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Volatility back in Bitcoin ahead of key weekend trading session $btcusd sell-off sees lost price support on steep channel today and just off fresh session lows of $4139.90 this Friday This weekend's session will see prices encounter converging trendlines which may introduce market sentiment uncertainty resulting in high volume/volatility causing strong reversals or continuation over the next 48-72hrs as these medium and short term trend lines are on track to converge (as seen in attached chart) Traders and market makers may be building synthetic straddle positions to play/hedge against volatility. Consequently, this weekend's trading session will be pivotal for bitcoin's short term price trajectory relative to the US $Dollar. -Steven Hatzakis @shatzakis
BITSTAMP:BTCUSD
by shatzakis
2
USD Index/DXY short idea (H1)Hello, All! USD Index TVC:DXY is currently forming the slightly incorrect bearish Wolfe wave. I would like to underline that this pattern is not a classic one as I'm ignoring extremely long lower shadow of the candle at point 4. After August NFP/employment/wages data missed forecasts, the USD crashed badly in just 1 min, but returned back to the pattern's structure almost instantly. In this particular case as an exception, I consider this move to be more the market's emotional reaction rather than the real formation of point 4. Other than that, this pattern looks solid and if the price makes a peak around point 5, this can become an interesting sell opportunity. GL and profitable week!
TVC:DXYShort
by OceanBlue
ETC 4HR chart, bearish triangle, inverse cup/handleThere are two ways to look at this chart from what I see. One, there is a double bottom, which also happens to form the bearish triangle. If there was massive volume displayed by the RSI, I would think this could be a reversal signal. But there isn't. Price didn't bounce with much bullish invigoration. The second pattern I see, is an inverse cup and handle forming at the end of a long bearish triangle. The market has been going steadily down for some time now, maintaining the resistance level at $13.00. However, the market will test this level. We should see a slight up, which will form our handle. If this pattern plays out, two things will happen. The bearish triangle will breakout at a downward trend, and the volume behind it will be considerable. The price should move down to $11.00, as the depth of the cup will be the blueprint we can use to find our next level down. If we draw a fibonacci retracement for the entire upward movement on the daily charts, we will see that 11.8 is an important fibonacci resistance level, which is the 50%. But if this breaks, it will continue to 61.8% (longer term, now that I'm on daily charts) which roughly correlates to $9.50. Fibonacci resistance shown in chart below. However, there is still a chance for a reversal pattern at bottom channel currently. Just keep an eye on volume and if the chart breaks downwards, we can start setting our targets.
KRAKEN:ETCUSDShort
by Shwayze
ETC next 2-3 weeksElliot Wave might be too premature, just decided to mess with it giving there are strong fundamentals on ETC. Wave 2 can bounce on fib retracement level and start wave 3. Not convinced on this... However, we also seem to be near the neckline of a H&S which could bring us down, giving there is lack of buying volume and the general trend is down. This could create a double bottom giving another chance to buy in and pick up volume. That would probably give us more upwards momentum, which atm seems pretty dead.
by MyBoyRocco