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Trendbasedfib

BNB / USDT 4H INTERVAL, Resistance and supportSecond in today's review is the BNB chart on a four-hour time frame. At the beginning, we can mark with the white lines the sideways trend channel in which the price is moving and with the yellow line the local downtrend line we are under. Now, using the Trend-Based Fib Extension tool, let's check what support we have in the coming hours and days, as you can see, the first support on which the price is currently based is $ 283, but if it drops below, we have another support at $ 261 and the third at $ 244 . Looking the other way, we can check in the same way what resistances the price has to overcome first, and as you can see, we have the first resistance at $297, the second at $307, the third at $316 and the fourth at $323. As we can see, the CHOP index indicates that most of the energy in the four-hour interval has been used up, the MACD indicates entering a local downtrend, while the RSI is at the lower end of the range from which the price often starts to reverse. At this point, it is also worth marking the opposite directions on the chart and the RSI indicator with a blue line, such an arrangement often indicates a change in the trend.
by cryptodailyuk
SOL - USDT 4HChart, targets and stoplossHello everyone, let's look at the 4H SOL to USDT chart as you can see that the price is moving in the uptrend channel. Let's start by setting goals for the near future that we can take into account: T1 = $14.08 T2 = $14.20 T3 = $14.29 T4 = $14.38 and T5 = $14.52 Now let's move on to the stop loss in case the market goes down further: SL1 = $13.93 SL2 = $13.79 SL3 = $13.65 SL4 = $13.46 and SL5 = $13.20 Looking at the CHOP indicator, we see that the energy is slowly gaining strength on the 4H interval, while the MACD indicator indicates a local uptrend.
by cryptodailyuk
CHZUSDT 30M - Targets and StoplossHello everyone, let's take a look at the CHZ 30M to USDT chart as you can see that the price has moved above the local downtrend line. Let's start by setting goals for the near future that we can take into account: T1 = $0.1626 T2 = $0.1656 T3 = $0.1687 and T4 = $0.1706 Now let's move on to the stop loss in case the market goes down further: SL1 = $0.1609 SL2 = $0.1601 SL3 = $0.1594 and SL4 = $0.1588 Looking at the CHOP indicator, we see that the energy has been exhausted on the 30M interval and is slowly rebounding, while the MACD indicator indicates that we are close to confirming the trend change to an upward one, however, looking at the volume despite the visible green candles, we see that it is very low compared to the red candle.
by cryptodailyuk
Daily review of ETH interval 1DI invite you to a short overview of ETH in pair to USDT on a one-day interval. Let's start by marking, using the yellow lines, the triangle in which the price is currently moving. What's more, we can see that we are approaching the point where the price will have to choose the direction in which it will go down. Now let's go to check what resistances the ETH price has on its way up and for this we will use the Fib Retracement tool, as you can see the first resistance from which the price has already turned back is $ 1298, but if we overcome it, we have the next resistance at $ 1437, the next one is 1558 $ and $1666. Looking the other way, we will also check what supports we should take into account and here we immediately have two strong supports on the way, the first at $ 1129 and the second at $ 882. In this situation, however, it is worth using the Trend-Based Fib Extension tool with which we will check the support taking into account only the last move. And here we see that we have support at $ 1169 and $ 1081 where the price has already changed its direction, and then we have at $ 1011 and $ 940, it is worth taking them into account because the price often does not touch strong supports and starts turning around just before or behind these supports. Please pay attention to the CHOP index where we see that, similarly to the situation on BTC, most of the energy has been used, the MACD indicator indicates that we are moving in an uptrend, while the volume is very small and does not indicate any sudden movement.
by cryptodailyuk
ETH / USDT 4HChart - Targets And StopLossHello everyone, let's look at the 4H ETH to USDT chart as you can see that the price is moving above the uptrend line. Let's start by setting goals for the near future that we can take into account: T1 = $1272 T2 = $1281 T3 = $1310 and T4 = $1355 Now let's move on to the stop loss in case the market goes down further: SL1 = $1261 SL2 = $1251 SL3 = $1241 and SL4 = $1233 Looking at the CHOP indicator, we see that on the 4H interval, some energy has been used, but there is still some left to continue the movement, while the MACD indicator indicates a local downtrend.
by cryptodailyuk
1
XRP - USDT on 4H interval Targets and StoplossHello everyone, let's look at the 4H XRP to USDT chart as you can see that the price is moving below the local uptrend line, and within the triangle outlined by the blue lines. Let's start by setting goals for the near future that we can take into account: T1 = $0.3923 T2 = $0.3980 T3 = $0.4028 T4 = $0.4070 and T5 = $0.4133 Now let's move on to the stop loss in case the market goes down further: SL1 = $0.3865 SL2 = $0.3833 SL3 = $0.3799 SL4 = $0.3754 and SL5 = $0.3694 Looking at the CHOP indicator, we see that there is a lot of energy for a new move on the 4H interval, while the MACD indicator indicates a local downtrend.
by cryptodailyuk
2
Daily review of BTC interval 4HHello everyone, let's look at the BTC to USDT chart on a 4-hour time frame. Let's go to the chart and start by marking with blue lines the uptrend channel in which the price has been moving since November 21st. Now, taking into account the entire upward movement, it is worth marking the place of 0.61 Fib Retracement as a very strong support for BTC, then using the Trend-Based Fib Extension tool we will check what support we can consider in the near future based on the recent movement. Thus we see that we have the first support at $16920, the second support at 0.61 FIB is $16824, the third at $16680 and the fourth at $16507. It is also worth noting that the price has now turned back at a strong point of 0.61 Fib Retracement. Now let's move on to identify strong resistance based on all the downward movement seen in the chart, and here we'll mark the strong resistance at 0.61 Fib Retracement where the price turned down. However, taking into account the last move, we see that the first resistance from which the BTC price has already bounced once is at $ 17,103, if we overcome it and the previously determined strong resistance for the entire movement, the price will go higher to the resistance at $ 17,292, then $ 17,455 and 17,609 $. Let's pay attention to the CHOP index, which indicates that the energy is gaining more and more strength in the four-hour interval, the MACD indicator indicates a local downtrend, and on the volume we see the predominance of red lights that have more strength than emerging buyers.
