BlockMason (BCPT): + 180% profit potential: what to look out forI got a request to check BCPT (BlockMason Credit Protocol)’s price and we are in for an interesting triangle again. BCPT has known incredible swings, reaching a high of 14858 sat (+366%) compared to Jan 1st, only to plummet catastrophically to 2469 sat (-83,3%), and all of this in less than 2 months.
At the moment, price seems to be stabilising around 5131 sat (the 78,6% Fibonacci retracement in blue).
This area seems to be acting as a strong support.
Moreover, the chart shows us a simple – almost symmetrical - triangle formation , and we are closing in! Having a strong support on the blue horizontal Fibonacci, back by an almost golden cross in the MACD (and if we look at the ETH chart here below, the cross is already there !), we just need RSI and Volume to creep up a bit and we are good to go.
BCPTETH chart on the daily - look at the golden cross in the MACD:
But before you pull the trigger, remember that triangles can be two edged swords , and we first want a confirmation of the triangle break-out before trading this one. In the meantime, feel free to speculate :-p
Note that the odds are in favour of the bulls for now, with a very bullish MACD, and an oversold RSI that will likely curve out to the moon.
Keep your patience in line a bit, and follow this BCPT closely if you want to trade here.
Remark: BCPT is still a small crypto, with a market cap of merely $24M and a volume of just under $1M (96 BTC); this low volume makes it vulnerable to pumping and dumping , which is also something you can see back in the charts, especially if you look on shorter time frames. You can either ignore that volatility completely, or take it into account e.g. If you buy this crypto, it makes sense to already put some sell orders somewhere at a price multiple (e.g. At +99% or so), because you will probably not be around when the pumping is happening (remember, it is pump, ànd dump – so these price spikes are only there for a couple of minutes). Setting a sell order up front can take advantage of this. In the meanwhile, you can wait for break-outs, especially if you like the fundamentals of this one.
Remark 2: This is a small crypto and still quite fresh from its "ICO", testing its "ATH" again is definitely a strong possibility (especially given the still low market cap).
Fundamental story worth checking out beforehand!
Here to serve :)
Wijcryptonairs
(!) BTC - CRUCIAL remarks on current Bitcoin priceHi guys, in my previous post , I guided you all the way to and through the break-out and what we were looking out for. I now want to point your attention to a couple of CRUCIAL things that you have to be aware of. I will continue explaining the chart with Heikin Ashi candles – if you read my previous post you will probably already know how it works, if not no worries I’ll re-explain very quickly where possible.
1. The daily chart
Compared to our last chart before the actual break-out, I argued we needed to break through the white “3” resistance line and the inverse head & shoulders neckline (see 4-hourly chart). In the mean time all of that happened and some of us already have a smile on their face ;-)
Previous chart before the break-out (last post):
Now, look at the RED line (“3”) and how BTC is banging against the red wall. This is an important resistance line as you will also see occurring on the four hourly!
What else: the MACD made a beautiful golden cross and RSI is showing positive momentum.
2. 4-hourly
Have a look at this chart. Most important remarks here: the green Heikin Ashis have evolved into a red doji candle . This is a trend reversal! (doji / spinning tops in Heikin Ashi candles are typical for trend reversal signaling). Price indeed hits the red resistance line as mentioned above, and is bouncing back down! This is the start of a down movement on the 4-hourly.
And this is c onfirmed by the MACD (blue will cross red and come under it), RSI is overbought and curving downward . If you want to take some profit and get back in later, now is the time . We typically woud wait for at least one red candle though to confirm breaking this short term support.
3. The weekly!
Now it gets interesting. We see all the same lines as above, but zoomed out on the weekly chart. Once again, we see a Heikin Ashi spinning top, hinting to a potential trend reversal ! We see that a death cross was made in the MACD before and we have experienced that in Bitcoin price in the last weeks. Now we see that RSI is curving up and who knows we might even see the blue line of the MACD curving up to bring back the real bullish momentum.
