The two purple trendlines form a flag-pattern
if a breakout to the below follows, the price target would be rougly USD 4648
However, price may find support around USD 7626
When the candle of today (at time of writing the daily candle closes in 40 minutes) forms a doji or spinning top , it signals that BTCUSD is setting a bottom around USD 14,000
The case for a bottom is strenghtened by the lower shadows, which signals buying power, of the previous days.
spinning top: www.investopedia.com
When the candle of today (at time of writing the daily candle closes in 40 minutes) forms a doji or spinning top, it signals that BTCEUR is setting a bottom around EUR 12,000
The case for a bottom is strenghtened by the long lower shadows, which signals buying power, of the previous days.
spinning top: www.investopedia.com
If price breaks below USD 644, there would be a head-and-shoulders pattern
price target is USD 412
Calculation:
Measure distance between neckline and the head: roughly 231
Subtract this distance from where price breaks the neckline: roughly 643
--> 643 - 231 = 412
Pennant-pattern (see the two orange trendlines):
First of all, price broke out of a "Pennant"-pattern. This resulted into a price target of EUR 1.21
Calculation:
Between 12/12/2017 and 12/14/2017 price increased from roughly EUR 0.20 to EUR 0.76
The difference is 0.76-0.20=0.56
You add this difference to the price at which price broke out of the...
Triangle (orange lines)
We see a triangle, which is a continuation pattern.
--> expectation: upside breakout
Rising wedge(blue lines)
However, we could also see a rising wedge, which is a reversal pattern
--> expecation: downside breakout
Bearish divergence between price and RSI (red lines)
We notice bearish divergence between the price and the RSI: price action...
At the moment price is at a breaking point of a triangle (orange lines).
The triangle is a continuation pattern so the upside is favored in this case.
However, you can also see a rising wedge (blue lines).
The rising wedge is a reversal pattern so if you would apply this pattern, the downside is favored.
Bitcoin is in a rising trend so from that perspective a...
ETHUSD is poised for a correction as there is bearish divergence between the price and the RSI (see at the bottom of the chart).
Price sets new highs. However, these are not confirmed by the RSI as the RSI doesn't set new highs (see the blue lines)
--> The price increase is running out of steam as the price increase is not confirmed by momentum (indicated by the RSI )
BTCUSD is poised for a correction as there is bearish divergence between the price and the RSI (see at the bottom of the chart).
Price sets new highs. However, these are not confirmed by the RSI as the RSI doesn't set new highs (see the blue lines)
--> The price increase is running out of steam as the price increase is not confirmed by momentum (indicated by the RSI)
BTCUSD is poised for a correction as there is divergence (see the blue lines) between the price and the RSI (see at the bottom of the chart)
The price sets new highs but the RSI doesn't confirm these highs: the RSI doesn't set new highs
--> Price action is not confirmed by momentum (indicated by RSI): price increase is running out of steam
