EURUSD - playing around with patterns - not financial adviceJust playing around with charting patterns...seeing if price will drop lower given the current trend. Not financial advice.
Search in ideas for "Chart Patterns"
SAIL - Steel Author India - An Opportunity to Buy & HoldSAIL - Steel Author India :- As per previous chart history and my technical analysis, there are mixed signals for SAIL observed but I suggest to buy this stock either at CMP@144.76 or wait for a DIP or buy at breakout as suggested on the chart
Technical Analysis of SAIL - Steel Authority of India
Bullish signs:
Price momentum: SAIL's stock price is currently trading above its 150-200 day moving average, which suggests an upward trend.
Chart patterns: :- It is observed that it completed "cup and handle" pattern, which can indicate a potential price increase.
Support levels: The stock is finding support around 150 rupees.
Bearish signs:
Moving averages: Several technical indicators on TradingView show a "strong sell" signal based on moving averages.
Conclusion:- SAIL offers a mix of bullish and bearish signals, with moving averages leaning towards a sell. But I am bullish in this stock for long time investment plan. This is my personal opinion
Important to Remember:
Technical analysis is not a perfect science and should only be one part of your investment decision-making process. Consider fundamental factors like company financials and overall market conditions as well. Do your own research and never base your decisions solely on someone else's analysis. Also I am NOT SEBI registered person to suggest any stock and this is my personal opinion about the stock
Thanks for your support as always
Voltas Ltd (VOLTAS) AnalysisThe chart provided is of Voltas Ltd (VOLTAS) listed on the National Stock Exchange (NSE) of India, on a weekly timeframe. Here’s a detailed analysis and summary:
1. Trend Analysis:
- The stock was in a consolidation phase from mid-2021 to early 2023, trading in a range between approximately 1000 and 1300.
- Recently, the stock has shown strong bullish momentum, breaking out of this range and moving upwards.
2. Support and Resistance Levels:
- Support:
- Major support around 1327.60 and 1251.05.
- Resistance/Targets:
- Target 1: 1540.70 (61.8% Fibonacci retracement level)
- Target 2: 1721.55 (100% Fibonacci extension level)
- Target 3: 2012.15 (161.8% Fibonacci extension level)
3. Breakout:
- The stock has broken above the resistance level around 1327.60, indicating a potential bullish trend continuation.
- The breakout is accompanied by strong bullish candles, confirming the move.
4. Chart Patterns:
- There was a long consolidation period that formed a base, and the recent breakout suggests the beginning of a new uptrend.
- The stock appears to be forming higher highs and higher lows, a characteristic of an uptrend.
5. Fibonacci Retracement and Extension Levels:
- The chart shows Fibonacci retracement and extension levels, which provide potential target areas based on the recent price action.
- The 61.8% retracement level at 1540.70 is a key resistance level to watch.
- The 100% and 161.8% extension levels at 1721.55 and 2012.15, respectively, are further targets in case the bullish momentum continues.
6. Current Price Action:
- The current price is 1451.50, which is just above a key resistance level at 1485.85 (50% Fibonacci retracement level).
- The stock showed a strong weekly gain of 6.75%, indicating strong bullish sentiment.
Summary:
The chart of Voltas Ltd (VOLTAS) indicates a strong bullish breakout from a long consolidation phase, with the current price at 1451.50. Key support levels are at 1327.60 and 1251.05, while key resistance levels and targets are at 1540.70, 1721.55, and 2012.15. The recent breakout and strong bullish candles suggest the potential for further upside, with Fibonacci levels providing clear targets for future price action. The stock is currently showing strong bullish momentum, with higher highs and higher lows indicating an uptrend.
Whirlpool of India Ltd (WHIRLPOOL) AnalysisThe chart provided is of Whirlpool of India Ltd (WHIRLPOOL) listed on the National Stock Exchange (NSE) of India, on a weekly timeframe. Here’s a detailed analysis and summary:
1. Trend Analysis:
- The stock had a strong uptrend from early 2020 to early 2021.
- Since mid-2021, the stock has been in a downtrend, forming lower highs and lower lows.
- Recently, the stock has shown signs of a potential trend reversal with a breakout above the downtrend line.
2. Support and Resistance Levels:
- Support:
- Major horizontal support around 1269.45.
