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GBPUSD - Cable showing Weakness Morning Traders! I hope you all are enjoying your trading journey. Cable is showing some serious signs of weakness which we shouldn't ignore. I would say wait for the price to break below the support if you want to take a high probable short trade. What If price breaks above the supply zone ?? You will be thinking we should buy then but i would say no, we should avoid trading this pair until it comes back and breaks the support. The reason behind this is that, if you look at previous week's candle and price rejection on weekly chart at 200MA we are at strong resistance level which price wasn't able to break and I will never trade on resistance until it becomes support. Also.. don't forget about the upcoming event of Jackson Hole Symposium on Friday where BOE Gov Andrew Bailey will speak about the UK's economic policy. Stay tuned ...
Short
by Hussam-Qazi
2
XRPBTC pair in final stage of triangleAscending triangle is indeed bearish formation, when price is making lower lows, but keeps bouncing from support line, which in our case is the long-term support from 2017 – start of bull run. Now most of the time, the price will eventually break the support line and continue to fall, however, in some cases, the support line will be too strong, and the price will bounce off of it and make a strong move up. After the upside breakout, it will proceed to surge higher, by around the same vertical distance as the height of the triangle. The same pattern we witnessed in 2017 when XRP made ATH. As we are getting closer to the edge of triangle, we will soon witness make or break point. I’m guessing that bulls are a bit stronger on this level and price will eventually move higher.
by Tilen_tradershub
XRP update; where to next?XRP is back to $0.41 after that manipulative move on 9th June. The gap is fulfilled. This region is crucial for movement in next weeks. Looking at 1h time frame, XRP is moving in declining range; making lower lows, lower highs. Breaking that channel to upside would lead to $0.45 target. On the downside there are supports on $0.37, $0,35, $0335 regions. Even though I'm bullish on long term, I try to optimise my portfolio on short term. I took some profit off table and will buy back on lower prices. I expect another push down, as It seems this run is getting out of steam. MACD, RSI are a bit overextended. Lower red line represents weekly support line and below is $0.35 support. I will try to catch some wigs there in order to increase overall positions on XRP and to be prepared for next leg up. I’m not changing my bias about XRP, but just reading the market and following the trend.
BITSTAMP:XRPUSD
by Tilen_tradershub
ZRX ready to rocketI have been monitoring ZRX for long time and covered some of the short-term trades before, but now I’m more interested in the long run as we might have a bullish reversal which could bring higher prices. Looking at a chart from NOV 18 to MAR 19, you can see the price made lower lows while RSI made higher highs – I marked the pattern with arrow and blue vertical lines. Now, let me explain RSI indicator first, before going into details. RSI is an extremely popular indicator that has been featured in a number of articles, interviews and books over the years. It is a momentum oscillator that measures the speed and change of price movements. I use it often to identify divergences. Divergences signal a potential reversal point because directional momentum does not confirm price. A bullish divergence occurs when the underlying security makes a lower low and RSI forms a higher low. RSI does not confirm the lower low and this shows strengthening momentum. The opposite of that would show bearish divergence. ZRXUSD made bottom twice and from there made higher highs all the way to the corner of descending triangle. The gap from the triangle could be very powerful, given the fact we have vitnesed long bearish trend. I’m long on the trade and looking at $0.5 as my first target. I will cover the trade when we get the momentum going – first we need to see a clear break from $0.4 region.
BITFINEX:ZRXUSDLong
by Tilen_tradershub
1
BNB shines and takes the top backWith no doubt Binance coin is one of TOP performers on crypto markets. Reaching ATH in bear market, proves that this coin has lots of support and followers. Trend is your friend. Keep it simple and don’t fight against it. As longer BNB is above MA, buy the dips and play along. Looks like higher prices are coming. From trading perspective, the best buy was on the break from resistance area around $9 and as usually, the price tested that level once again before moving higher. The retest was good buy signal. The next resistance at $18 was easily broken and then the push to $26 followed. Now the BNB coin is on the same level it was in Jan 2018. Because we don’t have a lot of data to do a proper TA, we need to focus on candles and their endings. Check the spikes on the $26-27 region, which shows there are some mix sentiment around this region. A break above ATH would set this mark as strong support area for future movement. This currently looks like possible scenario. Only a drop under $18 would change the sentiment on BNB, but currently that’s less possible.
BINANCE:BNBUSDLong
by Tilen_tradershub
XRP taking a pause before the next moveXRPUSD is currently trading on very important region between $0.44 and $0.46 which proved to be crucial for next move. I marked that region in green and as you can see, we had many moves back down from here, which makes it very important to be cautious. Daily candle is still not convincing enough, spikes of candles are still not showing enough strength for the move higher. On shorter time frame there are some set ups to play on, but you need to be very quick on the moves. RSI is in overbought position which could indicate a possible move back to support $0.39. MACD also showing some weakness in this region. 50 MA and 200 MA are far behind, under $0.35. We had spikes above MA before and looking at bigger picture; on weekly chart, the important thing for the bulls is that the trend remains on the upside. Take some profits of the table and wait for next move and candle. There is a lot of FOMO going on right now and you don’t want to enter on overbought levels. If we break above $0.46, the next target is $0.63. I’m hoping for a bit of weakness to buy lower on supports.