by cryptodailyuk
VET/USD - 1w chart Update and my opinionLet’s have another quick look at the VET/USD 1w chart. Here is a closer look at this 1w chart. VeChain is still in its Descending Wedge Pattern on this 1w chart. Note that VET failed to close a weekly candle above its upper descending trend line of its Descending Wedge Pattern at around $0.0286. $0.0286 was also the previous high from Mon 23rd Jul 2018. VeChain is still below its Least Squares Moving Average (LSMA) on this 1w chart. VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1w chart. Note that the Lower Band has started to curve downwards indicating volatility for the downside on this 1w chart. Note that the 50MA (Orange Line) is getting really close to the 200MA (Red Line). If the 50MA crosses under the 200MA on this 1w chart that will create a death cross on this 1 week timeframe. VET is now fighting to stay above its support area located at $0.01978 and $0.0181. If VET closes a weekly candle below $0.0181 then we should drop to around $0.0120. VET is below its 1 ($0.01845) Trend Based Fib Extension Level. Failure to close a weekly candle above this level will lead to further drops. Looking at the Volume Profile Visible Range (VPVR) we can see the area i which the most Volume was traded on VET/USD. Note that VET is close to dropping under its 78.60% Fib Retracement Level at $0.01811. I have added a Modified Schiff Pitchfork pattern and you can clearly see that VET has a long way togo before crossing back above its Median Line. Looking at the Average Directional Index (ADX DI) we can see that the Trend Strength is still weak with the ADX (Orange Line) at 16.34 and still under its 9 Period EMA (Black Line). Positive Momentum has dropped with the +DI (Green Line) dropping to 16.39. Negative Momentum has Increased with the -DI (Red Line) rising to 24.32. Looking at the Relative Strength Index (RSI) we can see that there is still plenty of room for VET to drop before becoming Oversold on this 1w chart. Note that the RSI (Purple Line) is still under its 9 Period EMA (Orange Line) which is a sign of downwards strength on this 1w timeframe. So what does all this tell me: This is all just my opinion but this tells me that there is plenty of room for VET to drop further on this 1w timeframe especially if it closes a weekly candle below its 78.60% Fib Retracement level. Once this world wide recession fully bottoms be it in a 1 year, 2 years, 5 years or 10 years and the powers that be have had their fill of transferring wealth from the Middle Class and the Poor to the elites, then opportunities will arise for those who are ready. My crypto of choice is obviously VET and a few others that have use cases but this goes for all Crypto’s so soon your crypto of choice will be available at an even lower bargain price. Especially if/when BTC drops to the $12k-$9k range. Please see the chart below. I hope this is helpful with your trading or hodl-ing.
BINANCE:VETUSD
by TradingThroughTheLens
DAX 40 Bollinger Bands Long Strategy I am looking at trading the DAX today on the 4-hour chart. We have seen nothing but bearish momentum and looking for a bullish setup right now is pretty risky. This is why I have decided to grade this setup ( as it is a counter-trend ) as a ‘C’ Grade setup. Price has touched the bottom of the Bollinger bands and I am waiting for a bullish engulfing candle to show up with some strong bullish volume to accompany it. If we see close above previous candles taking out previous resistance with an engulfing candle, I will then place a fib retracement tool over the engulfing candle from the very bottom to the very top including the wicks. My long entry will be a pending order which will trigger once the price touches the 0.236 fib level. If we get an entry, my targets would usually be the very top of the Bollinger bands. However, I am a conservative swing trader and I know this is a counter-trend trade so I am willing to take profits off the table once the rice reaches the middle Bollinger band. As this is a counter-trend setup, I am only looking at a risk to reward of 1 to 1.5 I will also not be risking my usual amount. I will be risking less Looking left, we can see that price is in an area that has been respected as previous support and resistance. This gives me more confidence and confluence that the price is going to be calming down for the time being and that it will allow us to look for some setups. Hope you all have a great trading day. See you on the next one The Vortex Trader.
OANDA:DE30EURLong
by TheVortexTrader
BTC/USD 4hr chart analysisBTC/USD 4hr chart analysis: On the 17th, BTC had broken downwards out of its Ascending Wedge Pattern on this 4hr chart. BTC had found some support from its support level at around $21,264 but has now dropped below it. A successful 4hr close below this level will possibly take BTC to its support area at around $20,834 to $20,494. The Ichimoku Cloud Lagging Span (Chimkou Span) is indicating momentum is downwards at the moment. The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid-point of the short-term momentum is downwards at the moment. The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is also downwards at the moment. Note that the Leading Span A (Senkou Span A) has crossed under the Leading Span B (Senkou Span B) creating a new bearish red cloud (Kumo) for this 4hr timeframe. Note that BTC is way below its Least Squares Moving Average (LSMA) for this 4hr timeframe. BTC is still well below its Bollinger Bands Middle Band Basis 20 Period SMA and still outside of its Bollinger Bands Lower Band. Note that the Upper band is also extending upwards. BTC has also found some resistance from its 1.618 ($21,577) Trend-Based Fib Extension level. Looking at the Average Directional Index (ADX DI) we can see that the Trend Strength is increasing with the ADX (Orange Line) at 28.22 above the 20 Threshold (White Dashed Line) and above its 9 Period EMA (White Line) at 20.40. Positive Momentum has dropped with the +DI (Green Line) at 7.84 and Negative momentum is upwards after the rise and drop with the -DI (Red Line) at 38.39. Interesting times and opportunities ahead. I hope this is helpful with your Trading and Hodl-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
1
Short-term ADA / USDT analysis on the 1H intervalHello everyone, let's take a look at the 1H ADA to USDT chart as you can see the price is moving in the local downtrend channel. Let's start by setting goals for the near future that we can consider: T1 - $ 0.5378 T2 - $ 0.5421 T3 - $ 0.5456 T4 - $ 0.5490 and T5 - $ 0.5540 Now let's move on to the stop loss in case of further market declines: SL1 - $ 0.5319 SL2 - $ 0.5240 SL3 - $ 0.5178 SL4 - $ 0.5117 and SL5 - $ 0.5027 Looking at the CHOP indicator, we can see that the energy has been consumed in the 1H range, while the MACD indicator shows that the blue line is approaching the intersection of the red line from the bottom, which would confirm the local uptrend.