- Resistance/Targets:
- Target 1: 1738.45
- Target 2: 1888.40
- Target 3: 2246.90
- Target 4: 2435.95
- Ultimate resistance: 2683.65
3. Breakout:
- The stock has recently broken out above the descending trendline, indicating potential bullish momentum.
- This breakout is significant as it suggests a reversal from the prolonged downtrend.
4. Chart Patterns:
- A descending triangle pattern was in place from mid-2021 to 2023.
- The breakout above the descending trendline signals a potential end to this pattern and a shift towards a bullish trend.
5. Current Price Action:
- The current price is 1620.90, indicating a strong bullish move recently.
- The stock is approaching the first target at 1738.45.
6. Moving Averages and Indicators:
- The chart does not explicitly show moving averages or other indicators, but the breakout and resistance levels provide key insights.
Summary:
The chart of Whirlpool of India Ltd (WHIRLPOOL) indicates a recent breakout above a descending trendline, suggesting a potential reversal from its long-term downtrend. The stock has shown strong bullish momentum, with the current price at 1620.90. Key resistance levels to watch are 1738.45, 1888.40, 2246.90, and 2435.95, with ultimate resistance at 2683.65. The major support level is at 1269.45. The breakout is a positive signal, indicating the potential for further upside if the stock can sustain above the breakout level and move towards its targets.
Cardano's Potential Rebound: A Strategic Buy or a Bearish Trap?Introduction:
In this analysis, I aim to provide a comprehensive overview of Cardano (ADA) against Bitcoin (BTC) and its potential trading opportunities. Using technical indicators and chart patterns, I will evaluate the likelihood of a bullish reversal or further decline, offering clear profit targets and stop-loss levels to manage risk effectively.
Technical Analysis:
The chart of ADA/BTC highlights several critical technical aspects worth noting:
1. Historical Price Patterns and Support Levels:
The price chart shows significant support levels around the 0.00000650 BTC mark. This level has previously acted as a crucial support during the market downturns of 2019 and 2020. The recent price action indicates ADA/BTC is testing this support again, suggesting a potential reversal point.
2. Volume Analysis:
Volume spikes correlate with price movements, indicating strong buying interest at the current support level. The volume histogram shows increased buying activity recently, which often precedes price rebounds.
3. Technical Indicators:
- Moving Averages: The fast and slow exponential moving averages are crucial. Currently, ADA/BTC is below these averages, indicating a bearish trend. However, any break above these could signal a trend reversal.
- Stochastic RSI: This momentum indicator is in the oversold territory, suggesting that ADA/BTC may be due for a bullish correction.
- Steve’s Hybrid Strategy: This customized indicator suggests a potential buy zone highlighted in green, correlating with historical rebound patterns.
Strategy and Prediction:
Considering the analysis, there are two primary scenarios to anticipate:
1. Bullish Reversal:
- Entry Point: Buy ADA/BTC around the current support level (0.00000650 BTC).
- Profit Targets:
- Short-term: 0.00001200 BTC (a conservative target at the previous resistance level).
- Long-term: 0.00004600 BTC (if the market shows strong bullish momentum).
- Stop-Loss: Place a stop-loss order slightly below the recent low at 0.00000600 BTC to manage downside risk.
2. Bearish Continuation:
- If ADA/BTC fails to hold the support at 0.00000650 BTC and breaks below 0.00000600 BTC, it could signal a continuation of the bearish trend.
- Short Position: Consider opening a short position if the price breaks below the stop-loss level.
- Target: Aim for 0.00000500 BTC, the next significant support level.
Conclusion:
This analysis suggests a cautiously optimistic outlook for ADA/BTC, with a well-defined strategy for both bullish and bearish scenarios. The key is to monitor the support levels and technical indicators closely, ensuring that risk is managed effectively through strategic stop-loss placement. By adhering to this plan, traders can capitalize on potential market movements while protecting their investments.
In summary, the current market conditions present a compelling opportunity to buy ADA/BTC at a historically strong support level, but vigilance is required to react to any bearish signals promptly.
Bullish Breakout on BTCUSD as Indicators Align FavorablyBTCUSD has recently exhibited a series of strong bullish signals across various technical indicators and chart patterns, aligning with favorable market sentiment. The daily timeframe on the Coinbase exchange presents a compelling case for potential upside targets, assuming the market sustains its current momentum.
