norok

norok Wizard

While BTCUSD managed to get itself above the Ichimoku cloud the bearish move in the past week destroyed LTCUSD's attempt to go bullish. It is now setting up on the daily for a restest of the major low. I will be focusing my cryptocurrency shorts on LTCUSD as my fundamentally based long term target remains $0.00

norok Wizard

I am not looking for bearish opportunities in BTCUSD because profits would be limited to the support. The strategy that has held well for the last several years between BTC and LTC is to take long opportunities in BTC and short opportunities in LTC. My fundamentally based long term target on LTCUSD remains $0.00.

norok Wizard

Where we close this week will be interesting. Swing trading timeframes point to retesting/breaking the week's high over the weekend which would confirm the break of the 282.05 Weekly resistance. That plus the Daily breaking out bullish above the cloud gives a high probability of reaching the next Weekly resistance at 321.

norok Wizard

Playing the daily pullback to cloud.

norok Wizard

Looking back on the price action from the last major low of LTCUSD an Elliot Wave pattern and Ichimoku wave pattern have taken shape. 1st Wave: 3.60 -> 4.77 2nd Wave: 4.77 -> 4.43 3rd Wave: 4.43 -> 6.18 4th Wave: 6.18 -> 4.69 (to the high of the 1st Wave) 5th Wave: 4.69 -> 6.18 (projected) If you notice, the Elliot wave matched the cannon description of the...

norok Wizard

Price is testing the daily support once more. A breakout from this level will take us on a retest of the low. There should be a pullback within the downtrend depending on its strength.

norok Wizard

Being "Long Term Bullish" is no excuse to ignore the bear market signals. Last weekend I made a mistake on timing the move from "this weekend" instead of "this week." The charts still proceeded in the pattern. The failure to stay above 500 brings us back down to the midpoint of the rally. Now, price could hold here to go back up or break to retest the...

norok Wizard

Price action this weekend will determine the trend of Bitcoin. From the bottom we have had a pullback that pivoted right at major support of $530. Price must hold the last support of $445 or this move up was just a pullback to break the low.