Very important: If we can get a green candle on the weekly, we might be in for a bullish treat soon.
Conclusion: review these three levels of detail: the weekly, the daily, and the 4-hourly.
The 4-hourly shows us a bounce back downward in the short term.
The daily is struggling with the red resistance line, which is a strong attention point.
The weekly is craving for a green candle, which would theoretically be quite near, based on the Doji and be a signal of some real bullish momentum.
5 important cents on Bitcoin ;-)
Break-out: XVG needed a "big green Heikin Ashi candle" & got it!Disclosure: this is a repost of my Feb 12 Tradingview idea . Unfortunately, it was taken down by admin because it contained some external links. Until today, I always included links to i) my website, ii) interesting other sources. Unfortunately, my ideas that contained links have now been hidden (it's against policy). Given that I found the post crucial to trade XVG, I am reposting it, albeit the break-out has now occurred.
This was the post: "XVG needs a big green Heikin Ashi candle to break out!"
"Lots of indecisiveness in the Verge graph. In this post, we are diving into the matter with Heikin Ashi candles, which are very practical for identifying trend reversals.
We indeed see several Doji candles (1 & 2) and some spinning tops (similar to Doji candles but with some difference in open and closing prices, whereas for Dojis, this if virtually the same (i.e. Open and close are more or less equal).
Normally, Doji candles or spinning tops are very useful in Heikin Ashi candle analysis to identify a trend reversal. You can see examples in 3 and 4.
Now, if we look at where we are today (on Feb 12, red.), we see a lot of indecisive candles, ànd we are nearing the end of the triangle formation (two white lines drawn). As you might remember from previous posts, triangles typically go hand in hand with break-outs . We need a big green candle here to confirm an upward trend reversal. We are not seeing that yet, so best to stay on the sidelines.
We àlso see a golden cross forming in the MACD daily, which is generally extremely bullish , so that speaks in favour of more upward momentum coming soon.
Conclusion:
--> Keep a close eye on the new Heikin Ashi candles forming as these will tell us a great deal of what will come next. It might even be a large uptake!"
Update Feb 16-17: The break-out has occurred ! Too bad some of you probably couldn't see this previous post anymore and make the trade. BUT: you see we have broken the Fibonacci resistance level at 779 sat, which we will likely retest before going up to our next target: 1008sat! So still some nice profit potential ;-)
And remember: look out for those infamous Heikin Ashi doji candles (see above) as they will tell us when we can expect a trend reversal (down). In the meanwhile: Verge looking good. Attention points: we don't want to see Verge falling through its new found support at the Fibonacci retracement of 779 sat; we can expect further upward movement now and aim to reach the 1008 sat.
So the green Heikin Ashis are looking good. If you see a "doji" or "spinning top" (see above) appearing on the 4h Heikin Ashi chart, beware!
!XRP – Perfect wave analysis confirmed - Learnings/what's nextDisclosure: this is a repost of my Feb 10 Tradingview idea. It received over 2500 views but was taken down by admin because it contained some external links. Until today, I always included links to i) my website, ii) interesting other sources. Unfortunately, my ideas that contained links have now been hidden (it's against policy). Given that I found the post a very instructive & educational example, I decided to repost it - albeit 6 days later than the original post. See below for the (almost) full original ;-).
Post of Feb 10:
"Hi guys, this one is a crucial one! I really recommend you read this post until the end. Because… you will learn a hell of a bunc h on technical analysis! In my opinion that’s what we’re here for, & I want all of you – including myself – to become better traders & investors.
Let’s get the party started ;-) -->
In our initial post of Jan 22 , we called the last correction leg (leg “C”) in our Elliot wave analysis. We slightly adjusted our target on Jan 30 , & today we can see the perfect confirmation : a new impulse wave has started upward, ending leg C, beginning a new wave 1.