Chart Patterns & Price Action:
A decisive break above the Ichimoku cloud hints at a shift from bearish to bullish market sentiment. The Tenkan-sen and Kijun-sen lines are trending upwards, indicating a positive short-term outlook. The recent candlesticks are forming higher highs and higher lows, a classic sign of an uptrend.
Furthermore, the price has broken above the psychological resistance at $68,709.1, marked by the 0.382 Fibonacci extension level. This breakout, if sustained, can extend towards the next significant Fib extension levels at 0.5 ($70,009.96) and 0.618 ($71,309.56).
Volume & Volatility:
The trading volume during this breakout phase is robust at 6.92K BTC, albeit slightly lower than the 30-day average volume of 17.92K BTC. However, the increase in volume accompanying the price rise validates the bullish momentum. The Average True Range (ATR) indicates a rise in volatility which may increase trading opportunities.
Momentum Indicators:
The Relative Strength Index (RSI) shows a reading of 60.78, which is firmly in bullish territory without being overextended into the overbought region (>70). The Stochastic oscillator is signaling strong momentum, with a value of 96.64 indicating the possibility of overbought conditions in the short term, yet not diverging from the bullish price action.
Trend & Divergence Indicators:
The Moving Average Convergence Divergence (MACD) is trending above the signal line but still below zero. While this suggests bullish momentum is building, a crossover into positive territory would confirm increased bullish sentiment.
Conclusion & Price Speculation:
Given the current technical landscape, BTCUSD shows a strong case for continued upward movement. Initial price targets are set at the Fibonacci extension levels of 0.5 and 0.618, with interim resistance potentially at $70,000 and $71,300 respectively. Should the bullish fervor persist, the psychological barrier of $72,000 could be tested.
Risk Considerations:
This analysis considers prevailing market conditions and chart patterns. Traders should be aware of potential retracements, and a move back below the Ichimoku cloud could invalidate this bullish outlook. Risk management strategies should be employed to mitigate potential downside exposure.
Final Thoughts:
The convergence of bullish indicators and positive market sentiment provides a strong basis for speculation in the BTCUSD market. Traders should monitor volume and price action closely for signs of continuation or reversal.
Silver Market Outlook: Technical Analysis and Strategic Trading Current Chart Analysis:
Strong Support: Silver has a strong support line at $23.6, seen as a buying opportunity.
Chart Patterns: The presence of a symmetric triangle pattern and falling wedge on the daily chart, along with another falling wedge on the weekly chart.
Golden Cross: This bullish signal is also observed, further supporting the optimistic view.
Trading Strategy:
Entry Point: Around $24.
Stop Loss: Set at $22 to limit potential losses.
Profit Targets:
First Target: $28. At this level, you suggest taking 30% of the profit.
Second Target: $32. This is where you recommend taking the biggest portion of the profit.
Third Target: Aim for $34 (adjusted down from $35 for caution), where you advise selling the remaining 100% of the position.
Historical Context: The $35 level was tested in 2012 but failed twice, indicating a significant resistance level.
Risk Management: My strategy includes a clear plan for taking profits at different levels, which helps manage risks and secure gains.
Personal Opinion: This is your personal opinion and encourages others to take profits in a staggered manner, as per my suggested levels.
It's important to note that this represents a personal viewpoint and strategy, and market conditions can change unpredictably.
Traders should conduct their research and consider their risk tolerance before following any trading strategy.
Please note that this analysis represents my personal perspective and is not professional financial advice. I am not a financial advisor. It's important for each individual to do their own research and consider all risks before making any investment decisions. Markets can be unpredictable, so informed and cautious trading is always recommended
SPY S&P 500 ETF Double TOP Chart Pattern | Options to BuyIf you haven`t bought those SPY puts here:
Then looking at the chart, it seems like SPY has formed one of the most bearish chart patterns: the Double Top!
Assuming that the CPI report will come higher than expected this week, I would buy the following SPY puts:
2023-5-19 expiration date
$405 strike price
$1.62 approx.. Premium to pay.
Looking forward to read your opinion about it!
