ETHUSD Update: Bearish break of recent triangle muted by double bottom formation at 190 on the hourly time frame. This signifies strength, but there are new minor resistance levels ahead. Less than 1 week away from the August 1st hard fork in BTC. As we get closer to that date, I believe volume will taper off even further. Keep in mind the bigger picture is still...
ETHUSD Update: Triangle is broken by weakness and minor supports taken out. The 183 to 163 support zone is the next area I will be looking for reversal patterns to buy back in. The 214 area support which is the .382 of the recent upswing has been compromised which indicates that the bullish momentum generated from the 136 low is not driving this market at the...
ETHUSD Update: Consolidation continues with the addition of minor bullish structures. I am looking to add to my position if price revisits the 224 minor support. BTC uncertainty holds these markets back. This market has been gyrating within a large triangle since 7/20 with a new higher low established at the 224 level (I wrote about this level in my previous...
ETHUSD Update: This market is still gyrating within the previously identified triangle with the only new information being the minor higher low established at 219. I am long at 228.61 with only 10% of my usual size. Consolidations require a ton of patience and taking a position at the mid point of a consolidation is usually not the most opportune price, but I am...
ETHUSD Update: This market is consolidating within a triangle that is part of a bullish context. Typically these formations serve as trend continuation patterns and a subsequent upside breakout will signal the beginning of the next swing up toward the 250 to 280 resistance zone. When I write "bullish context" I am referring to the fact that this market...
ETHUSD Update: Higher low reversal is established and upswing continues into minor resistance area. New structure on the hourly chart indicates further strength and offers attractive areas to buy. Yesterday between 5 and 7 PM EST (UTC -4) price failed to make a new minor low at the 187 area and reversed. A new upswing emerged and at 3 AM, and presented a higher...
ETHUSD Update: 241 Pivot resistance taken out in one day. This price action tells me that real buying has returned and that the possibility of trending back up into the 300s or higher has returned. The 241 Level is the .382 of the recent bear swing. Even though price has retraced off this resistance, the fact that it was still compromised signals that the...
ETHUSD Update: The dramatic retrace off of 136 is not a healthy buying signal. This 4 hour chart provides an idea of where new minor support and resistance is based on this recent price action. When I write "healthy" buying, I am referring to the kind of buying that leads to a bullish trend. Since the 160 low was taken out, the major trend is more neutral than...
ETHUSD Update: Dramatic price movement always calls for evaluation of the big picture. The 136 low is dramatic and causing a great deal of discomfort (if you read the ETH forums on Reddit). Again I have to say this market is not as bearish as it feels. This is a zoomed out chart of this market since is pre 10 dollar levels. Looking at this from an Elliot Wave...
ETHUSD Update: Yes it looks ugly, but it still has not broken the 160 major trend support. Bearish momentum is persistent and has taken this market back into the 160s. In light of the bigger picture, the bullish trend is still intact and 160 is the .382 of that trend. If price trades below 160 for more than a few hourly bars, I will adjust my major trend...
ETHUSD Update: 207 resistance that I reported yesterday clearly held and selling momentum ensued. Bears are still in control for the moment. And with the additional price structure in place, there is more information to consider. Overall, this market is consolidating which is noted by the converging trend lines. No surprise since there is a ton of uncertainty...
ETHUSD Update: Here is an evaluation on the hourly time frame. This time frame is where you can observe emerging price patterns to signal a more refined entry. Also I want to point out some very nice examples to the left of the chart: The higher low (HL) and the subsequent double bottom. These formations appeared within a price area that I labeled "Look for...
LTCUSDT: Been getting a lot of requests for this one, so I am posting an evaluation. Major trend is very clear: Bullish. At the moment, this market is sitting at the swing low of a retracement off the 55 high. This is a low risk area to buy in my opinion. How you evaluate your risk depends on which supports you reference, and the size of your position. The 35...
EURUSD: Major trend is bullish as evidenced by the higher highs and higher lows on the larger time frames, BUT keep in mind, the 1.1450 to 1.1500 area is a MULTI YEAR range resistance (dates back to May 2015), and if not broken, price may drift back toward the middle of the multiyear range (1.08 area). As a price action trader, I evaluate recent price history,...
ETHUSD Update: Whenever there is a dramatic move, the bigger picture will always provide the best perspective. In the case of ETH, this bearish momentum appears to be a very healthy retracement. It is still a Wave 4 in terms of Elliot Wave, which means this market still has a chance of reaching new highs. Let's first address the new low made at 169. This is very...
BTCUSD Update: Short term bearish momentum continues but we are at a level of interest. The in bigger picture, we are still within a large consolidation. This is no surprise and may continue as a result of all the uncertainty around the BIP 148 event on 8/1, but at the moment there is a possible double bottom forming within a support zone. Consolidating markets...
ETHUSD 0.01% Update: Bearish momentum continues on the near term. The break of the 250 to 240 area (red arrow), and continuation of new lows signals a change which is likely to be thrusting this market into a broad consolidation. In order for this market to PROVE that there are any chances of a significant bullish retracement, the 245 resistance level needs to be...
SPX: Do not be fooled by the near term bearish momentum, the major trend that has been pushing this market higher since November is still intact. June 16th was the most recent swing high, and the current peak of the major trend. Since then price has pulled back to the 2410 area, with yesterday being the second time. 2414 is a .382 support from the most recent...