So in short: we ended the “correction" wave as we predicted and are now in wave 1 of a bullish “impulse" wave. (Feb 10 on the graph above)
The conclusion of our post on Jan 22 was simple:
--> "It is best to sit back some more while leg C is developing, & jump back into XRP when indicators such as MACD & the start of a new first wave leg confirm a bullish reversal."
In our post of Jan 30, I stated in the title " (!) XRP almost at crucial bullish reversal (>+100% potential) "
--> ... and we weren’t lying!
NOW --> Just have a look at our latest graph here above and you’ll see both the ending of leg C ànd a bullish confirmation in the MACD by a “golden cross” (blue line crossing red line with blue coming on top, and this just below zero) on the daily!
————
Let’s recap what we have been seeing right up until now:
1. Jan 22
Applying Elliot Wave Theory ("EWT") to the Ripple (XRP) graph clearly shows us that a C-correction leg is forming, after which a new upward impulse wave can start. You can find the full explanation (incl. ElliotWT) in detail by clicking on the chart:
--> You can also clearly see the movement of the five subwaves in the upward impulse wave, followed by that ABC correction.
2. Jan 30 - "(!) XRP almost at crucial bullish reversal (>+100% potential)" (post was hidden due to external links)
--> Closing in on the end of leg C & a bullish confirmation in MACD to confirm! (imagine graph below but without wave "5" in leg C)
3. NOW / TODAY (Feb 10)
—> The bullish cross in the MACD can’t be more obvious !
—> The downward trend channel is broken ! This is the channel that connects the top in (5) on Jan 4 with the end of leg C on Feb 9.
—> We are on the bottom of the Bollinger bands , meaning there is most likely only one other way to go: up! ( Boll. bands = the green "swingery" bands with a red line in the middle)
—> We see the bullish CCI trending upward
4. What’s next:
—> We’ll see more upward movement soon, but remember that also the upward impulse wave has its “red” correction legs.
—> We see the closing of the last candle here is at the 50% Fibonacci line. This one we will have to overcome before we can push through to the next target on the Fibonacci 38,2% (on the daily)."
Vechain: What to expect given the upcoming rebranding (on 26/02)In my previous post , I highlighted the strong support line for Vechain in the VENETH graph:
That support is still intact and we are still trading quite close to it. For those who wish to open a longer term position in "VEN", this is likely a decent entry point, especially given the fundamentals going for it (do visit my website for a fundamental take), and definitely our Tweet reply to "The Coca-Cola Kid" (renown market forecast wizard).
Looking at the VENBTC chart, we also see strong support in the large triangle formation , which is about to approach on its limits. Note that the chart is not drawn in regular candles, but in Heikin Ashi candles . If we look at the last candle stick on the 4-hourly (graph below), we see it is a “doji” stick (which means that the open and closing price are virtually the same, and that there is only limited movement in low/high). This doji candle is typical in Heikin Ashi charting and most of the time means one of two things: 1) pending trend reversal (note that we are talking about the 4-hourly chart, and you can see in the previous trend reversals in the downward channel that you get some green candles but not like a butload). 2) The second possibility is “indecisiveness” of the market. (by the way, at the time of writing, the doji was red, but now upon publishing turned green already).
I believe this one likely hints to some upside in the short term onto the moment where we hit the upper triangle resistance, somewhere like 14/15 Feb.
After that it will likely test support again before the uptake. But that is only if we look at the 4 hourly. If we look at the daily, we simply see red candles moving downwards . They will likely test support, and I don’t expect VENBTC to go much lower, given the pending rebranding on 26/02.
Now, we also see a second triangle formation in pink, which could contain price movement a little bit longer.
A rebranding typically goes hand in hand with some nice price pumping. Ven’s rebranding is scheduled for the 26/02 (although there have been hints that they might postpone it because of the bearish sentiment currently in the market).
An additional indicator can be found in the MACD , which is taking its time to reach a bullish cross, and which might be feasible by the 26th if we would extend the red and blue line (see section under the graph, blue should cross red with blue coming on top).