Short
by cryptodailyuk
2
AUD/USD Double Bottom Pattern On The 4-Hour ChartHi Traders, I hope you are all doing well today. It is Monday and the start of a brand new week. Let's smash those trades this week! Today I am looking at AUD/USD on the 4-hour time frame. We have an interesting double-bottom pattern playing out. I say interesting because the second bottom of the pattern wicked quite a bit lower than the first peak. Usually, I wouldn’t call that a double bottom but because of the clear divergence we see across the MACD, it enticed me enough to wait for an entry on this setup. Notice how the histogram and the MA lines across the MACD are both sloping upwards. This indicates true divergence as we can see that the sellers or the bears have been weakening, so we were waiting for the bulls to come back in and take control. I have highlighted the neckline in yellow. I wanted to see a break and close above this yellow neckline zone, which we clearly can see. Now I am waiting for a retrace back into the neckline to confirm that this area has been flipped from resistance to support. My long entry will be triggered once we see that retrace. I have used the trend-based fib extension to find my two targets. Notice on the chart how these two areas line up perfectly with previous areas of support and resistance. Target one is around the 0.6915 price level and target two is around the 0.699 price level. Remember, depending where you place your entry and your stop will result in your risk to reward fluctuating. I always aim for a minimum of one to two risk to reward. If we can get more than that’s great! But make sure your risk management is carefully monitored. Don’t risk more than needed. There are always further opportunities. So, let's see what happens with this one. As usual, I like to see lower bearish volume to accompany the retrace, otherwise, this bullish move could potentially just be a fakeout and we do not want to be caught on the wrong side of the trend. We are seeing some green today across the forex board so let's see if we can capitalize on these moves. I usually like to wait for Tuesday before jumping into any positions, but that clear divergence across the MACD interests me. However, if that retrace does not happen then so be it. We move on to the next one. Trade safe out there! Enjoy your Monday! The Vortex Trader
Long
by TheVortexTrader
VET/USD - weekly chart updateLooking at the VET/USD 1 week chart we can see that VET is in a massive Falling Wedge Pattern. A Falling Wedge Pattern is potentially a Bullish Reversal Pattern. Note that the APEX of the Falling Wedge Pattern is located around the end of October 2023. A weekly candle CLOSE BELOW the Lower Converging Trend-line can easily invalidate this pattern as we saw with the previous weekly Rising Wedge Pattern that got invalidated. Here is a closer look at this VET/USD weekly chart: At the moment of typing this, VET is still way below its 50MA, 100MA and 200MA. For the downside, be on the lookout for if/when the 50MA crosses UNDER the 100MA on this 1 week timeframe. For the upside, be on the lookout for if/when VET crosses back above its 200MA and successfully re-test it as support. VET is also still way below its Least Squares Moving Average (LSMA) for this 1 week timeframe. For the upside, be on the lookout for if/when VET crosses back ABOVE and COLSES a weekly candle ABOVE its LSMA creating a BUY Signal for this indicator on this 1 week timeframe, also look out for any successfully re-test as support. VET is still way below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 week timeframe. Note that both the Middle and Lower Bands are pointing downwards and the Upper Band is sideways at the moment. For the mid to longterm, VET needs to cross back ABOVE and CLOSE ABOVE its BB Middle Band Basis. Looking at VETs longterm Modified Schiff Pitchfork Pattern, we can see that VET is still way below its Pitchfork Median Line and has also found resistance from its Lower Green Resistance Line. Looking at the Trend-Based Fib Extension tool, we can see what levels VET has above and below it as potential Support and Resistance. Note that the 1 ($0.01845) Trend-Based Fib Extension Level is located roughly where the 78.60% ($0.1811) Fib Retracement Level is located. Looking at the Fib Retracement we can see that VET has the 78.60% ($0.01811) and 100% ($0.0857) Fib retracement Levels as potential support. I have added to areas of Support which i believe are of great interest as highlighted by the Horizontal Black Lines with Blue Shading. We can clearly see that VET has found strong Support from its first Support Area. The longer VET stays and keeps re-testing this area with lower highs, the more the support volume will be chipped away and VET will potentially drop further to its next support cluster. The Volume Profile Visible Range Point of Control (VPVR POC) is located at $0.004946 and you can see the increased volume cluster located from around $0.00857 to $0.00287. If VET drops to that level, we can expect a huge buying opportunity to cause a spike up. As you can see on this weekly chart, Traded Volume has been low since around Jun 2021 compared to what VET was getting from July 2018 to May 2021. Looking at the Average Directional Index (ADX DI) we can see that the Trend Strength is increasing with the ADX (Orange Line) rising to 17.129 and above its 9 Period EMA (Black Line) at 15.182. Note that Negative Momentum has dropped with the -DI (Red Line)at 28.041. Positive Momentum has also dropped with the +DI (Green Line) to 16.636. Looking at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line and has been in the Negative Zone since the week of the 13th Dec 2021. Note that the MACD Line (Blue Line) is slight curving upwards so be on the lookout if the MACD Line (Blue Line) crosses back above the Signal Line (Orange Line) creating a Buy Signal on this 1 week timeframe for this indicator. Looking At the Stochastic Indicator (STOCH) we can see that the %K (Blue Line) is still under its %D (Orange Line) and both lines are deep in the Oversold Zone and has been for the last 10 weeks. What is interesting is that VET has been in the Oversold zone a few times on this weekly timeframe and on 3 previous occasions VET has spent about 15-16 Weeks in this Oversold Zone before rising above 20. Could be one to watch. I still believe that there is a huge possibility that BTC will hit $12K especially with inflation and the recession we are in, if that happens then we can expect VET to at least WICK DOWN to its 2nd Support Area which is located by its 100% ($0.0857) Fib Retracement Level and its 1.414 ($0.096) Trend-Based Fib Extension Level. I would not get excited on tis weekly chart unless VET closes and successfully re-test as support its LSMA. For the Longterm, wee need VET to break back above and CLOSE a weekly candle ABOVE its Bollinger Bands Middle Band Basis and 200MA. Once this world recession is over and the Governments, The FED, The Bank of England ect ect have completely cleaned up from inflation and whatever else, then the Market Makers will eventually decide that the Path of Least Resistance to Profit is upwards. So once this recession and financial/crypto bear market is over, be it in a year, 2, or even 5 to 10 years. You need to position yourself to be able to buy back in on your crypto of choice and take full advantage of the next parabolic wave up. This is all just my opinion so please do your own research as its your money. I have tried to cram quite a lot in this post as this will probably be my last longterm VET/USD weekly chart post for a while unless something major happens so I hope this is helpful with your trading and hodl-ing.
BINANCE:VETUSD
by TradingThroughTheLens
1
Possible “Bottom” Targets Based on Elliott WaveBTC is currently correcting from an ATH of 69,000 in either an ABC zig-zag or a WXY combination wave and I've attempted to find possible bottom targets using Fibonacci clusters based on rules for both zig-zags and combo waves. Two ranges have appeared as a result of this study. First, is the range from 12,500 to 9800 and the second is a range from 4,500-3,400. A key level to watch is 10,800 which is the 1.618 of W where there could either be a bounce to the upside in a WXYXZ pattern or a continuation to the downside in an ABC. High Level Count: CME gaps within the ranges:
COINBASE:BTCUSD
by HelioHelix
BTC/USD - Weekly Chart Falling Wedge Pattern and a P WaveBTC is in a massive Falling Wedge Pattern. A Falling Wedge Pattern is potentially a Bullish Reversal Pattern. Note that the APEX of the Falling Wedge Pattern is around March/April 2024. BTC is in a Negative Ichimoku P Wave Pattern. BTC has been in 2 Previous P Waves from the all time high and both P Waves ended with further drops to the downside. BTC is also in a massive Ichimoku Y Wave Pattern. This gives us a new All Time High potential target for BTC if it does eventually rise and especially if its stays above the Lower Descending Trend-line of the Falling Wedge Pattern. BTC is still deep in the Bearish Zone of the Ichimoku Cloud on this 1 Week timeframe. Note that we have already had a Kumo (Cloud) Twist into a RED Bearish Cloud on this 1 Week timeframe. BTC is still below its 200MA. A successful WEEKLY CLOSE ABOVE the 200MA and successful re-test as support is crucial for any longterm uptrend to become viable. Note that BTC has closed 3 weekly candles below its 200MA. BTC is still below its Least Squares Moving Average (LSMA) on this 1 Week timeframe. BTC is still way below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that both the Lower Band and Middle Band are pointing downwards and the Upper Band is pointing upwards but we may see the Upper Band curve and start moving downwards. At the moment of typing this, BTC has found some resistance from its 78.60% Trend-Based Fib Extension Level. At the moment BTC has found some support from its Descending Pitchfork Median Line. The Black Horizontal Trend-line at around $17,588 is a crucial level to watch. Looking at the Average Directional Index (ADX DI) we can see that The Trend Strength is Strong with the ADX (Orange Line) at 30.19 still above its 9 Period EMA (Black Line) at 24.70. Negative Momentum is slightly downwards with the -DI (Red Line) at 38.57 and Positive Momentum is also sideways within a range with the +DI (Green Line) at 12.18. From my opinion, if you are waiting to go long with BTC/USD for the Mid to Longterm, i would air on the side of caution at the moment because i still believe that £12K is a huge possibility especially with inflation increasing to help pay back the trillions of $ and billions £ printed during the covid pandemic to prop up the stock market. Mid to Longterm, we need to see a successful weekly close ABOVE the 78.60% Trend-Based Fib Extension level, the P Wave as well as the 200MA with a successful strong re-test as support on this 1 week timeframe. A successful close ABOVE the LSMA and successful re-test as support will also be a good sign of potential renewed Mid to Long-term upwards momentum. As usual, BTC needs to get back ABOVE and CLOSE a weekly candle ABOVE its BB Middle Band Basis. Until we see all of the above, then Mid to Longterm wise, it’s sideways within a range at best or downwards at worst. Again this is all just my opinion so please do your own research as its your money. I hope this is helpful with your Trading and Hodl-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
2
VET/USDThis is a longterm analysis of a possible 3 year outlook for VET/USD using the 1 week chart. Here is a closer look at this VET/USD 1 week Chart. On this 1 week timeframe, VET has been back above its Least Squares Moving Average (LSMA) since the week of 7th March 2022. Note that a weekly close ABOVE the LSMA is considered a BUY SIGNAL for this indicator. VET is also back ABOVE its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 week timeframe. Note that the Upper and Lower Bands are still contracting indicating VET still has plenty of room to move up or down before expansion kicks in and it becomes over extended on this 1 week timeframe. VET is Back ABOVE its 100MA (Red Line) but still BELOW its 50MA (Blue Line) on this 1 week timeframe. VET is in a massive Rising Wedge Pattern, the APEX of which is around the week of 5th - 12th May 2025 and is at around $8.8 as indicated by the Rising Converging Blue Lines. VET is also in a Triangle Pattern as indicated by the Converging Black Dotted Lines. Looking at the Trend-Based Fib Extension we can see that at the moment, VET has found some resistance from its 0.236 level at $0.0876. Note that the Fib Levels are based on Log Scale. VET closed the last weekly Volume Bar ABOVE its Volume 20 Period MA, in the Green and this weekly Volume Bar will also close ABOVE its Volume MA. VET is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 3 Weekly Candle that i have selected. Looking at the Moving Average Convergence Divergence (MACD), we can see that we have a BUY SIGNAL on this indicator for this 1 week timeframe because the MACD Line (Blue Line) has crosses back ABOVE the SIGNAL Line (Orange Line) creating a new Green Histogram. This is the first new BUY SIGNAL since the week of 25th Oct 2021 and it’s the first new Green Histogram since 22nd Nov 2022. Note that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line, so the next key thing will be when the MACD Line (Blue Line) crosses back over and ABOVE the 0.0 Base Line into the Positive Zone. Looking at the Relative Strength Index (RSI) for this 1 week timeframe, we can see that Momentum is upwards at the moment and the RSI (Purple Line) is back above its 9 Period EMA (Orange Line) and indicating upwards momentum strength. Note that the RSI (Purple Line) has plenty of room to move up before entering the Overbought Zone which is above 70 on this 1 week timeframe. Looking at the Average Directional Index (ADX DI) we can see that the Trend Strength is still weak with the ADX (Orange Line) at 14.51 under the 20 Threshold and under its 9 Period EMA (Black Line). Positive Momentum has increased with the +DI (Green Line) rising to 25.101 and ABOVE its -DI (Red Line) which is at 19.21. A very good sign on this 1 week timeframe will be if we continue to see the +DI (Green Line) expand further away from the -DI (Red Line) as well as the ADX (Orange Line) crossing back ABOVE its 9 Period EMA (Black Line) and AOVE 20 Threshold. With such a large rise on the Daily, we shouldn't be surprised if VET re-traces back to its LSMA or even its Bollinger Bands Middle Band Basis 20 Period SMA on the 1 day timeframe. Here is a look at the 1 day chart so you can see the Expansion of the Bollinger Bands. Note that VET found support today from its LSMA Level on the 1 day chart. Obviously a lot can happen and change in 3 years with the Crypto Market, VET can easily break ABOVE or BELOW and CLOSE a Weekly Candle ABOVE or BELOW the Rising Wedge Pattern's Trend Lines to invalidate it way before it ever gets to the APEX. The first crucial step for VET will be CLOSE a weekly Candle ABOVE its 0.236 Trend-Based Fib Level at 0.0876 and if needs be, to successfully re-test that level as strong support. Key things to look out for the potential start off on this VET/USD longterm 1 week timeframe in no particular order: For the Positive Side: 1: A successful close ABOVE the 0.236 Trend-Based Fib Extension level. 2: Expansion of the Upper and Lower Bollinger Bands while the Price is above the Upper Band. 3: A successful Weekly Close ABOVE the 50MA, 4: The BB Middle Band 20 Period SMA crossing back ABOVE the 50MA 5: The 100MA crossing back ABOVE the 50MA 6: The MACD Line (Blue Line) crossing back above the 0.0 Base Line into the Positive Zone 7: The ADX Line (Orange Line) crossing back ABOVE the 20 Threshold and its 9 Period EMA (Black Line). 8: A Weekly close ABOVE the Ascending Upper Blue Trend-line of the Rising Wedge Pattern. 9: A Weekly Close ABOVE the Upper Triangle Pattern Trend-line. 10: A successful close ABOVE the 50MA. For the Negative Side: 1: A successful close BELOW the 0.236 Trend-Based Fib Extension level. 2: A drop back UNDER the BB Middle Band Basis 20 Period SMA. 3: A Weekly Close back UNDER the 100MA, 4: A weekly Close back UNDER the LMA. 5: The 100MA crossing back ABOVE the 50MA 6: The MACD Line (Blue Line) crossing back UNDER the SIGNAL LINE (Orange Line) 7: The +DI (Green Line) crossing back UNDER the -DI (Red Line). 8: A Weekly close BELOW the Ascending Bottom Blue Trend-line of the Rising Wedge Pattern. 9: A Weekly Close BELOW the Lower Triangle Pattern Trend-line. 10: The RSI (Purple Line) crossing back UNDER its 9 Period EMA (Orange Line) I’m sure I’ve missed a few things but that’s probably enough of me rambling on. I hope this post is helpful with your Trading, Hodl-ing or DCA-ing.
BINANCE:VETUSD
by TradingThroughTheLens
10
BTC/USD - 1 day chart analysisLooking at the BTC/USD daily chart we can see that BTC is still under its Least Squares Moving Average as well as still under its Bollinger Bands Middle Band Basis 20 Period SMA. Note that we have expansion of the Lower Bollinger Band. BTC is still in a Descending Pitchfork Pattern and has found some support from its Upper Green Pitchfork Support Line. Note that BTC is still above the Descending pitchfork Median Line. A drop to the Pitchfork Median Line would take BTC to around $20,000 which is new its 0.786 Trend-Based Fib level at around $20,122. I have added various Support Lines on this chart and you can see the major Descending trend-line that BTC must CLOSE ABOVE and if needs be to successfully re-test as support on this 1 day timeframe. There are more support lines i could add but the chart would become too messy. Looking at the Trend-Based-Fib Extension we can see that BTC is still under its 0.5 Trend-Based Fib level around $30,352. Looking at the Volume Profile Visible Range (VPVR) we can see areas of interest that that might arise that has previously had massive volume. These levels coincide with the Support and Resistance Lines that I’ve added. The Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range is at around $19,112. I have added a Volume Profile Fixed Range (VPFR) indicator which is from 27th Mar 22 to 11th June 22 and as you can see BTC is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for that fixed range. Here is a closer look at this 1 day chart. Looking at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line on this 1 day chart. Note that it looks like the MACD Line (Blue Line) may cross back under its Signal Line (Orange Line) creating a Sell Signal for this indicator on this 1 day timeframe. Looking at the Average Directional Index (ADX DI) we can see that Negative Momentum has increased with the -DI (Red Line) rising to 25.39 and Positive Momentum has dropped with the +DI (Green Line) dropping to 15.50. Note that the Trend Strength is now turning sideways with the ADX (Orange Line) at 24.18 and the 9 Period EMA (Black Line) is heading downwards at 34.37. If the ADX (Orange Line) crosses back above the 9 Period EMA (Black Line) then that will be further strength for the downside if the -DI (Red Line) is still above the +DI (Green Line) on this 1 day timeframe. All in all looking at this 1 day chart mid-term wise BTC shows no sign of breaking to the upside just yet. Look like there will be continued opportunities to acquire your crypto of choice at bargain prices. I hope this chart is helpful with your Trading and Hodl-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
4
BTC/USD 1WLooking at the Trend-Base Fib Extension we can see that BTC found some support from its 0.5 Fib Level at $30,329. If this support level fails then the next Fib Levels are 0.618 at $26,100 and 0.786 at $20,077. Looking at the Bollinger Bands, we can see that BTC is still way below its Bollinger Bands Middle Band Basis 20 Period SMA on this 1 week timeframe. Note that at the moment BTC is below its Bollinger Bands Lower Band. Looking at the Least Squares Moving Average (LSMA) we can see that BTC closed a weekly candle below its LSMA. A close below the LSMA is considered a sell signal. A key area of support is the area from around £31,075 to $28,666 as highlighted by the horizontal black lines with yellow shading. Note that BTC has found support from this Support Zone 9 times previous since the 4th Jan 2021. Looking at the Volume Profile Visible Range (VPVR), you can see potential upcoming areas of previous volume interest if the support at around $28,666 and the 0.618 Fib Level at $26,100 both fail. Note that for the timeframe starting Sept 2020 to the present day, BTC is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range. Note that BTC is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 7 weekly candles i have selected. The Average Directional Index (ADX DI) is indicating a sharp rise in Negative Momentum on this 1 week timeframe with the -DI (Red Line) rising to 30.54 and the +DI (Green Line) dropping to 16.27. Note that the Trend Strength is increasing with the ADX (Orange Line) rising to 17.39 and crossing above its 9 Period EMA (Black Line) which is at 17.37. The Relative Strength Index (RSI) is indicating momentum is downwards at the moment for this 1 week timeframe. Note that the RSI (Purple Line) still has room to drop further before entering the Oversold Zone on this 1 week timeframe. Note that the RSI is still below its 9 Period EMA (Orange Line) indicating negative momentum strength. Looking at the Chaikin Money Flow (CMF) we can see that the CMF line (Green Line) is still under the 0.0 Basel Line in the Distribution Zone and has been since the week of the 21st Feb 2022 on this 1 week timeframe. Note that the CMF (Green Line) is also below its Least Squares Moving Average (LSMA) indicating strength for distribution. If we use the area from around $31,075 to $28,666 as our base and the Descending Trend-line then we can clearly see that BTC is also in a Descending Triangle Pattern on this 1 week timeframe. In any case, if the support area fails then there will be some good opportunities to acquire BTC or your crypto of choice at a bargain price before the next bull cycle upwards. Never say never. I hope this quick and dirty post is helpful with your trading and hodl-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
BTC\USDA quick BTC/USD update: At the moment, BTC is testing its crucial Descending Resistance Line of its Triangle Pattern as well as testing its crucial Resistance Area. Note that BTC has found resistance from this Descending Resistance Line 3 times previous and you can clearly see the interactions of the previous Daily Candles with this Resistance/Support area. Note that the APEX of the Triangle Pattern is located around the 23rd April 2022. At the moment of typing this, BTC is back above its Least Squares Moving Average (LSMA) as well as back above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1 day timeframe. Note that BTC is back above its Volume Profile Visible Range Point of Control (VPVR POC) for this chart's visible range. At the Moment of typing this, BTC is still in the Bearish Zone of the Ichimoku Cloud. Note that Leading Span A (Senkou Span A) Resistance Line is located in the same spot as the Resistance Area that BTC is testing. Looking at the Trend-Based Fib Extension, we can see that the 0.236 level is also located at BTC’s crucial Resistance Area. Note that this is the first time since the 10th March that the daily Volume Bar has been above its Volume 20 Period MA. The Average Directional Index (ADX DI) is indicating a spike in Positive Momentum with the +DI (Green Line) rising to 22.04. Negative Momentum has dropped with the -DI (Red Line) dropping to 19.89. Note that the +DI (Green line) is now back above the -DI (Red Line) indicating Positive Momentum is stronger than Negative Momentum on this 1 day timeframe. Note that we have to be careful because the overall Trend Strength is still very weak with the ADX (Orange Line) at 15.39 way below the 20 Threshold (Black Dashed Line) and is still also below its 9 Period EMA (Black Line) which is at 17.64. Tonight’s daily candle close will be a very interesting one to watch. I hope this is helpful with your trading and hodl-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
