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Wunderbit

GOLD is going down!Gold is looking bad if you selected this asset as a short term investment plan. Based on the technical analysis the asset passed the crucial mark of $1900 with good volume and very aggressive selling. On the hourly timeframe the RSI indicator started to show some divergence. As a result, we expect the asset to retrace back. The maximum retracement that we expect is the area of 0.38 - 0.5 Fibbamnacii level. This will be the area of $1900 and will re-check this level as new resistance. At the same time, it is possible to have a very small retracement or no retracement at all and the continuation of the downward trend towards the area of $1811. This is the level of July's Point of Control. If this will happen then such action will most likely create the divergence on the 4H RSI and may create a nice point for the short term long position. Best of luck with your trading!
TVC:GOLDShort
by Wunderbit
4
ETH/BTC Buy OpportunityThe pair BINANCE:ETHBTC is located at the bottom of the horizontal channel, in which the asset was consolidating since 3rd of august 2020, and now it is a wonderful opportunity to go long. Trading plan: To trade this asset the entry point should be around: 0.03258578. We believe that after the initial small gain the asset will reach the resistance trend line and may drop to the zone of "Extra Liquidity" (yellow area). This zone can be another good place to add to the position if you will see the support in the order book. After the the price should start to increase and if it will break the POC level (0.03380621) of the horizontal channel then the price will move towards the upper side of the channel in the region of 0.03628989. Best of luck with your trading!
Long
by Wunderbit
4
Low Volume + Weak Price movement = ROCKET!ETH is preparing for the move! At the current state of the asset, the price does not show any strength or weaknesses of either Bulls or Bears. The decreasing volume is suggesting that the asset is going through the accumulation phase. At the same time, the price is bouncing around the POC of the current month. Trading Plan COINBASE:ETHUSD : There are two potential scenarios that we would monitor. First of all, in the short run, the price should reach the bottom of the trading channel at around $356. This will act as a line of support, however, it is possible that we may experience the strength of the bears and If the price would manage to break below that level with good volume, then the upward move scenario is cancelled and the price will start to decrease in the attempt to form the double bottom, around the Macro Upward Trend line. If, however, the price will be able to hold the level of $356, then there is a good chance for the asset to gain in value and aim towards the level of 400$. Along with the upward movement, we should experience the first resistance level at around $366. If the price will go beyond the 400$ (with good volume), then it would aim for the golden pocket between $420-$426.
COINBASE:ETHUSD
by Wunderbit
5
Forming Divergence on Bitcoin.As we wrote in the previous posts, BITFINEX:BTCUSD price is targeting the final upward rise towards the golden pocket in the area of $11,241. Based on the volume and the level of RSI, if the price will able to reach this level then it will create a divergence on both of these indicators. We are starting to monitor the short position as this looks like an optimal point of entry. However, it would be important to wait for the divergence and the potential formation of either a double top or horizontal channel with the area of redistribution on the top of that channel. Best of luck with your trading!
BITFINEX:BTCUSD
by Wunderbit
7
Bitcoin trading plan (BTC/USDT 4H)The latest upward move of BINANCE:BTCUSDT is not that strong as it may seem. Even though the volume was picking up during the breakout from the area of $10,600, the later movement was accompanied by the decreasing volume. The price is currently entering the resistance area. And comparing the previous downward movement (from 12,000$ to 9,800$) with the current increase in price, it can be seen that the buyers do not show much interest in the asset at this particular price. Trading Plan: 1) The price may increase slightly towards the area of $11,200. If this increase will be accompanied by the divergence on the RSI, this will confirm the reversal. 2) After that, the price may be stuck in the horizontal channel for some time time. The volume profile will show if this will be an accumulation or re-distribution channel. 3) There is a higher probability that after the horizontal movement of the price will go towards the area of $10,300 Best of luck with your trading!
by Wunderbit
4
SUSHI/USDT Trading plan for the week. BINANCE:SUSHIUSDT is forming a nice global descending triangle. Usually, this is a continuation pattern and in the case of SUSHI/USDT, the price should break the bottom of the triangle. There is number of reasons for that: 1) The Sell Zone on the top $2.39-2.51$ which is combined with the downward resistance line 2) Multiple checks of the bottom of the triangle on the falling volume 3) The POC of that triangle is located on the top part of that triangle $2.6963 These factors suggest that the price should break the bottom of the triangle and should go towards $1.7 However, it is also possible to make some good trades while this pattern is completing. It is possible to trade the base of the horizontal channel. From bottom to top and vice versa. Taking into consideration the global picture of the asset it would be more appropriate to short sell in the base. It is also possible to trade the momentum breakouts from the base. If the price will stay in the base for a long time while the volume will be dropping, then the breakout out of that base will be rapid. The rapid breakout that we expect should be to the upper side of that base and may lead to the fast long position between $2.35 to $2.54 (4.30%) Best of luck with your trading.
by Wunderbit
1
False breakout of Bitcoin (BTC/USD 4H)The bitcoin price BITSTAMP:BTCUSD broke above the horizontal channel. However, the volume does not support this breakout. The price is aiming to retest the level of $11,100 as a new resistance level. Trading plan: If the price will continue to increase while the volume is decreasing this will confirm the false breakout and the fact that the price is driven by a large number of small traders. In this case, we would start looking for the reversal zone in the area of $11,000. If the price increase will be accompanied by the increase in volume, then this will be the true breakout and we will end up in the previous horizontal channel between $11,100 and $12,000. After re-checking the level of 11,100 as support the long position can be opened. If the price will hold between the area of $10,600 and $11,100 this will generate a nice opportunity for trading in the channel. As the long term movement of the BTC price can still be counted as a downward trend, the short selling in the horizontal channel is more appropriate.
BITSTAMP:BTCUSD
by Wunderbit
9
ETH Long setup and trading plan!Based on the 4H timeframe, COINBASE:ETHUSD is forming a nice and solid long setup. The macro picture Starting from March 2020, ETH is in the upward trend. In the past, this trend acted as solid support and so far it remains as a good support level. However, from the price level of $489.38 the asset experienced the downward impulse wave that was accompanied by the increasing volume. We are currently in the retracement after the impulse wave (Steady price increase on a low volume) and this supports the idea that Ethereum can be in a downward trend in a shorter term. The Local picture Currently, the price of ethereum is consolidating in a descending triangle. Most of the time the triangle consolidation is a continuation pattern and from the beginning of September 2020 the asset experience the upward trend. Trading Plan Based on the analysis, there is a higher probability that the price of ETH will increase. Therefore, we will be looking for a long position and this is the scenario that we believe is going to happen. 1) The price will continue its consolidation in the triangle for some time. 2) When the price will reach the last 1/3 of the triangle base, we believe that we will see the sharp and quick breakout into the green area ($348 - $355). This will be the collection of stops out of weak hands. The bottom of the triangle and the green area would be a good entry point for the long position 3) If The price will start increasing with the increasing volume we should expect the breakout into the opposite side to reach the area of $395 - $400. This is not only a key psychological level but also the point of control of the previous month. This would be the first Take Profit target and the point where it would be advisable to move the stop-loss into the break-even zone. 4) The price will meet some resistance at this level, however, it can still continue its growth if there will be no aggression from the sellers. In this zone, we may experience another local accumulation phase. 5) If the price will continue the upward movement with the support from the volume it can reach the second "Sell Zone" ( $402-$427) and in the upper part of that zone ($420 - $426), we would aim to close the second take-profit target. At this point, most of the position will be closed. 6) The "golden pocket" is the area for the reversal and potential target for the short position. Best of luck with your trading!
COINBASE:ETHUSDLong
by Wunderbit
2
NEO/USDT is lloking for the reversal. ShortLooking at the number of factors BINANCE:NEOUSDT is preparing for the trend reversal and potential downward move. There is a number of reasons for this. 1) Price/Volume and Price/RSI divergence. 2) This divergence occurring next to the important resistance zone of $22.90 3) In the lower timeframe (2H) there is a "Sell Zone" between $22.5 - $22.9 Trading Plan: When the price will reach the sell zone it is important to monitor the strength of Buyers and Sellers. There is a possibility that price will spike above the $22.9 level to collect the stops of short-sellers prior to the downward move. After that, there is a good chance that the price will drop below the 22.55 mark, retest this level as resistance and will start its decline. The first take-profit target would be located in the area of $20-$21 and at this point, you can fix some position moving the stop-loss towards the break-even point. After that, If there will be no buyer on the market the price may continue its decline towards the POC of the horizontal channel. Below POC level we may see the formation of some buying strength, however, the major support area is located at around $16.7 - $15.8 Best of luck with your trading.
Short
by Wunderbit
2
EOS/USDT review of the horizontal channelLike most of the crypto assets, BINANCE:EOSUSDT is currently trading in the horizontal channel. This channel is supported by the decreasing volume and the buy zone between $2.65-$2.8. The overall high of the channel is around 8% and there are 2 main ways how to trade in the horizontal channel. 1) Trade from one end to the other. Taking into consideration that the asset is experiencing the overall downward movement, the best option is to wait for the price to reach the level of $2.8 and then short sell the asset to the bottom of the channel. 2) Scalp the momentum breakouts. This will occur when the price is reaching either upper or lower limits of the horizontal channel. The levels to look for: $2.8671 for the long scalp and $2.6212 for the short scalp. The overall conclusion and what we expect based on the current view of the market is that the asset will reach the upper side of the channel, make manipulation and then will go towards the bottom of the channel with the potential breakout below the channel into the area of support.
by Wunderbit
1
Shorting ZEC/USDT. Head and ShouldersIt looks like the market is ready for a bit of cooling and there is number of reasons for that. Firstly, most of the assets including the top coins, have reached the 200MA resistance line. Secondly, we can see the formation of double tops/divergence and other reversal patterns on many assets that were heavily pumped. Why ZEC? This asset looks most appealing to me as it was: 1) pumped more than others 2) has a nice risk-reward ratio 3) forming a classical head and shoulders pattern with a decrease in volume and divergence on RSI 4) has 50MA acting as weak support. Strategy: Enter short position at the price of 48.30 with the 1st take profit target of around 41.05, 2nd take profit level of 36.60. Stop-loss above the 50MA (as soon as it will become resistance.) If you want to monitor the strategy update, smash the like button and follow the profile and the idea!
Short
by Deobald
1
BNB / USDT Long set upIt looks like BNB is preparing for the launch The reasons for that are the following: 1) We have completed the 5 waves downward channel in the past six months. 2) We are currently trying to break above this downward channel. 3) We have a divergence on the 5th wave between the AO and the price. 4) we broke above the alligator and the AO indicator became positive. The only thing that we are missing is an increase in volume and this is a very important factor for the growth of the asset. Strategy: On the daily chart, the buy fractal was formed at a price of $15.32. The break of this fractal would be the entry point The stop loss is the sell fractal which is currently at $12.98. Potential take profit is around $21.38 but before the profit can be reached we have to pass through a resistance cloud. PS: this is a long term trading plan, can take around 3 months.
Long
by Deobald
It is time to short DASH/USDT, again!!!The graph on the left (Daily) The price is in exponential growth in the timeframe of the last two weeks and is now reaching the 200MA, which is acting as a resistance. At the same time the RSI, on a daily chart, is entering the overbought region. The graph on the right (4H) Price forming divergence in relation to RSI indicator, however, I will wait for another divergence within the next 2-3 days. And it would be also helpful to see any price action signal that will support the start of the retracement. It looks like a bit of cooling would be helpful for future consistent growth!
Short
by Deobald
2
Time to short DASH/USDTAfter a wonderful gain ( even beyond my expectation DASH/USDT ) it is time for DASH to cool down a bit. Currently, at the 4H timeframe, we can see that this opportunity is forming. Set Up It looks like a potential double top is forming. This is also supported by the decrease in RSI and the 1st divergence between RSI and price while the RSI indicator is in the overbought region (Set above 80 for crypto) What can happen next?: We could see a proper formation of a double top, or even a double divergence when the price will increase further to around $59 (resistance cloud). At the same time, the volume should go down. Position: Enter Short: $53.60 Take Profit: $49.25 Stop Loss: will depend on the second top of the current move.
Short
by Deobald