Conclusion:
Of course you would prefer to get some clear advice on BUY or SELL. But the chart is not giving us enough information to confirm any stance. The only thing we do know is that Vechain is a cryptocurrency with solid fundamentals and with an upcoming rebranding. A bullish cross in the daily MACD is in the making and could well support a nice pumping in the next few weeks. If the triangle formation breaks out upward and is confirmed , we will have more reason to see this one go crazy. In the meantime, if you would like to buy into VENBTC, this is a nice entry point given the current strong support levels. Maybe a sidenote: if VENBTC were to postpone its rebranding, this might turn the story upside down and result in some more downward price pressure. Otherwise, best to stay a bit on the sideline and/or if you wanna make shorter term gains, maybe not the best place to be looking (unless white triangle figure gets broken).
Just my five cents for the moment, updates will come!
BTC extremely bullish on the daily, but: dancing on razor's edgeLet’s keep this one very simple will we. We are all wondering where Bitcoin will be going and we are getting mixed signals from our friend for the time being. I just wanted to lay out the playing zone a little and highlight some details to pay attention to.
If we look on the daily here, the MACD couldn’t be more bullish, just making a golden cross , potentially hinting to tremendous upside.
But (!), if we look at the weekly , we see a somewhat different picture painted there, the MACD has just formed a death cross , and yes we have already seen quite some downward price movement upon that crossing. (don't mind all the drawings on the chart, just look at the MACD :-) )
Is the pain over?
Crucial support levels:
—> If we look at the chart, we can see that we have hit a strong support line on 04/02 (“1”) . The outlier in the price that day really hits that level (not the blue Fibonacci, but really that trendline. ( $6300-ish, bluntly speaking ).
—> The line just beneath it ("2") provides an even longer term support , and if price breaks through the line through 1, we might expect to touch upon the 78,6 in blue first, after that, we’ll have support on the lower white support line in “2" ($4K-ish).
Crucial resistance levels:
—> The downward trend channel with resistance line “3” is where Bitcoin should try to break through to end the current downward movement.
—> We also see the 61,8 dark green Fibonnacci line acting as a resistance.
—> If BTC breaks through, we can expect upward movement to 50% Fibonacci (target +-$11K) as new resistance.
—> Note that line 4 will also act as resistance in a later stage.
Conclusion:
- If we look at the 4-hourly, we see some downward movement to happen first (MACD), but this already happened to some extent.
- We also see something resembling an inverse head and shoulders (!), if the neckline there is broken, we can expect some nice upward bounce! (almost horizontal white line between 1 and 3)
- If we look at the daily, we have a golden cross in the daily MACD , which is very bullish, also the CCI is nicely curving upward .
- We need to break resistance line 3 here, as well as the Fibonacci 61,8 to confirm bullishness!
- The weekly still shows downward pressure, we have to keep an eye on the evolution there!
So: inverse H&S on the 4-hourly, golden cross on the daily as well as some crucial resistance levels to tackle, and the sword of Damocles on the weekly! That's what you have to keep in mind when doing all else in your analysis.
Consider it a quick bedtime story, cause in my time zone, it's bed time! ;-)
PS: this post should by no means by considered formal investment or speculation advice
PS 2: happy trading/speculating/investing!
XRP 100% upward potential, BUT FIRST to finish leg C down
Applying Elliot Wave Theory ( "EWT" to the Ripple (XRP) graph clearly shows us that we are currently forming the C-correction leg, after which a new upward impulse wave should be very likely to start .
--> We clearly see the movement of the five subwaves in the upward impulse wave, followed by the ABC correction, as prescribed by Elliot Wave Theory.
--> The C leg has been drawn for the first part, but can be expected to go lower (according to the wave theory principles), before a new uptrend can start, which is also confirmed by MACD and RSI indicators (see further).