NASDAQ is strong - How far can it go? The Nas shows a strong performance. The Nasdaq has pushed through several important levels since Friday and there is almost no end in sight. Well, almost where it goes up it has to go down. I see the current movement primarily rise to around 15900 points before the market cools down. This correction should then go up to a maximum of 15034 points, which is the support below. If he does this, however, for which the course would have to turn imminently, there will be another smaller detour before the Nasdaq can push again. Overall the index continues to rise strongly and I regard any corrections as only temporary.
But the correction is knocking on the door. This assumption can be supported by several chart patterns:
H1 future chart & possible targets for a correction:
+ alternative wave 4
Bearish wolfe wave H2 chart:
Bearish wolfe wave H4 chart:
EW setup short term Kassa:
ETHBTC: The big move - 0.09 or 0.04?After confirming a symmetrical triangle, the upside target for ETHBTC is around +40% from an upwards breakout to approximately 0.09 for new multi-year highs. The downside target is -32% back to previous resistance and volume support level. While ETHBTC remains in a longer-term bull trend, the likelihood of a break to the upside is more likely, given these triangles are usually continuation patterns. Volume remains low either side of this trade, confirming a large trading gap for a big move to occur.
None the less it's important to remain patient as well as neutral until confirmation of a break up or down. The anticipated breakout zone is based on 75% of the triangle completing, after a minimum three touch-points of support & resistance. A breakout is therefore expected by August 18th, with decreasing volume in the past three months indicating a significant move is likely to happen. Along with ETHUSD chart patterns, ETHBTC is a trading pair that also often meeting it's measured move targets (and beyond):
Watch out any any bear trap based fake-outs from these triangle patterns, as was the case with Bitcoin recently:
In a bull trend with a symmetrical triangle, it's better to trade long not short. Probability is your friend.
Head and Shoulders Pattern and How to Trade them. (and Inverted)A head and shoulders pattern is a chart formation that appears as a baseline with three peaks, the outside two are close in height and the middle is highest. In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal.
The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
A head and shoulders pattern is comprised of three component parts:
After long bullish trends, the price rises to a peak and subsequently declines to form a trough.
The price rises again to form a second high substantially above the initial peak and declines again.
The price rises a third time, but only to the level of the first peak, before declining once more.
The first and third peaks are shoulders, and the second peak forms the head. The line connecting the first and second troughs is called the neckline.
An inverse or reverse head and shoulders pattern is also a reliable indicator that can also signal that a downward trend is about to reverse into an upward trend. (As we can see in the above example)
Like all charting patterns, the ups and downs of the head and shoulders pattern tell a very specific story about the battle being waged between bulls and bears.
The initial peak and subsequent decline represent the waning momentum of the prior bullish trend. Wanting to sustain the upward movement as long as possible, bulls rally to push the price back up past the initial peak to reach a new high (the head). At this point, it is still possible that bulls could reinstate their market dominance and continue the upward trend.
However, once price declines a second time and reaches a point below the initial peak, it is clear that bears are gaining ground. Bulls try one more time to push price upward but succeed only in hitting the lesser high reached in the initial peak. This failure to surpass the highest high signals the bulls' defeat and bears take over, driving the price down and completing the reversal.
Pulling backPulling back, waiting for now. I like this stock but...
Most Arc patterns fall between 50 to 79%, but every stock is different. SQ is a strong stock so it may not, no way to know.
No recommendation
Parabolic Arcs can be long term patterns. When they fall, expect volatility as a rule, even if levels have been met.
Parabolic Arc chart patterns are generated when steep rise in prices are caused by irrational buying and intense speculation. They are usually not super common, but there are many in the market right now. If you look at the 3 year weekly and price is looking like a steep and vertical line up, think twice before trading it.
These patterns trend gradually making higher highs and lower lows in the beginning stages but can be volatile in the exhaustion and reversal stages.
Irrational buying in the public generates a strong rally to push prices vertically, followed by a steep sell off.
Parabolic arc is a reversal pattern and has a very predictable outcome. Although they are predictable, they are relatively difficult to trade since the market sentiment is bullish and may be relatively tough to point reversals to trade.It is usually best not to expect the price to return to Parabolic Arc highs for a long time.
Pulling Back Pulling back, but I am not ready to fish yet (o:
Most Arc patterns fall between 50 to 79%, but every stock is different. TSLA may not, no way to know.
No recommendation
Parabolic Arcs can be laong term patterns. When they fall, expect volatility as a rule, even if levels have been met.
Parabolic Arc chart patterns are generated when steep rise in prices are caused by irrational buying and intense speculation. They are usually not super common, but there are many in the market right now. If you look at the 3 year weekly and price is looking like a steep and vertical line up, think twice before trading it.
These patterns trend gradually making higher highs and lower lows in the beginning stages but can be volatile in the exhaustion and reversal stages.
Irrational buying in the public generates a strong rally to push prices vertically, followed by a steep sell off.
Parabolic arc is a reversal pattern and has a very predictable outcome. Although they are predictable, they are relatively difficult to trade since the market sentiment is bullish and may be relatively tough to point reversals to trade.It is usually best not to expect the price to return to Parabolic Arc highs for a long time.
No recommendation
Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/02/23Hi guys! I will be sharing the trades that I take in real time, follow to see how my trades work out!
If you like this post, please support me by clicking the like and follow buttons. Also feel free to share your thoughts and analysis in the comments below!
And don’t forget to check out my daily analysis on Bitcoin, Ethereum, and Altcoins!
Market Overview
Price Action: ETH, along with Bitcoin and the rest of the cryptocurrency market, experienced a heavy sell off yesterday, causing fear and panic and prompting many to question whether the bull run is over. In the chart to the left, we see that on the higher timeframe (4H chart), we are actually bouncing off of channel support, which coincides with the 200MAs. So long as this confluence of levels hold, ETH should be able to consolidate and have another run. Should this support zone ~$1550 break down, we need to be very careful that perhaps there will be prolonged downside.Currently I am not touching my HODL portfolio just yet, still HODLING strong.
Chart Patterns: N/A
Areas of Interest: The area(s) of interest for me are the 200MAs @ $1820-1850 and the lows @ $1550. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Long Trade Setup #1: False Breakdown
1. Price Action: Price breaks below the then rapidly climbs above $1550, forming a bear trap
2. Trade Entry Confirmations: A breakdown candlestick followed by a reclaiming candlestick, above average volume on both breakdown candle and reclaiming candle, MACD bottoming
Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $1820-1850 by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
My Recent Trades
2021/02/21: I had a losing trade. I entered a long @ $1,970.0, with Stop Loss @ $1,868.6, and stop loss hit.
2021/02/20: I had two winning trades! I entered a ETHBTC long @ 0.035325, with Stop Loss @ 0.034577, and price reached a high of 0.036682, giving a risk reward ratio of 1.8:1. I entered another trade ETHUSDT trade long @ $2,003.1, with Stop Loss @ $1,965.6, and price reached a high of 2,022.0, giving a risk reward ratio of 0.5.
2021/02/07: I had a winning trade! I entered a short @ $1,605.00, with Stop Loss @ $1,628.14, and price reached a low of $1,563.9, giving a risk reward ratio of 1.8:1.
About Me
I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
I have worked on Wall Street trading bonds, stocks, and options.
I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
Why Follow Me
Daily analysis on the latest market movements and price zones for high probability trade setups.
Sharing of live trades that I take.
A great place to help each other, learn from each other, and grow together.
Trading education including a comprehensive cryptocurrency trading eBook, personal advice, and other educational materials
Constantly testing and adding new trading strategies and refining battle-tested ones.
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I will not be responsible for any actions you take based on the analysis and comments that I provide. I am simply sharing what I am doing, and is not meant to be investment or trading advice. What you choose to do with the information that I provide is your own sole responsibility! The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
Please support me by liking and following, and sharing your ideas and analysis in the comments! Thanks!
Ethereum (ETHUSDT) Daily Long&Short Trade Setups 2021/02/08Hi guys, if you like this post, please support me by clicking the like and follow buttons and leaving a comment! Thanks!
I will be sharing the trades that I take in real time, follow to see how my trades work out!
Also check out my daily analysis on Bitcoin!
Market Overview
Price Action: After hitting a new ATH @ $1760, ETH dropped down to 1490 and is now in the middle of the range consolidating at the 200MAs.
