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ETH Double Bottom: Upside Target: USD1130ETH saw a correction to region of USD570 on 6th Feb and rebounded almost immediately, hence forming a double bottom on the 4-hr chart. Struggled within the downtrend channel, inching to the top of that channel over the next 5 days. Based on the double bottom and potential for the big boys to step in this year, we could very likely see ETH moving towards USD1130 in the next few weeks/months. A move down back into the channel to USD770 (lower bound: USD690) may also be a short term occurrence. Resistance of USD900 have to be broken more convincingly for the explosion upwards. Current: USD865 Downside Push: USD690-USD770 Resistance: USD900 Upside Target: USD1130
BITFINEX:ETHUSDLong
by amostdq
Bitcoin: BTCUSD Yet another reverse Head and shoulders triggeredBitcoin Update If you've managed to stay with this overnight from the entry point at 13418 just 10 hours ago now you've done well. We bought again on the retest from above of the neck-line of the smaller reverse head and shoulders, now obscured on the chart by a larger one in formation, but shown at the green arrow point of entry. The minimum upside target created by the RHS was 14234. The high reached so far is 14270, so 800 or so points in 10 hours of sleep/or frantic thumb twiddling depending on which side of the globe you happen to live. Interestingly, there is another much larger reverse head and shoulders in formation now....And a break above 14300 will trigger it, creating a new upside target 2012 points higher still, at 16,312. Look to buy the break or can wait for a retest of the neck-line from above with stops 200 or so below the neckine which is now being tested as this goes to press. Do not be scared by any retest we get later on today from above...it's a buying opportunity.
BITSTAMP:BTCUSDLong
by sumastardon
4
Bitcoin: BTCUSD Breakout with minimum upside target at 14234Bitcoin Coinbase Feed Break Out with upside target at 14234 Very remiss - left the post yet again to attend to 'other' feed. (If you are a serious aficionado of Bitcoin and want pretty much round the clock updates please check for details at top left of sumastardon page.) We did buy again at 13417, right on the line, if anyone would like to check and then finally a decent pattern emerged - yet another beautiful reverse head and shoulders pattern - not so well defined on Coinbase but perfect on Bitstamp, (next chart upload) and with a minimum upside measurement implication at 14234 on Bitstamp. Look to buy this dip now as close to 13600 on Coinbase and get long to the target with a stop about 200 lower. Bitcoin Early Sunday Comment and Update After two bad trades losing 50 to 100 points apiece, Bitcoin turned negative again on a break below 13900 and triggered a short back to '13600 minimum and more likely back to 13400-13300 range before looking to buy once more, conditions permitting and showing some support/fight emerging at these levels if struck at any point overnight.' So after a disastrous long from close to the lows and another higher up, both of which lost 50-100 points apiece, the short came good with a 500-600 point win. Not at all what was intended as the day began - but we follow the chart and act on the signals it gives us and that was the result of following the chart overnight on Saturday. Despite spiking lower than this price action this morning has stabilised around the 13300 level and will have encouraged some to get long again - if so raise stop high underneath it as it's likely to come off again from around 13600 on Coinbase and just 50 points higer at max on Bitstamp...close out the long here and will look to buy back lower again on the next dip... Update Bitcoin Coming up to the next sell point here...one last blast down from 13417 most likely if very weak and from 13573 highest on Coinbase - this next decline is likely to be the last so will be looking to get long again soon most probably...
COINBASE:BTCUSDLong
by sumastardon
2
GOLD: XAUUSD Rally running out of momentumGOLD XAUUSD Bingo! Game Over The perfect high was meant to be at 1268.76 line on 21st December, a minor cycle high. The high was actually 1268.82 on the due date. Gold has a look of completion about it now and looks about ready to roll over again from here. Any rallies are likely to get knocked back from 1268.76 now but will pick up support at 1262.45-1262.30 as it moves towards the lower parallel - and once that breaks it becomes an aggressive sell again back to 1252.30-1250.72 range where it can be bought again for the bounce.
FX:XAUUSD
by sumastardon
EURUSD: Still more EUR upside in store to 1.1880EURUSD Don't get Spiked in FOMC aftermath Eur stays under pressure whilst trapped within the parallels - a break above the upper parallel means trend change back to positive for EUR - not a spike above the parallel (FOMC) - a successful break and hold on retest to know that trend is changing back to positive for EUR. Update: A fantastic break that we usually only see in the crypto markets. But today the fiat paper currencies caught the fever. EUR is strong above support at 1.1813 and should bounce here at lowest on any consolidation from here before rallying further to 1.1880 *The first section was written for hedge funds ready for the run up and aftermath of FOMC meeting - to simplify and de-noise the event It's not much use for trading purposes now (TV had an embargo limit running 24 hours ago when it was uploaded and thought it would do it automatically when time limit expired. Wrong. So many limits to getting information out with so many markets to cover. This is not the way. But the price action here is worth uploading for newer traders: put the parallels on your own chart with a 5 minute chart and see how perfectly EUR comes back to test the parallel from above - one last perfect kiss - before it flies higher through uncontested space above it. The whipsaw you see is normal crap after an FOMC meeting - but out of chaos emerges perfect order. Just takes a little time. You don't need to get caught in the noise. You need to get caught in the aftermath. Sometimes it pays to wait. Hedge funds do. Why not you?
Long
by sumastardon
Cac 40: Long-Pull long tradeCac 40 Long-Pull Long This index continues to make positive technical moves: the little continuation pattern that brings the index perfectly back to the long term dynamic that had acted as resistance for 10 long years since 2007 highs - it comes back for one last kiss - right on a line 10 years old - it turns it into support and fires northwards - classic stuff, even in a big index. And then for its next bull move it rallies from the long term dynamic to make a new post crash high and then comes back down to use the previous major high in 2015 as support - again resistance has been turned into support. Every big move it makes is positve. Now it should move up to 5850, consolidate a little and then rally to 6152. Support is firm at 5261. This index has 890 points upside and 120 maximum downside. If you leave the stop under 5255 on this trade there is a very low likelihood of it being hit.
TVC:CAC40Long
by sumastardon
Brent Crude Oil: UKOIL another 500 pips upsideBRENT CRUDE OIL UKOIL Stuff and Nonsene Brent is expected to move up to 68.06-69.47 range over the coming couple of weeks where it becomes a sell again with stop above 70.00. Buy dips to the lower parallel if seen at any point during this rally, looking to sell again when the upper parallel meets price in the 68-69.47 range in a couple of weeks' time. WTI and Brent are set to surprise to the upside. Initial support now established at 61.00. Whilst above here Brent remains positive in medium term.
FX:UKOILLong
by sumastardon
Dash/Dollar DASHUSD Reverse head and Shoulders with more upside DASH/DOLLAR DASHUSD Reverse head and shoulders with minimum upside target at 464. It's then morphed into what looks like a continuation pattern from September through early November, with a beautiful pin bar from the right shoulder ...which is itself the head of a tiny final reverse H&S - before Dash explodes northwards on aggressive buying interest. And on today's daily chart the low comes back to test the upper parallel for one last fleeting kiss. That's some classic price action. Lots of excellent patterns hiding in the noise. Should push on to 400 and later to 464. Very near term it may form a little flag - whatever it does will likely be pretty! - before it goes again. Time, as always, will tell
BITTREX:DASHUSDLong
by sumastardon