Applying the Elliot Wave Theory rules:
EW Theory can be easily explained and applied looking at this graph. We can see the three rules hold true:
--> Rule ("I") Elliot Wave Theory rule 1: Wave 2 cannot exceed wave 1 in retracement (wave two can not correct to a lower price than wave 1’s starting point) —> OK
--> Rule ("II") EW Theory rule 2: Wave 3 can never be the shortest : a tricky one but subwave 3 is still longer than subwave 1 —> OK
--> Rule ("III") EW theory rule 3: wave 4 can never overlap wave 1 —> OK
Some guidelines are also highlighted and confirmed:
--> (i) Guideline: if wave 2 is steep, then wave 4 is relatively flat : Wave 2 shows a retracement from 0,000052 to 0,00003564 or 46% correction, which is quite steep so 4 will be relatively flat and is actually around 20% —> OK
--> (ii) Guideline: After a "5-wave" impulse advance, corrections ( abc ) usually end in the area of prior Wave 4 low —> we use this as a FIRST ESTIMATE to where the price will retrace BEFORE taking of for the next 5-legged impulse wave upward!
Additional information on the graph confirms our viewpoint:
--> The MACD is still in decline with the red line over the blue + will reach a bullish cross somewhere around end of leg C.
--> RSI is also in a downward trend for the moment.
Conclusion:
--> It is best to sit back some more while leg C is developing, and jump back into XRP when indicators such as MACD and the start of a new first wave leg confirm a bullish reversal (note: price potential at this time to All time high is around 100%, but will be even more from the C leg bottom).
PS: this article is by no means intended as formal investment advice, please do your own due diligence and best of luck!
XLM preparing for major uptake?In this pre-bed time post I have tried to keep it simple:
--> The MACD is showing a bullish reversal is pending, looks like it’s going to a strong golden cross.
--> The CCI shows “oversold-ness” and is edging upward
--> The graph itself shows that the Fibonacci 61,8 is already a strong support, together with the underlying trendline . Price has been bouncing back and forth from that line. Moreover, the last couple of days, price has been consolidating at these levels.
--> Given the bullishness in the MACD and the support levels that are still intact , I think we can reasonably expecting a bullish boost somewhere soon.
--> In the mean time, note that if it would fall through, the next level would be the 78,6 retracement at around 0,00028387.
--> But everything is pointing to further upward movement, with the 0,5 level at 0,00056031 as a first major resistance level to overcome.
Feel free to draw an Elliot Wave analysis on it ;-)
Sweet dreamzzz
ALERT! - NEO pending bearish reversal: keep your eyes openThe NEO graph shows us a clear rising wedge, which is a typical bearish (reversal) pattern.
We can also see that it has fallen back from a recent high to retest the trend channel's support line.
In combination with a very bearish (daily) MACD (just see the highlighted death cross that just took place a couple of days before and that directly shifted the price in a downward trend), this is a good moment to keep your eyes open on NEO. (Furthermore, also RSI confirmes this view).
You can also see that the trendline actually coincides in this point with the 23,6% Fibonacci level. If it falls through these supports, next target is at 0,00968 (or the next Fibonacci level).
You can also see how NEO tested the Fibonacci's in the upward level, before breaking through each time: if you have a look at the 4-hourly chart, you can see a bullish MACD, which will likely precede a short term upward move, before it retests the current pricing level. After that, the odds are currently in favour of the down trend!
PS: this is by no means formal investment advice - do your own due diligence - best of luck in your trades and investments!
PS2: also have a look at the NEOUSD graph as it can provide you further guidance in subsequent analysis.
KORS - 100%+ profit in 6 months --> Time to take profits?Michael Kors (KORS) has had an impressive 6 months skyrocketing up in its price from just over $30 to $65+ now . That's (almost) more than a 100% increase in six months (depending on your entry price). Stating it as an annualised return is stupid but it's fun to just say that that would mean just under or over 200%.
In any case, the run up has been great. But what now?
If we look at the weekly graph, we see that KORS is racing its way to the 50% Fibonnacci retracement . It will test it soon and the question will then be: will it break through? In terms of fundamentals of the stock, it might be possible to break this resistance line - the company has held practically no debt in its entire history, is still growing abundantly (albeit a bit less in its base market US), its new men's fashion unit is paying off as well as its acquisition of Jimmy Choo, and the investment in the online channels has shown great results; although KORS still has to work its way back up in terms of brand appeal, which has been relatively strongly diluted in the past couple of years - but as for the moment I believe it is far too risky to aim for breaking resistance.
--> The technicals support this view: KORS is aiming for a test of the 50% Fibonnacci level, yet has both MACD (upcoming death cross) and RSI (way above 70) against it . These are very bearish signals that can have the stock pull right back to maybe even the 38,2% and by bearish extension the 23,6% one.
Moreover, illustratively , you can see w hat happened after the golden cross back in January 2016 : price jumped through the roof and successfully tested the 23,6% Fibonnacci (note that there, it did have MACD and RSI support!), subsequently it tested the 38,2% Fibo, failed, and plummeted back completely (and in the process made a clear H&S figure :-) )!
In any case, I do believe the longer term prospects of the company are quite bullish, but a correction in the stock price is to be expected. Therefore, I would (non-officially ;) )recommend to take some profits and get back in at a more depressed price if one likes this stock. (However - really investing in fashion stocks is something very difficult, as it has a very capricious customer base).
Great trade, but time for something new!
PS: I haven't done a detailed analysis in this piece, but to place the correct stop losses etc, definitely zoom in on the upper trend channel KORS is currently in to define these!
ETH --> How to consistently double your money1. First of all, you can see that I drew what are called " Fibonnacci Speed Resistance lines ".
Speed lines are a combination of trend line and percentage retracement analysis . Speed resistance lines not only help to measure trend corrections (percentage retracement) but also measure the speed of a trend.
--> Speed Resistance Fan lines can also be viewed as support or resistance lines. In an uptrend, price usually stays above the higher speed line. If this line is penetrated, prices generally fall to the lower speed line, which in many cases becomes the support level. However, if prices break below the higher speed line, fall to the lower speed line, and then begin to rise, the lower speed line becomes the resistance level. In a downtrend, the breaking of a lower speedline indicates a possible rise or rally to a higher line. If a breakout occurs above that line, the rally may continue to the top of the prior trend (or the underlying trend line).
--> These lines shows us up until incredible granularity where the price will find support and resistance ! (Just look at the graph!) Breaking a lower trend line in a down trend in an upward move can be considered quite bullish.
--> They are not that difficult to draw in Tradingview.
2. Now consider the MACD and the RSI. I highlighted the MACD moments where one can expect a bullish reversal (in green) or a bearish one (red). As you can see on the daily, the (strong) downward move we are currently in could have been predicted up front. . Furthermore, they also indicated in a consistent manner the start of strong upward trends (highlighted on the y-axis as white price points ( doubled your money! ) and blue price points ( doubled your money again! ).
--> We are closing in on a new daily MACD bullish cross (perhaps even a golden cross), but we still have to be a little patient .
--> RSI has supported the bullish/bearish character in each of the scenarios discussed.
--> Looking at the 4h chart however, we can see that there is some bullish momentum in the shorter term.
3. Conclusion: For those who want to start a long position , average in on it: don't buy all at once, but you can start buying a first chunk at these prices, and then wait for the bullish MACD on the daily to take place . Use the Fibonnacci speed resistance lines to guide you in identifying resistance and support!
And don't forget to look at the hourly / 4-hourly chart to make some short term profit in between (you can apply the same strategy).
PS: this is by no means to be considered formal investment advice, do your own due diligence! (and preferably buy only cryptos for which you also believe in the underlying fundamentals)
Bitcoin adventures - long or short? Time to go back to the basics and apply the KISS principle. Bitcoin is having great adventures again, but what can we expect going forward - just a quick 5 - hopefully educational - cents to complement other authors' analysis.
Here above a relatively basic chart on the daily tells us a couple of things:
--> The MACD is nearing quite the bullish cross . Every time this happened in the past, a nice gain followed.
--> The RSI is generally aligned with the MACD , it shows us relatively clear confirmations of the buy signals. Also in this case.
--> CCI is not shown but is in line with the RSI (currently quite strongly in the oversold region)
--> We are at the lower end of the Bollinger bands (but note that the lower boundary of the band is still in a negative trend)
So... The daily chart ALMOST tells us to buy (not yet, but we are close). BUT: important remark: we also have to look at the weekly chart, and... that one tells us a different story! The MACD there is currently closing quite the death cross , and we are just above the half line of the Bollinger bands, which would imply more room to fall is not impossible.
In general, I would assume that this could more or less be translated into: some more blood, then a nice upward recovery, and then some more blood. Also look at how the Fibonnaccis interact in this story. On the daily, the 50% level was tested yesterday. Today, we see a test of the 61,8% level . Probably the most prudent way would be to start accumulating a position gradually, taking advantage of any further dips (or if the trend starts to show us clearer skies, on the dips in the upward channel), but remain somewhat at the sidelines, keeping dry powder. Especially for the ones intending to hold for some time.
Note that this is by no means to be considered as formal investment advice
Playing field for ZRX: where oh where will price go?!Just to give you a framework in which you can further analyse ZRX price movements . I drew the Fibonnacci retracements, and illustratively, you can see that I highlight both a high and low testing in the same candle stick. Moreover, the Pitchfork analysis gives you additional support and resistance level between which the price is moving.
Just before posting this, there was a bullish cross in the MACD 2h chart, coinciding with the "low testing" highlighted in the graph at 8am on 16/01/2018. This is generally very bullish short term and you can see the price move up. So I was just a little late on calling it! :) But nevertheless, here you have the rationale behind it and maybe you can buy it next time when it happens or just before.
Furthermore, we see the 4h chart moving in on a bullish cross in the MACD, supported by the CCI. I have to say that for the moment I am neutral to perhaps slightly bullish, but you can see that the price is still in the negative trend channel for the moment and we might want to sit this one out while the market is doing its swing dance :-)
Just a bedtime story in technical analysis ;-)
cheers
PS: something similar happening with SolarCoin, have a look there as well!
Solarcoin gently preparing potential strong upside move!Solarcoin is nearing short term buying range and has several positive signals going for it:
--> Touches lower trend line support
--> Currently on 50% Fibonnacci support
--> Did a "low test" (see red candle stick downwards with the "thinner" part very long and touching the 61,8% level)
--> Bounced back from 50% Fib. & from the orange trend support line
--> Has broken through downward trend channel resistanc e (represented by downward orange resistance line)
--> Currently at lower end of the Bollinger bands
--> MACD is nearing bullish cross
--> CCI agrees with bullish character
Conclusion: due to the ongoing market turmoil smashing most of the cryptos, I remain "short term" neutral (to slightly bullish) on this coin, even though it has multiple bullish signals going for it. Nevertheless, we should keep an eye on this one as the bullish character will likely become more pronounced in the near term!
Keep your eyes open! ;-)
Note: this is by no means formal investment advice, do your own due diligence, preferably backed by some fundamental analysis
How XLM is PREPARING FOR Short term +30-50%, mid term >+100%gainIn my previous analyses on XLM I called the first bottom reversal which provided us a quick 50% profit . After that I believed the price would retrace back lower (see previous posts, links are below) . The market turmoil today is pulling almost all cryptos lower, XLM is no exception.
However, up front, we could already predict where this correction would take XLM price by simply extending the longer term lower bound trend line. As we could witness today, price hit that line as a bottom and bounced back upward. It has "tested its low". --> Exactly where we could expect it to do so!
Going forward , I do believe this line will hold, and we can also see other indicators confirming this: MACD is pointing to a next upward move, which is also confirmed by RSI and CCI, both being in the oversold range.