1
BTC/USD - 0.236 Trend-Based Fib Extension levelThe Trend-Based Fib Extension level 0.236 at $42,492.75 is the level BTC needs to close above and successfully re-test as support for continued upwards momentum on this 1 day timeframe. This level is also where its descending trend-line is located exactly on the 0.236 level. At the moment, BTC is also back above its Least Squares Moving Average, its Bollinger Bands Middle Band Basis 20 Period SMA as well as its VPFR POC for the fixed range of 14x daily candles that i have selected. Note that BTC is also back inside the Ichimoku Cloud Equilibrium Zone at the moment. Looking at the Average Directional Index (ADX DI), it looks like we are very close to potentially seeing the +DI (Green Line) cross back ABOVE the -DI (Red Line) which would indicate that Positive Momentum has become dominant over Negative Momentum on this 1 day timeframe. If this crossover happens and the +DI (Green Line) is on top, we then need the +DI (Green Line) and the -DI (Red Line) to keep expanding further away from each other for continued Positive Momentum dominance on this 1 day timeframe. At the moment of typing this, BTC has found resistance from its Trend-Based Fib Extension 0.236 level as well as from its VPVR POC for this charts Visible Range. It will be very interesting to see where and how BTC closes this daily candle. I hope this brief post is helpful with trading and hold-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
1
BTCUSD ULTIMATE FIB BREAKDOWNBNC:BLX BTC moves in accord with Fibonacci Levels more so than most assets. I will use 2 different Fib tools, and 4 ways of drawing, 3 of which are the classical "Fibonacci Retracement", the other one is "Trend Based Fibonacci Extension". Before beginning it is important to notice that; The dashed line Fib, is " extension " drawn from high to low, 1.272, 1.618, 2.272, 2.414 extension levels projecting the next cycle peak. The straight line Fib, is " retracement " drawn from low to high, 0.236, 0.382, 0.5, 0.618 cycle bottom projections. Dotted Line Fib, is Trend Based Fibonacci Extension. All Fib is logarithmic, so is the chart ------------------------------------------------------------ Here we go, basically this is the first cycle, actually there's another peak before august but the data is unavailable in trading view. We can call that proto cycle. So this proto cycle peak retraced to the first cycle bottom between 0.236 to 0.382. For the next cycle bottoms I will retrace them like this one from the previous bottom to peak, and also from the previous peak to peak. Since we can not see the peak from before the proto cycle I am unable to draw it for the first bottom. Nevertheless looking at this we can also see that the run up after the first cycle bottom did not find any resistance until 1.618 level which caused it to retrace back to 1.272 level. After this mini fractal cycle noted as "A" and "B". BTC rallied all the way up to an ATH between 2.272, 2.414 fib levels. Now if we iterate for the second cycle retracement we get.. 1. We can see that drawing from the bottom of the first cycle like we did previously; the first cycle peak retraced to the second cycle bottom between the same levels as before from 0.236 to 0.382. (Far right fib) 2. It is important to remark that the 0.618 level for this fib was approximately same with the previous cycle peak (Proto cycle peak) What is more interesting is that when drawn from the proto cycle peak to the first cycle peak, the retracement closed exactly at the 0.5 fib level and wicked below not reaching the 0.618 level. 3. Also it touched the 1.618 Fibonacci extension. So three different fibonacci levels together mark an area for the next cycle bottom. Continuing the iteration with the second cycle fib extensions.. The scenario still holds up for the second cycle peak reaching between 2.272 and 2.414 levels however the Zig Zag between 1.618 and 1.272 levels of 2013 noted as A and B are not present here. Although we can still see both levels still played an important role as when the price went over it as in 1 and 3; it was gravitated to retest the fib levels as in 2 and 4. So the levels played a split role this time. More on these price actions later (A, B, 1, 2, 3, 4) Let's see retracement levels for the third cycle... The second cycle peak retraced to the same levels between 0.236 and 0.382 from bottom, 0.618 from previous peak and 1.618 extension from previous cycle. Similar to what happened when First cycle peak was retracing to the second cycle bottom. Some differences though; The bottom seems to be getting lower as this time it found support right at 0.382, last cycle it was right under 0.236. and broken 0.5 as well as 0.618 levels when drawn from peak to peak. For the 1.618 fib extension it was hit exactly as the same spot as the previous cycle. Also the 0.618 retracement level when drawn from bottom matched approximately the first cycle peak as before. So now what if we iterate fib extensions once again for the third cycle.. At a glance we can see crazy numbers for the cycle peak between 2.272 and 2.4141 levels ranging from 200k to 265k. Also the 1.618 fib extension is proving to be an extremely difficult resistance to break. The first peak at 42k retraced back to the 1.272 level like all previous cycles, The high of 65k noted as 1 in orange touched the 1.618 and retraced all the way back to 1.272 unlike 2017 but exactly as 2013. The current ATH of 69k retested the 1.618 and started to retrace to .. ??? Speculation If we look at the middle A B cycle of 2013, First of all it retested the 1.272 level twice. In hindsight of the upcoming price action, the bottom of the mini cycle coincides with the 0.786 retracement level of the next cycle(second cycle). When the price broke above 0.618 level of the A B extension it rose up to 1.618 level peaking before the 2 level. Notice that, the whole 2013 cycle is essentially two separate 1.618 jumps. First one being from the first cycle bottom to the high of A. and then from low of b to the first cycle peak. The area between 1.618 to 2.0 is a sweet spot for peaks. Now let's see how 2017 middle point played out.. Because in 2017 we had the 1.618 and 1.272 act as separate incidents, we see the fibonacci levels play out in a different way. After retracing to 1.272 level (numbered as 1 to 2), the next peak of 3 was between 1.618 and 2 just like in 2013. And we take the extension from 3 to 4 we see the next peak was also between 1.618 and 2. You could argue that this happened a few more times over with increasing speed until it reached its ATH but from what we can see through weekly candles the next peak just shot up to between 3.618 and 3.414 levels at around 19k. So the sweet spot played a part in waves progression. Also we can note that the 0.786 level for the retracement from peak coincides with the bottom of "2" as it was in 2013. Keeping all of these synergies or constraints in memory we take a look at our current situation. If we assume 260k to be the peak of this cycle, I know it seems far fetched at this moment