Bitcoin; BTCUSD Breaking to upside . worth following nowHaving totally blown most players clean out of the water with the biggest fake out in history, it's getting ready to go again - if you are. .. it's come back to exactly the same levels that the Chinese were buying at last night...7077... put a buy order in at 7090 with stop about 50 points lower and it may get filled later on if it comes back to make a double bottom first before it kicks higher again. If it does and 7077 holds up the first upside target is 7415, so about 300 points upside and 50 down, if struck and not stopped out. Otherwise, the safer strategy is to wait until key resistance for the near term at 7430 -7340 has been overcome and then look to go long on next pull back towards 7430 with a stop justunder 7390 for a 40 point loss before spreads if wrong, but 400 points potential upside. In nearer term Bitcoin is trying to rally from the start of today's structure at 7077 and then flipping down again at the 50% mark half way of the day's range. So it's now stuck in the weak half of the day's range, and, interestingly, is flipping within the same support/resistance lines drawn only notionally about 6 days ago now and yet still exerting some real power over short term swings if you've been watching this. Only once it can get above 7430-7440 should it calm down some and start to regain it's equilbrium and be worth following, as above - otherwise we need to see a double bottom forming off 7077 on the next retest to risk going long, as outlined above.The support lines have worked well so far, with a fall below any listed level leading to a test of the next listed level pretty much wiithout a miss so far, which is plain weird, but untilthey they stop working... as above, 7077 is the important support for the near term and into early tomorrow - if broken it falls to 6928-6920 which is absolutely critical support forthe more medium term (in Bitcoin time short/near term is 1 to 4 hours, medium term is 1 to 2 days - it's a parallel universe, forgive pun) and so if last-gasp support at 6920-6900 gives way at any point all long bets are off the table fast - it should lead to a collapse back to 6312 at least and quite possibly back to 6165 on a spike at which point althe structure shown on the chart will have been blown away and we can start to build again. But that only happens if 6900 fails, at which point it becomes a compelling short.it's been a hell of a day and it ain't done yet. There's 3 more hours to go- and Bitcoin's still up 190 points on the day so far. Thought we had this thing in the freezer and every time it gets back out wielding a chainsaw: Jaws on crack with Scarface's personality traits. That was Bitcoin today. And other days she can be so sweet natured. Back on the hunt.
BITSTAMP:BTCUSDLong
by sumastardon
2
BITCOIN: BTCUSD Way more potential upside in storeBitcoin Update The Shape this is Throwing So far, the parabolic shape Bitcoin is making remains very encouraging for the future. If it can now hold up today between the old high area at 7450 and the new parallel , now at 7425 between now and Tokyo and China opening we could see some spectacular gains...it just has to hold up now... Stops for day-traders remain under the parallel by 20 points or so for now and under 7330 for longer term holders for now. The last massive surge from 6000 to 7350 came from the East. They like break-outs - if we hold up today as above Bitcoin could begin to fly higher, substantially higher. $15,000 looks like the next big number: 2, 3, 5, 7.5, 15 - let's see. But we still need to get through today: depends how involved you want to get from here...it's still in corrective mode just trading between the high and a recent low at 7474...but WOW the shape here, if the highs get taken out later on here and early in China. Suggest increasing holdings if and when (hopefully) the high is broken again aat 7577 - whether that happens soon or later. Use a stop under 7450 and it won't get hit. Good Hunting, once more, with way more potential upside once we see a break above the highs than yesterday. Be Lucky.
BITSTAMP:BTCUSDLong
by sumastardon
Brent Crude: UK OIL More upside still once 60.60 is breachedUK OIL: Brent Crude: The medium term trend remains positive whilst within the parallels shown on chart, so whilst above 58 Brent looks to have more upside still, and should go on to test the upper parallel at 63.30 once minor resistance at 60.60 is breached. Will be looking to close down longs at 63.25ish and then wait to see price action develop at 63.30-63.50 range - if we don't see an aggressive red candle emerge it means hedge funds are still greedy for contracts and that upper parallel could yet get broken on the upside. Don't think it will, but need plan B in case - only if 63.60 gets breached on upside and then Brent comes back to test the upper parallel from above and then bounces back up through 63.60 will look to get long again for further strength up to 67.30 minimum. The next resistance above here lies at 69.73. Any test of this latter level is likely to mark the ultimate high of this run and if struck should present a good selling opportunity over the coming couple of weeks. More as this move develops...
FX:UKOILLong
by sumastardon