident in historic price action.
What are your thoughts?
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And remember,
“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.” Yvan Byeajee
Double Bottom| Key Resistance Confluence Hello Traders!
Today’s chart update will be on SILVER, which is approaching key resistance levels, that if broken, well change the overall market structure.
Points to consider,
- Trend considered bearish
- Structural Resistance being tested
- EMA’s support
- Stochastics in upper regions
- RSI currently overbought
Silver is considered to be in a bearish trend, it must break the lower high projection to change market structure, it has been putting in consecutive lower highs.
Structural resistance is being tested, very staunched level dating back to 2008, a break will be very volatile.
The EMA’s are currently support, must continue to hold Silver as it approaches key levels for a bullish bias.
Stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently in overbought regions, a return back to neutral territory is probable to cool of the RSI.
Overall, in my opinion, SILVER is at a very key level with resistance confluences. A break will change the overall market structure, it is however probable for Silver to have a slight retrace before making a bullish attempt.
What are your thoughts?
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And Remember,
“Markets are never wrong, but opinions often are.”
Inverse Head and Shoulders| Higher low| EMA Cross Hello traders!
Today’s chart update will be on BTCUSD which is testing its neckline in this inverse head and shoulders pattern that is coming to fruition.
BTC needs to put in another higher low to establish a confirmed trend change
Points to consider,
- Trend Bullish – Testing key levels
- Major Resistance being tested
- EMA’s turned support
- Stochastics projected upwards
- RSI broke resistance
- Volume needs to sustain
BTC has changed its trend from local lows by putting in a new higher low as it tests its neckline. The neckline is currently a major resistance that needs to break for a confirmation of the inverse head and shoulders.
EMA’s are turning support on daily, very bullish as signals buyers are gaining momentum. The stochastics is currently in upper regions, can trade here for an extended period of time, however lots of stored momentum to the downside.
RSI broke its resistance; a retest is probable to confirm an S/R flip which is at neutral levels. Volume needs to increase and hold above average to allow bulls to maintain momentum.
Overall, in my opinion, BTC needs to break its neckline convincingly. The trend also needs to put in another higher low which will overall establish a strong trend change.
What are your thoughts?
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And remember,
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”Warren Buffett
Equilibrium| Double Top| Trend Change ?Hello Traders!
Today’s chart update will be on EOSBTC with a potential daily trend change coming to fruition.
There are key levels that must break for further confirmation on a bullish bias.
Points to consider,
- Trend putting in higher lows
- EMA’s turned support
- Local resistance being tested
- Volume declining
- RSI approaching resistance
- Stochastics in upper regions
- VPVR decreasing in volume of transactions
EOS has established a trend line with a third touch confirming a higher low on the daily. Bulls need to defend this line for a continued bullish bias.
EMAs have turned support and is currently holding price near local resistance, signalling that buyers are picking up momentum.
Local resistance is a key level to break in the trend as this will put in a new higher high, confirming the structural change of the trend. Volume is declining; an influx of volume at key levels will indicate an actual break.
The RSI is approaching its resistance; a rejection will send it back to neutral levels, as it has multiple times now. The Stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside.
The VPVR, decreases in volume of transactions upwards from local resistance, this shows low resistance for the bulls in the metric of volume of transactions.
Overall, in my opinion, EOS is in a potential equilibrium with a clear double top to break for a full trend change confirmation. EOS is already showing early signs by putting in higher lows; it just needs to break key resistance levels.
What are your thoughts?
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And remember,
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes
