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ChainLink Analysis - Is A Breakdown To $5 Imminent?Hello Trader, here is my analysis for LINKUSD. Link has potential, it's not nearly as bad as FTM or ADA which we looked at recently. In fact this year I've taken a few long positions at Major Support levels, knowing that a bounce was likely. The problem is I am extremely Bearish on Bitcoin at the moment and as we know Alts will follow. Despite Bearish price action, Rip your face off rallies still occur during a bear cycle. This is when we look to enter long positions! Before I even start... LINK will continue to have Bearish price action until it breaks out of the falling wedge. You'll most likely know when LINK has hit its bottom because it will break the formation to the upside signaling a reversal. How do we predict where the bounces will occur? - Typically bounces occur at Key/Major support levels. - There are other factors that come into play such as time counts, how quickly it hits the level, any consolidation before hitting the level, etc. - But just to keep it simple, we want to look for key support levels to take longs. But if Alts follow BTC and we enter a position in LINK at a key support level, how do we know it will bounce? Can't BTC bring it down? - The key here is to try and align the major Support and Resistance levels of whatever Alt you're trading with BTC. - So if it looks like BTC is about to hit a key support level and so is LINK, then chances are they will both bounce since they hit the levels at the same time. - On the reverse, if BTC is about to hit a major level but LINK is not, BTC can bounce but LINK might not. ***Perfect example is right now LINK is not at a key support level, while Alts like Avax and Matic are. Both go great bounces along with BTC while LINK not so much. So where is LINK headed? - As you can clearly see LINK has been trending down in a falling wedge formation. - Yes this is technically Bullish, but LINK could continue to trade between it for months before breaking out. - Until Link breaks out of the formation, it will continue to act as support & Resistance. - You could always short at the top and long at the bottom of the formation. - The key support levels are listed on the chart, as long as BTC keeps trending down, LINK will follow. - Each time a Key Support level is broken, that confirms downside continuation and the target is the next support level. - $7.12 is a Major support level, there is a high probability LINK gets a bounce there especially if it comes down straight into it over the coming month without much consolidation. How low can LINK go? - IMO I believe LINK will hit $5 in the coming months, it's even possible it goes lower. But for now I think $5 will be the low. - Link will gets bounces along the way but until it breaks the formation to the upside, I personally would not enter a long term position. What about the short term? - The next target for LINK is $10, it may get a bounce being as it's a psychological level. But I think when it retraces it will break quite easy and continue lower. - Then $7.12 where I would be expecting a larger size bounce, especially since it's been trending down for nearly a month. Thanks everyone and best of luck trading!
KRAKEN:LINKUSD
by natef1
7
FTM Analysis - How Low Can It Go?Hello Traders! This analysis for FTM was done at the request of one of our members. I was actually quite Bullish on this crypto last year long before the leader left and chaos ensued. So where is price headed? - To be brutally honest... This is one of the worst charts that I've seen in a while. I can't find a single Bullish indicator anywhere on the chart. I actually think FTM could be trading around 0.20 or less by the end of the year and I'm serious about this. - In the short term I would like to say I think it could bounce considering it's at a support level and has come into this level quick (indicator of potential bounce) but this crypto has underperformed so much that even when a bounce setup occurs it blast through the level and continues lower. ***I really don't have much to say regarding this crypto, if it was me I wouldn't put a single penny into FTM. It's done nothing but trade down with the exception of a couple bounces but aside from that this has got to be one of the worst performing coins in Cryptoland. - For anyone holding FTM, I'm not trying to be abrasive, I'm just giving my honest opinion. ***I suppose you could short FTM but I would caution against shorting period unless you are experienced. ***Let me finish by saying this... - If you are HODL'er of FTM, I would think very carefully about your plans for this crypto. The probabilities of you continuing to lose money with FTM are VERY high especially considering BTC is projected to hit $20K in the coming months. - Personally I learned the hard way and had liquidated my account on several occasions when I first started trading. I left my money in cryptos like ADA, holding on because my emotions told me to. There was no logical reason to it, the charts said otherwise but I was attached to it and couldn't bare taking that size of a hit. In the end I lost all the money invested and learned the lesson of what happens when you allow your emotions to dictate your trading decisions. - Lastly, I don't know if anyone reading is in this particular situation, but either way it's a good lesson to be learned. Charts like FTM will undue months if not years of work saving money to invest. That's all, thank you everyone and best of luck trading!