Given the inherent volatile nature of cryptos, do keep an eye out on that important support line. There is still a Fibonnacci level below that could be tested, although I don't think it will for the time being.
So this provides a nice buying opportunity, with a short term potential of 30-50% if price bounces back from the lower Bollinger band level. And in the longer term, we should be able to test the previous high, which would result in more than a 100% gain.
I also encourage you to read the Stellar Consensus Protocol white paper (you can easily google it), to give you some fundamental background as to why Stellar is such a good crypto!
Best of luck and keep me posted of your XLM trades! :-)
Bitcoin - what's next? Pitchfork analysis showing playing fieldWhat’s this? —> “Pitchfork” analysis of the playing field for Bitcoin’s next price levels + explanation of historic movements based on that same fork.
We can see that the pitchfork can provide us a bunch of information on the pricing evolution, resistance & support levels and so on. Top that off with a nice Fibonnacci retracement scheme and we can start explaining the movements on the graph.
For the interested: some examples are shown in the graph! Have a look and you can see it providing us a lot more information. Mid November, you can even see one candle stick testing both Fibonnacci resistance and support!
Examples for the very very interested among you:
- The lower pitchfork line shows us a strong line of support in the upward trend channel from Sept – Dec: price even falls through for a second, but the pitchfork does its work and price gets back in.
- We see the forks acting as resistance in the first half of the graph, being easily broken by the price movements: Bitcoin bull on a rampage
- After the top, we see them taking their support role, protecting Bitcoin from ca crazy crash. The bitcoin Bear is currently playing with the 0.382 support line. Know that the graph typically likes the 50% so if something bearish triggers downward movement, we are highly likely to hit that target.
- In the mean time, we see the lower pitchfork working as support, we see that the 50% line was briefly touched upon mid December and we see interesting stuff when we combine the pitchfork with Fibonnacci… A fibonnaccious pitchfork story.
What does this mean for our trades:
--> We actually have to keep very attentive to whatever happens next, it can play out either way.
--> We do see a short term bullish reversal in the penultimate candle stick (the red one, where you can see the smaller part of the candle doing a “low test”, setting the tune for the next (green) upward candle. That one also shows a low test, so we could reasonably expect more upward movement first.
--> Apart from that, look at the support lines in the graph, they can help you in determining whether to buy or sell going forward.
XLM: After predicting bottom & first 50% upward move:what's nextIn one of my previous articles I called the bottom for XLM and highlighted that the first reversal upward move would occur - subsequently we saw a 50% move upward (so I hoped you followed my lead! :-) ), which then consolidated a bit and decreased somewhat in price. As one can see from the graph, the extent of this drop could be reasonably predicted up front, by taking into account the longer term trend channels and resistance/support lines. In the grey boxes, I show some examples of these.
As we can see now, XLM is in a short term upward trend and it is trading at the bottom of this channel + it has the 61,8% Fibonnacci retracement level going for it. Moreover, the MACD signals a second upward move coming nearer.
Given the strong fundamentals of Stellar Lumens (definitely have a look at the Stellar Consensus Protocol white paper by Stanford professor David Mazières), I am long on this crypto gem.
How about you?
(note that this is by no means to be taken as formal investment advice)
Happy trading!
Verge (XVG) testing an interesting break-out level!XVG is about to break a triangle pattern on the upper end, which is bullish ( note that you have to pay some attention with these types of triangles , follow up the price to confirm the trade).
- MACD (bullish cross) and CCI agree
- We can clearly see the same pattern repeating in the chart, providing us at least a short term opportunity
- Note that the Bollinger bands get tighter and tighter
- Volume is a bit higher and green
- Strong support on the 50% Fibonnacci retracement level (1021 satoshi) --> if trade can't successfully break and keep above the triangle, get out around 1066-ish at the lowest
- After that strong support on 61,8% level (793 satoshi)
- Resistance at 1249 satoshi
trade was started at 1035