Chart Patterns:N/A
Areas of Interest: The area(s) of interest for me are the ATH @ $1760. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ $1760, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out
My Recent Trades
2021/02/07: I had a winning trade! I entered a short @ $1,605.00, with Stop Loss @ $1,628.14, and price reached a low of $1,563.9, giving a risk reward ratio of 1.8:1.
2021/02/04: I took two trades, one winning trade and one losing trade. I first took a long @ $1,645.0 which hit SL @ $1,583.3. I then took a long @ $1,614.4 with a SL @ $1,596.5, and price reached a high of $1,623.3, giving a risk reward ratio of 0.6:1. 2021/01/30: I had a winning trade! I entered a long @ $1370.5, with Stop Loss @ $1352.3, and price reached a high of $1390, giving a risk reward ratio of 1.1:1.
About Me
I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
I have worked on Wall Street trading bonds, stocks, and options.
I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
Why Follow Me
Daily analysis on the latest market movements and price zones for high probability trade setups.
Sharing of live trades that I take.
A great place to help each other, learn from each other, and grow together.
Trading education including a comprehensive cryptocurrency trading eBook, personal advice, and other educational materials
Constantly testing and adding new trading strategies and refining battle-tested ones.
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I will not be responsible for any actions you take based on the analysis and comments that I provide. I am simply sharing what I am doing, and is not meant to be investment or trading advice. What you choose to do with the information that I provide is your own sole responsibility! The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
Please support me by liking, sharing, commenting, and following, and sharing your ideas and analysis below! Thanks!
BTC/USD Bitcoin Update! 11/6/2019So the choppy consolidation trading we have been stuck in makes drawing any short-term conclusion difficult. However, there are a few noteworthy factors that should be taken into account when looking at the current market structure.
1. BTC just posted an overwhelmingly Bullish set of chart patterns. First, we broke out of a falling wedge on high volume. Falling wedges are one of the most agreed upon bullish chart patterns, but the import factor of the breakout is volume. A break out under weak volume signals low investor/buying confidence and leaves the door open for further waves of selling. As with most chart patterns or technical analysis, the supporting volume is of paramount importance. Secondly, we clawed back above the 200 daily MA and have now found it to act as support over the past week as the price gradually trends higher.
2. One of the biggest criticisms of the cryptocurrency space is that a technology designed to be used as a medium of exchange is being largely used as a speculative investment vehicle. This criticism certainly has some merit, however, I want to point out a growing trend that speaks against this. There is a trend of Bitcoin adoption coming from a place boasting one of the highest percent of unbanked adults in the world, South America. A quick look at the weekly volumes of LocalBitcoin in South American countries compared to the rest of the world paints an obvious picture. Many countries had huge spikes in demand on LocalBitcoins during the 2017 hype and have since weaned off. The volumes from South American countries, on the other hand, have been on a steady uptrend. This shows that this revolutionary technology is potentially filling the exact void it was intended to. The unbanked and banked alike that live under oppressive or unstable governments are seeking alternative stores of value to flee the corruption and hyperinflation that plagues their crumbling local fiat currencies.
So without diving too deep into the economics of cryptocurrency adoption, it seems to me that the fundamentals drivers are pointing to increased adoption and the technicals point to a bullish market structure. This coupled with the looming halving event and the bullish stock to flow ratio leads me to believe higher prices are on the horizon.
Happy trading!
Comment your thoughts on Bitcoins next move!!
ETH - Ascending Broadening Wedge*Using Poloniex for historical data. Shorting can be done on other exchanges, Bitmex in the case of this analysis.
ETH is within an Ascending Broadening Wedge for its overall history, currently having broken below the lower trend line with the Weekly 60-Day Hull Moving Average and the 175-Day HMA above it at $235. A cross of these two HMA's could occur within the next 2 weeks.
According to Charles Bulkowski (can be viewed on his PatternSite website or in his Encyclopedia of Chart Patterns) the measure rule for targets of Broadening Wedges is the beginning of the formation, for which in the case of Etherium would see it go back to $1. With that, here are levels of Support to consider for targets...
Measuring the move from 6/24/19 to 7/15/19, on the Weekly, as a Motive Wave gives local targets of $172/$129/$86 before reaching the December 2018 low of $74.
A Short with multiple targets and a tight stop would be the best play here, with orders laddered higher than the current price, in case of an attempt to break above the lower trend line...