BINANCE:FTMUSD
by natef1
9
Bitcoin Update - Can BTC Hold or Will it Fold?Hello Traders! I don't doubt that a lot of you are stressed out right now wondering what the heck is Bitcoin going to do!? Well here is a quick analysis of where BTC currently stands and the possibly scenario's that could play out. - If you saw my BTC analysis yesterday you will see that this is essentially an update of that chart. The major difference being that BTC dropped down to support at $37.4K today. - That was expected though so as of right now the predicted path is playing out. So what's next? - At the moment BTC is holding support and putting in Bullish price action on the low time frames (5 min). - This tells me that the probabilities dictate BTC should bounce. **So where will BTC bounce to? - IMO there are 2 high probability scenario's and 1 low probability scenario. #1) (Highest Probability) - BTC hits the .618 FIB level at $39.2K (which is also resistance and almost intersects with the descending trend line from the prior 2 local highs) and gets rejected at this level. If this happens more than likely it will be a relatively quick descent to $34K from there. #2) (Medium Probability) - BTC hits the upper descending trend line from the falling wedge and gets rejected. If this happens it could potentially get one more small bounce at the $37.4K support before breaking dow to $34K. #3) (Low Probability) A lot of people have asked me about this scenario... Since a Falling Wedge formation is Bullish wouldn't it make sense that BTC should get a pump from this level and break through the formation to the upside right? Not necessarily... There are several factors that I have taken into consideration, but primarily that there are several very Bearish indicators that essentially neglect the Bullish formation. I will make a separate post explaining this in detail tomorrow. Even if this scenario played out, I think the highest that price could go would be $43K before getting rejected, then head to $34K. Final Thoughts - Personally I entered a few trades tonight when BTC hit the $37.4K level. I have been projecting that BTC should bounce from this level one last time. I think there is a very high probability that this will be a smaller bounce and BTC will be headed to $34K possibly at some point next week. If you entered a trade I would take profits early just to be safe. I would rather take profits early than wait for the last possible second and risk price reversing and miss out on profits all together. If you guys have any questions or requests just let me know, I will get to any chart requests as quick as I can. Thanks everyone and best of luck trading!
by natef1
4
Bitcoin Analysis - Is a Breakdown to $34K Imminent?Hello Traders! *** Bitcoin is at a pivotal moment right now. The $37K ascending trend line is the bottom support of the macro bear flag that has been formed since January. This is a MASSIVE pattern and if it breaks... well I think you will be shocked in the coming months how low BTC actually goes. I am predicting $20K or lower and I am very confident in this. *** This is the time to really focus on the technicals and play it smart, safe and strategic. On to the Analysis... - Bitcoin looks VERY Bearish - To be honest I think it's only a matter days / week before BTC breaks down to the next support level at $34K. - Looking over the charts, I can't find anything that gives me any Bullish signals. Next target for BTC? - The next target for BTC is the Major Support at $34.4K. - It's possibly that BTC gets one more small bounce before breaking the $37K support level, but once that level is broken I think it will trend down pretty quick to $34K. ** Buyers are losing enthusiasm in BTC right now, we can see that in the technicals. ** I would be VERY cautious opening any long positions right now unless you are an experienced trader. - Once BTC hits $34K it will most likely bounce, theres a possibility that I will open a long trade and be in and out quickly. I did the same thing the other day when BTC hit $37K. I entered at $38K and exited at $40K. That's pretty much it, just keep a close eye on the $37K support level, if you are in any long positions I would exit if that level breaks. - If you want to short I would wait and see if BTC gets another bounce first (which I might do) to around $40K, then you could enter to minimize risk, also look out for the formation of a bear flag on the high time frames, I wouldn't be surprised if one formed and that would be an excellent pattern to play for a short. *** Once again be very cautious with longs and don't listen to these moon boy youtubers especially if they dont show any technical analysis! Thanks Everyone and best of luck trading!
by natef1
13
Bitcoin Long Trade Setup - BTC Holding Support!Hello Traders! I'm going to keep this short so I can get this post out as quick as possible... 1) I'm expecting stocks to rally in the coming days / week due to the massive sell off last week and the fact that their earnings reporting is over with. This should alleviate some of the fear in the stock market and allow for a relief rally. If tech stocks rally Crypto will follow. 2) BTC is holding at support and entering a heavy buying zone. 3) This is a smaller trade, but nonetheless a high probability trade setup. 4) Enter below $38.5K, follow the guide! *** Never get greedy, you are more than welcome to take profits where you want, (it's your money) but be careful and lock in profits when you can, especially if you are trading with leverage. Remember, nobody ever went broke taking profits! Best of luck! ***Also if you have any questions feel free to message me or comment your question and I will get back to you as soon as I can.
