This is my long term course of action I think bitcoin could potentially follow.
This is for swing traders looking to enter a trade and walk away for a few months. Not for intra day trading.
June 10 was a crucial day for bitcoin as it broke through a key resistance at the .65 Fibonacci level. (golden pocket)
As you can see bitcoin hit .65 fib levels twice prior...
1HR chart.
I see BTC dropping to $6,400 - $6,300 because thats where all the volume and support is. If we break through $6,300 we could possibly test $6,200 - $6,000 as thats our next support zone.
IMO I think we are going to bounce off the 200 EMA ($6,350) towards $6,700 - $6,800. Thats where I will be waiting to see what happens. If we can break $6,800 we...
Good morning all,
Yesterday I posted a possible scenario I can see Bitcoin following. I am just following up on that scenario and a potential for a second scenario to play out.
Yesterday it looked like we could have broke through the bear flag at the $6600 resistance level but we didn't have enough momentum to keep us above that area.
Ideally right now I would...
Hello everyone.
I decided to take a few days off during this most recent pullback we have been seeing. There was no need to sit in front of the monitor and watch TA as I have been waiting on more confirmation towards a move up or down. I want to see the bigger picture before I nose dive in.
This is ONE potential scenario I can see playing out.
We are currently...
EOS on the 30 min chart gave a MAJOR warning sign with the cross of the 200 EMA above the 55 EMA.
We are channeling in a bear flag with lots of upper wicks hitting resistance.
There is a really good chance that we will see a pullback.
MACD crossed over on the negative side and will likely have trouble breaking positive.
This could be a good opportunity to...
LTC had created a nice W formation and has now formed an inverted bear flag at the end of it.
This could be a good potential short setup.
We want to watch for first a break of the 50 EMA and then a break of lower trend line with confirmation.
If we break the lower trend line we will likely head back down to support around $116 then $109 if that doesn't...
Hello everyone, I hope all of you have had a wonderful Tuesday so far.
Today has been a bit slow on price action but don't get discouraged because we could be just setting up for our upwards move in the near future.
BTC looks like it could be potentially forming a cup and handle on the 4hr chart.
If BTC does play out as a C&H then I am anticipating that we...
GOLD right now we want to see some sort of bullish candle form and more rejections to the down side. Or we are going to be testing lower support around 1287.
In order to turn bullish we want to break the upper trend line with confirmation. We also want to break above the 50 EMA and resistance at 1297.
RSI is in a downtrend. We will want to watch for a trend line break.
In this example I am showing how to spot a short setup and when to enter a position.
As you can see BTC broke the lower trend line giving us something to keep an eye on. After the first initial candle broke the trend line you would have wanted to wait until either:
1. You had confirmation at that moment the trend was down before entering a position. Maybe some...
NEO has confirmed a downtrend after breaking through the 200 EMA support. It is still channeling in a descending wedge and will likely trail BTC.
NEO is looking for support between $50 - $53
RSI is almost bottomed but will likely stay below 50.
LTC is currently in a downwards channel and testing support at the 200 EMA. Although LTC has broken the support right now, you want to wait for a second candle to form under the 200 EMA to have confirmation of a continued downtrend.
LTC will likely try and find support between $120 - $116
Keep an eye out for a possible short position.
A downtrend at this...
XRP is just coming out of an inverted head & shoulders and will likely follow the same pullback that BTC may see.
The shooting start at the end the inverted H&S was/is a good indicator that a downward trend is likely.
XRP will likely test weak support around 83k and depending on how BTC this week could very well break that support and test strong support around...
Bearish rejections on the 4hr.
Currently in a bearish rising wedge on the 4hr and will likely trend downwards.
Look for test of support around 7400, 7200, 6800
If we break lower trend line support there will be a big downtrend.
BTC is still looking overall bearish on the daily.
BTC has been channeling into a descending wedge.
We want to see BTC close above the $7700 on the weekly chart to potentially pause this bearish trend.
Currently BTC is bouncing of the 7700 support and is showing signs of this bearish trend continuing.
Candles have some upper wicks showing signs of...
BTC is still looking overall bearish on the daily. It looks like its currently forming a bearish tweezer top.
BTC has been channeling into a descending wedge.
We want to see BTC close above the $7700 on the weekly chart to potentially turn the trend bullish. If we cannot break the 7700 resistance level by weeks end, we could see more downtrend over June.
RSI has...
-TRX is still bearish. It is currently testing support at 772. We want to see TRX break the 24hr high of 822 or we could potentially see more pullback.
-MACD is trying to make a decision to cross upwards or bounce downwards.
-Stochastic RSI is between 50-60 %.
NOTE: Keep in mind that BTC's trend can influence this trend as well.
-STORM still in a bearish trend.
-STORM needs to break the 24 high at 477, and also break support at 480.
-We could see a bullish trend if we break the 10 day bearish trend line we have be bouncing off of.
-Stochastic RSI crossed the 50% point indicating a potential for a small upwards trend.
-MACD is about to make a decision on and upwards or downwards trend....
-POE still looking bearish on the 4hr chart.
-POE needs to break out of the 24 hour high, the 4 day bear trend line, and then also break out of the 9 day bear channel we have been in. Lots to keep an eye on.
-Stochastic RSI is testing 50% area
-MACD will need to make a decision soon. Either a cross upwards or a bounce downwards.
Note: BTC's trend can influence...