Is it the beginning of the end or the end of the beginning? #8Trading crypto has large potential rewards but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest or trade the financial markets.
PLEASE UNDERSTAND WELL THE SENTENCE BELOW!
Definitely not for everyone and there is tons of ways of playing this Crypto game but anything worth while takes some hard work! You have to ask yourself why you are here! My ultimate goal is making money in crypto. If I am not making enough money for the time I put in it, I am out!
About 90–95% of the traders / investors lose money on Crypto Market, especially beginners. This is a well-known and publicized statistic. And it’s true!
The reasons are manifold: greed, lack of Crypto education, no consistent Crypto strategy, follow wrong people without Do Your Own Research. Usually no more complicated than going to Las Vegas all excited with some cash in your pocket and little common sense or skill in your head! The casino wins. You lose. So why, when the odds seem against you, does Crypto still attract so many new investor every day?
Because most people trust in their good fortune and are willing to take the chance for fast profits. But the smart, experienced Crypto investor does not compare himself with a gambler nor a Las Vegas casino person. For the smart investor it’s an art, skill, and patience strategy!
The second ultimate goal is to help the crypto community , I want to share everything I’ve learned because knowledge is only power if passed on.
Let’s start it! All your trades should end in one of four ways: a small win, a big win, a small loss, or break even, but never a big loss. If you can get rid of big losses you have a great chance of eventually trading success.Too many people do not know how to apply money management techniques. They have no discipline, no plan. Many also overstay when the market goes against them , and wont limit their loses!
The key to trading success is emotional discipline. Making money has nothing to do with intelligence or luck. Never gamble if you do not know what you are doing!
7 GOLDEN CRYPTO TRADING RULES
1) Never over-trade
2) Don’t close trades without a good reason.
3) Your stake size should not be more than 2% of your capital on any single trade
4) Do not FOMO, but consider the effects of FUD
5) FOLLOW #cryptoengineering on Twitter - ( I am sharing great things there )
6) Don’t try to guess tops or bottoms. Let the market show you that it has genuinely made a top or bottom.
7) Never buy or sell just because the price is low or high
8) Risk Only What You Can Afford to Lose
Be in a profit at the end of the day! Dont forget The S&P averages 9% per year. In Crypto, So many people want to do 100% overnight and 500% in a week. If you only focus 5% CONSISTENT WEEKLY PROFIT, You will amaze with a result.
Guest Trader Series -1
Ed Seykota
“In order of importance to me are:
(1) the long-term trend,
(2) the current chart pattern, and
(3) picking a good spot to buy or sell. Those are the three primary components of my trading.”
Seykota converted a meager $5,000 investment into an unbelievable $15,000,000 in his client account. In the early 70s, he designed and standardized a commercial programmed trading system. He was the first one to emphasize the price action patterns and chart patterns in the trade market. Seykota’s success came from an intense focus on patterns.
TARGET? The charts speaks itself! I’m happy to answer any questions you’ve got! Just put them in the comments below here or under my twitter post.
DISCLAIMER : Do your own resource and make your own decisions about where to put your hard earned money. I am not a financial adviser and this is not financial advice and if I really need to tell you this then it’s best to keep your money under a mattress anyway because when you lose it you’ll only blame other people for your mistakes rather than yourself.
BTC/USD Bitcoin Cup and Handle PatternHello Traders,
Analyzing Chart Patterns: Cup And Handle,
The cup and handle is both a continuation and a reversal pattern. The reversal pattern marks the end of a downtrend,
Shows the price transitioning into an uptrend. The continuation pattern occurs during an uptrend; a cup and handle forms, then the price continues its rise.
See here our latest analysis chart.
BTC/USD:
VERGE/BTC
SIA/BTC:
Wish you all the best.
Sia/Bitcoin (Sc/Btc) Cup and Handle patternWelcome again you can see Sia coin Cup and handle pattern
Welcome again Analyzing Chart Patterns: Cup And Handle.
Sia/Bitcoin The cup and handle is both a continuation and a reversal pattern. The reversal pattern marks the end of a downtrend, and shows the price transitioning into an uptrend. The continuation pattern occurs during an uptrend; a cup and handle forms, then the price continues its rise.