BITSTAMP:XRPUSDLong
by Tilen_tradershub
Stellar looking very interesting!"Stellar’s cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment network. Stellar aims to connect banks, payment systems and individuals quickly and reliably. Since its launch in 2014, its vision has been to unite the world’s financial infrastructure so that money can flow quickly and cheaply between banks, businesses, and people. The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money." From TA perspective; Stellar found temporally bottom and rebounded nicely over first resistance $0.10 and is now hovering to $0.135 region. Weekly & daily charts are looking very nice and behind good news in last week, the price of XLM could find further gains. On Weekly chart there was huge buy support on $0.0724. I’m now targeting $0.135 and potentially $0.20 BITFINEX:XLMUSD . According to last news, this coin seems a very good long term buy. I will cover it from here on for all the day traders, but for all long term holders, I think it’s a good entry point. -> Coinbase announced that it was about to launch the digital asset Stellar Lumen (XLM) on Coinbase Consumer (i.e. Coinbase.com), its platform for regular retail investors/traders, as well as on Coinbase's mobile app. -> "Six international banks are planning to issue their own stablecoins on IBM’s Stellar-powered money wiring service, IBM and Stellar announced Monday. Today more than 44 international banks that support payments are on the service, IBM Blockchain World Wire — and several of them have signed letters of intent to issue their own stablecoins, according to Jesse Lund, Vice President of IBM Blockchain, who made the announcement in a keynote at Money 2020 Asia in Singapore alongside Stellar cofounder Jed McCaleb."
BITFINEX:XLMUSDLong
by Tilen_tradershub
1
BTC make or break above $8000BTC confirmed a nice break out of ascending triangle which is shown on chart (red lines). The bullish confirmation pushed the price to $8000 region where is the next resistance level on daily chart. We have a lot of movement around her on shorter time frames. Volatility is nice for day traders, but for long term holders it’s important to understand the big picture. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. BTC formed the triangle from the bottom at the beginning of the year. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. In last 5 months the price formed higher lows, higher highs which confirmed the triangle at $5800. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation. I’m not on position right now and I’m waiting for a pullback. There will be plenty of opportunity to enter back in the game. I want to see bullish candles on $8000 region before I will make my next move. Stay safe and count your pips.
BITFINEX:BTCUSD
by Tilen_tradershub
BTC long term on LOG chartBTC long-term logarithmic chart shows that recent moves are not something new and they happened in the past. There was similar movement back in 2015 and also in 2017. There is a lot of FOMO on the market right now and you don’t want to buy on overbought levels. Wait for confirmation and observe the candles on shorter time frames. BTC is above long-term trend trendline which gives confidence for next moves. $8000 mark in strong resistance and we could see push lower from here. Stay tuned.
BITFINEX:BTCUSDLong
by Tilen_tradershub
ETH with rocket push out of triangleETH confirmed a nice break out of ascending triangle which is shown on chart (red lines). The bullish confirmation pushed the price to almost $280 region where is the next resistance level on daily chart. The price will probably fulfil the gap from September last year (marked green), where ETH lost almost $100 in week time. I expect some volatility around this region $250-280. Currently ETH is in overbought FOMO mode trending higher. There is still some bullish momentum but its fading slowly so be careful at next moves. Don’t chase the price higher. Looking at bigger time frame, the price is still making higher lows from beginning of the year, which is optimistic for next moves higher. ETH could test the support area (marked green) once again, before continue move up again. To better understand the price movement, you have to look for patterns. History repeats and you don’t want to miss out the moves we seen in last week. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.
BITFINEX:ETHUSDLong
by Tilen_tradershub
XTZ moving up with speedA lot of cryptos did well in last weeks; found temporally bottoms and reversed. Buying interested has increased, but it is still too early to say this is a bull market. For some long-term investment it might be actually a good entry point. From TA perspective and for some daily traders, I will cover XTZ (Tezos) coin. I will leave the meaning of it and technology behind and just focus on price movements. On weekly time frame the price found support on $0.31 and $0.35 in USD value terms. Both supports are strong as you can see form the candle patterns. From there it climbed for 3th consecutive weeks and tested real support at $0.65. The support is aligned with 50 MA, which now guides us to next target at $1.05. There is great potential XTZ would eventually move higher as the buying interest is still high. Potential targets are market in yellow.
KRAKEN:XTZUSDLong
by Tilen_tradershub
Ethereum bottom in sight? Ethereum (ETH) is building strong momentum and could potentially move higher. The similar pattern we can see on LTC also. There was bullish divergence - marked red. Price was making lower lows, while RSI was making higher lows on daily chart. It indicates underlying strength. Bears are exhausted. Warning of possible trend direction change from downtrend to uptrend. I also marked with blue lines the price action and movement – the channel is narrowing, which could be potential bottoming sign. Green area was charted long time ago as strong resistance area – it shows the buying pressure before the big run to upside. There are still plenty of buyers on this level. For some long term buy, this is not a bad price, especially if can stay above resistance level at $90. My target is set on $150.
BITFINEX:ETHUSD
by Tilen_tradershub
2
SPX,tactically speaking, too late to chase the rallyThe S&P500 future has completed a countdown, leading to a market timing sell signal identifying a trend exhaustion area below 2795.75. There is the same signal for the Nasdaq and in Europe, EURO STOXX 50, Euronext 100, FTSE Eurotop 100…In addition, the chart shows a MACD classic bearish divergence, suggesting the index has reached an area where price could reverse and start declining. It’s clear enough: this market is ready for a pause/pullback or reversal. Tactically speaking, to say the least, it is too late to chase the rally.
SP:SPXShort
by Tilen_tradershub