Long
by natef1
2
DOGE Elon has impeccable timing. Huge wedge break.Hello Traders, If you have been following the recent brute force take over of Twitter you already know that Elon with a plan in hand will accomplish his goal. That said, we ironically have a huge technical pattern to break the news of his accomplished purchase of TWTR. It is quite obvious that Musk has plans for crypto and has been a bullish advocate for DOGE a long time running. Many rumors across the board have said many possibilities for the crypto now that Elon will be the head of one of the most widely recognized social platforms in the world. Something also to note is the Inverse Head & Shoulders pattern which indicates a reversal of a downward price trend. It will be interesting to see that happens over the next few months both with DOGE and many other coins along the way. Have a green week! Savvy
BITTREX:DOGEUSDLong
by Savvythe1
8
Important information about BTC next movesHere some important information about the market. BTC is still bullish for me as Long as it holds these levels. BTC is in a sideways uptrend / big accumulation zone Big picture. (Not showing it on the charts) There is a high probability that it will fill some 4HR imbalance under liquidity before seeing some bullish action again. Also its an important OrderBlock to hold for further bullish long term action. There is a nice Supply orderblock to pick up some shorts towards the imbalance if price wants to make some Bullish inducement to trap long traders. If it gains the red Supply orderblock i will look for Longs more up that made the break. This is my idea for the week its no financial advice.
BITFINEX:BTCUSD
by Dave_DayTrader
2
Long-Med Term Bitcoin will CRASH! Here's Why?!?As shown by the white circles on the bottom indicator on the screen (stochastic RSI), you can see how every time we have been in these overbought regions. A red dot signal on the top indicator (Market Cipher) has always occurred, these two signals have indicated very bearish patterns reliably every time its occurred on the weekly time frame. That does not mean however we wont come up during the next couple weeks/months but it does mean that we will come down in general in the weeks/months to come. I'm expecting us to come down around 25-45 percent, I came up with this conclusion since that was in the range of how much we dropped every time we have had those signals line up. I do believe after the crash it will then be a amazing time to buy and we will enter and bull market, but not until we cool off with a dump.
BITSTAMP:BTCUSDShort
by ValtheZniper
1
My Thoughts On Nasdaq Next Possible Move! I believe we may have a little bit of a runup before dumping in the near future. I believe we may come back down a little bit as we did in the past and depending on how price reacts we may uphold uptrend support or we may lose it and come down (Local Support 20-EMA, the white line in the middle of the keltner channel). Cause of this I would wait till price action comes back down to the 20-EMA, if that now support is lost we will most likely come down to the bottom of the keltner channel and this will signify price is in a possible down down trend. If that support is held we may come up a little and then dump in the near future. BTC follows the NASDAQ pretty closely so it very important to look at when getting into trades in BTC.
Long
by ValtheZniper
1
US30 BUY IDEAHello everyone, Today I'm really gonna go in depth on my explanation for my BIAS for this trade set up I have an eye on and I am waiting for. The main Idea being, Last week's High was created on Tuesday around level 35500 where I have the left hand side chart showing the Right shoulder reaching up to that light blue box -- Tuesday's Old High (March 29th). We can also see that Thursday we create sellside liquidity (W), that gets taken by 150+ pips on Friday (during NY session) before the rally that takes buyside liquidity and creates a BOS. Once that burst happens and takes Buyside liquidity -- we are left with a FVG which is basically just an imbalance in the market (we can see it is a massively large blue candle) meaning it resided only with bullish buyers -- no sells took place during that period in time. So we can then come to expect price to come down in order to fill in that area on imbalance. I then took my fib to see if it was hitting any ideal level of discount -- which it is the 0.705 -- could come lower into the 0.786 which im allowing my SL to give me room for that. I am also using that consolidation zone that was created during wed-thurs session which was raided friday during new york to serve as a support for my buy bias. Expecting that FVG + Supoort level and my Buy idea that It wants to go for Tuesday's Highs. I will update my bias as it goes --
ULong
by BDripTradess