You can also see here our latest chart
Bitcoin/Usd:
Verge/Bitcoin:
BITCOIN - 13 FAILED ATTEMPTS TO BREAK THE $6780Hello!
Since 25.06.2018 BTC has formed several higher highs and higher lows which in turn has created different chart patterns. At the moment I have drawn in the chart one widening channel upwards (clean and clear higher highs and higher lows) and the "Ascending Triangle"
We are a very top of the price range, here is the decision point where we want to go in this week!
On the 1h timeframe we have a very strong resistance area at $6780 , at the moment 13 attempts to break this level but no success yet, all attempts are failed!
If we look closer those chart patterns - we have mixed patterns on the same price level! There is a little bit sloppy but still "Ascending Triangle" which indicates bullishness and we have a continuation pattern (the bigger trend is down) "Rising Wedge".
So, breakout either direction is due to the pattern and the pattern confirms it!
In the update section, as usual, I make smaller timeframe updates to get better and faster understanding where the price is heading!
To get updates - click the FOLLOW button and don't forget to LIKE, unless You don't appreciate it! ;)
Thank You very much!
BTC:USD 4 hour chart DAILY UPDATE (day 132)Disclaimer: I just returned from my good friends birthday party and am well above the legal limit.
I have been drinking and my analysis should be taken with a grain of salt. Long story short - resistance at $6,725 has failed to push the price below $6,390 and we are primed for another $750 - $1,000 pump.
Short story long, there is a lot of resistance built up but it isn’t enough at this level. We are too far oversold on the higher time frames to continue dropping further. There is a C-Clamp on the daily and 3 day chart that needs to be rectified and we are too far below the 50 & 200 period MA’s to sustain this drop.
A pump to $7,500 is expecting but it is not something to bet on. We are deep in the trenches of a bear market and preparing for a short sale entry should be the priority. As outlined in the last few posts building at short at or above $7,500 is very attractive.
To make up for the short post see my checklist below:
Horizontal support and resistance: S: $6,508 R: $6,620
BTCUSDSHORTS: turning s into r. Still inside triangle.
Funding Rates: 0.01%
EMA’s (12 & 26): 1d: posturing for bullish cross 4h: crossed at $6K , flattening out and could posture down soon
MA crossovers: bearish
Candlestick analysis: tweezer bottom on daily, and higher lows. Looks like it is cupping around bearish spinning top.
Chart Patterns: head and shoulders could be forming
Ichimoku Cloud: tenkan resistance on 4h. At cloud resistance on 12h. C clamps on daily and 3d.
TD Sequential: 3d: Green 2 1d: Green 1
Visible Range: Mad resistance and unfilled gap at $5,000
50 & 200 MA’s: below 50 & 200 and both are posturing down
BTC Price Spreadsheet:
Bollinger Bands: 1d: consolidating above MA 3d: bouncing off bottom band 1w: bouncing off bottom band
Trendline: waiting slightly under $5k
Fractals: up: $6,800 down: $5,819
On Balance Volume: bear divs w lower high and lower low vs tweezer. Bouncing on weekly
Buy/Sell Sentiment on Trading View: RSI < 50 Stoch overbought
Yesterday’s analysis: TD 8, weekly dragonfly, bitfinex channel, visible range
Thanks for reading! Have something to say? Leave a comment! Smash the follow so that you don’t miss out on future updates and remember that clicking the like is good karma!
BTC UpdateBTC 15 min chart gives us again mixed signs and mixed price action patterns. At the moment we are in "Rising Wedge" continuation pattern (down). Above we have a very strong area where we'd need a strong bullish candle to push through. However there is a problem - we lack buyers. If some whales decide to push BTC price up, only then we could break through that level. A small bullish sign is Ascending Triangle (blue area) that we broke out of and now we are testing this triangle resistance line. Let's see what we could get from this pattern (15min chart patterns do not work so strongly as higher timeframe patterns) so if we want to be bullish we have to watch price area between $6640-$6680
The Bearish sign is following the trend on the continuation pattern "Rising Wedge" and the trend is down at the moment, so if we break downwards from the bottom blue line then we have to watch our support level @ $6450-$6500! If we break this then we have bearish confirmation and probably the next support would be $6200-$6300 before the big $6000
