JamesRennie

JamesRennie

Something very interesting to watch is BB with standard deviation of 3 on daily chart. If you read this check that out. Unfortunately adding it made the chart confusing to read.

JamesRennie

Moved profit targets from weekly to daily targets. Risk is much higher now they previous during entry. BTC.D at 60-70% strongly favored alts. At about 40% it's time to start packing up and moving back to BTC and possibly some USD.

JamesRennie

When considering BTC.D now is not the time to get greedy on profits. It's not fun to be on the wrong side of a altcoin price correction. I have included my other thoughts in chart labels.

JamesRennie

If you compare the risk-reward of this bull market to the previous one it's not even close. Definitely, something to consider. Based on this metric even if risk-reward was much lower this time say half. Bitcoin would still have a ton of room to move.

JamesRennie Updated 

Bitcoin dominance has been not moving much if you look week to week. Bitcoin seems to be going sideways again. It's been 6 weeks since Bitcoin broke the last Fib target. Also, weekly 21 EMA is moving up. During the last bull market, 21 EMA repeatedly acted as support.

JamesRennie

To clarify I am not currently Buying BTC. Though I am looking for opportunities to leave alts and return to Bitcoin. From a technical point of view historically in a bull market Bitcoin stays within 3 standard deviations. While staying about the 20MA/21EMA. The trend remains bullish until those averages are broken by a downtrend. Buying at this price means...

JamesRennie

Marked on the chart are possible divergence and possible double bottom. Interesting to watch which way probability shifts.

JamesRennie

Even with Bitcoin still taking ground altcoins continue to outpace Bitcoin. This still keeps going from my last post.

JamesRennie Updated 

The downside target in QBTC should be around the 21 weekly EMA. The same as a bottom on BTC chart during a bull market is 21weekly EMA. I believe BTC is going sideways between 30k and 40k as is normal in Altcoin cycles. As such this 2.5 Risk Reward makes sense with limited downside risk. If Bitcoin should retest 40K BTC I'm out. As EMA should keep moving up...

JamesRennie

I am looking for opportunities to take profits.

JamesRennie

ETH might drop down to 0.038 short-term but I won't trade against the uptrend. Also, look at BTC and BTC.D charts. BTC is likely to move up this week as it moved down towards its 30K support. BTC.D has a trend line it could likely retest.

JamesRennie

A possible retest of long-term trend line.

JamesRennie

I expect there will be one more Bitcoin Bull wave. Being Wave 5 that will be less than 18 weeks long. Currently, Bitcoin appears to be in Eliot Wave 4 and alts starting their wave 3. Wave 4 is the hardest to predict as such I'll just HODL through it. TA is about probability I like it when the odds are in my favor. This alt cycle will also be less than 18...

JamesRennie

Looking for major ETH/BTC break out on the weekly chart.

JamesRennie

I called this one way early if you look at my previous posts. I am watching to see if this can break the previous trend line.

JamesRennie

If ENJ is able to take back ground it has lost against Bitcoin previous ATH was 10x where it is now. First target is 20 MA and 2nd is 0.236 Fib. The 2nd target is almost a 3x.

JamesRennie

Last week was local bottom with really back into channel. Looking at BB and FIb in relation to channel the next target seem likely to be 0.04285. Is it possible that ETH tests it's all time high against BTC. As the $ all time high gets closer and closer it's really not clear by how much ETH will out perform BTC.

JamesRennie

Right now ETH is about 10X from it's bottom. In a traditional market that sounds amazing. On an asset that saw a 95% drop before that it's terrible. It's important to look at long charts and look for the averages to really be moving up in exponential terms. I'm not saying ETH always goes up or down. Rather that it is volatile beyond which most people...