but lets play with the idea for a moment. perhaps we can catch some backwards synergies. Looking at the retracement levels as before (assuming a peak of 260k), 0.786 level coincides with our retracement to 1.272 around 32k and the 0.618 level approximately matches the previous ATH of 19k. All 3 levels that have marked the next cycle bottom namely, 0.5 to 0.618 retracement from peak and the area between 0.236 to 0.382 from the bottom, also the 1.618 fib extension from previous cycle; converge to a box between 49k and 62k; matching our current support resistance levels approximately. From all three only the 1.618 fibonacci extension was hit every cycle bottom considering we are deriving the other two constraints from the assumption of 260k; we should try different price levels as well. Assuming we peak at 120k at 2.0 fibonacci extension Although the 0.786 level still matches the 1.272 extension bottom mid cycle. The 0.618 retracement level when drawn from bottom goes to far below the previous peak. In that I will assume the peak is around 200k to 260k Fib extensions a and b for the "Summer Crash" and "September Dump". c, d and e (in red) are possible extensions for our current dump. Respectively the low of 39.6k that we have already printed, 34k and 28k. Considering the inner waves retrace from somewhere over 1.618 and below 2.0 extension levels; I have marked this area with circles for each of them. And included all relevant fib levels for each of them. At first glance the 1.618 and 3.414 levels match exactly for the Summer crash and September dump, also this 106k level is at the perfect area (white circle) between 1.618 and 2.0 levels of the larger fib extension from the previous cycle. To show how important this 1.618 - 2.0 progression is I have shown this area for the September dump "b" in red circle. You can see that this matched exactly the high of 69k. Looking at our 3 options c, d and e If "the bottom is in" then looking at c we can see that the purple circle is around 106k, so if BTC pumped to the purple circle seeing how important this area is both psychologically(over 100k) and 1.618 and 3.414 levels of a and b the important 106k level, BTC could then retrace back to 1.618 around 97k. Also the RSI is testing a multi year trendline although this is not a certainty for a bounce the likelihood increases. Or BTC drops to 34k-35k, and I picked this number because it matched the 1.618 extension to 106k when drawn from this level. Since this level is not coming from any of my assumptions and is a direct extension level both for a and b dumps. Having another level match that seems likely. Also the purple box for d matches the green box for a. Meaning if BTC drops to 34 k and then pumps to 120k in order to retrace back to 106k. Then that new peak would coincide with the sweet spot of a. Consider this if you were looking at extensions from the summer crash, the green circle would be where you should be looking for the next peak. And so drawing an extension from 34k for us now puts the sweet spot of that extension at the same area. Validating both the mini extension and the larger extension at the same time. I am looking at these synergies because BTC likes to complete many fractals of varying sizes at the same time. Looking at e, meaning we retest 28k; then the sweet spot still match with green although a little high however the 2.272 and 2.414 levels exactly sit inside the larger 2.272 and 2.414 levels the ultimate peak area. Bigger the dump, bigger the pump this could be a one shot to the moon like 2017 mid cycle progression. Since the halving is nearing, a strong dump and a fast pump following a fast crash would coincide with not only the coming halving but perhaps an upcoming market crash as a whole. A black swan event like 2008 stock market crash or 2020 virus crash. First Conclusion 39k, 34k, 28k all seem likely targets for the short term and none of them invalidate the bullish Fibonacci narrative. Which is that the area between 32k and 62k is a transitionary area, where BTC is traversing for the third time. Each time a little different however each time marking the support zone for the next cycle bottom. In that it is safe to say any BTC that is sold under 62k will be short lived. And at best will be the bottom of next cycle. Trend Based Fibonacci Extension Most interestingly the 0.786 extension shows the peak and for our current cycle it is at 136k. It is an area of interest from the previous hart where the 2.0 120k extension and sweet spot from a and d converge around 130k. Considering d is the option to dump down to 34k and here when we look at trend based extension we seethe 0.5 level is also 34.5k. Considering this also happened in 2013 where it retested the 0.5 trend based extension level twice. If this box around 40 k(61k-34.5k) is going to be the bottom next cycle and 130k the peak; that would give a 70% bear market. Second Conclusion Assuming 130k is the cycle peak, it could be that this is a three step bull run where we enter bear market and drop from 130k to 40k around 2023 bottom. Then 2024 closes near 100k as halving happens. Next bull run to initial levels of 200-260k. 2025. You could take an extension from 130k to 40k and find out that the sweet spot hits 220k. A three sweet spot step ladder into the larger 2.272, 2.414 levels. Expect a pump to around 100k at least and for a longer step up between 200 and 260k are key. Dropping to 28k shouldn't be too much of a problem, fib narrative bullish. Just my two sats.
BNC:BLXLong
by KaynakiKaymaki
3
BTC/USD updateI have added a Schiff Pitchfork Pattern (A,B,C) to this 1d timeframe. As you can clearly see, BTC tested the Schiff Pitchfork Median Line 7x as support and then that support failed on the 8th time and BTC has closed well below its Schiff Pitchfork Median Line. At the moment, BTC has found some support from its support area highlighted with White Dotted Lines with Yellow Shading. Note that BTC bounced off this support yesterday and today. BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that we have expansion of the Upper and Lower Bollinger Bands and this expansion is for negative momentum. BTC is below its Least Squares Moving Average (LSMA) for this 1d timeframe. A successful close below the LSMA indicator is considered a sell signal on this indicator and a close above is a buy signal. Note that BTC has not closed a daily candle above its LSMA since the 27th Dec 2021. At the moment of typing this, BTC is trying to stay above the Neckline of the Head and Shoulders Pattern that it is in. Expect further downwards momentum if BTC closes a daily candle below the H&S Neckline. Note that Volume has increased and that the last 2 Daily Volume Bars have closed above its Volume 20 Period MA and today’s volume bar will also close above it. I have added a Trend-Based Fib Extension, you can see that BTC is broken way below its 23.60% level so if the Support Zone fails the next level will be the 38.20% level. Note that a 100% retracement would take BTC to $24,947. If we look at the Moving Average Convergence Divergence (MACD) we can see that we have had a SELL SIGNAL on this 1d chart as you can clearly see that the MACD Line (Blue Line) has crossed back under the Signal Line (Orange Line). The MACD Line (Blue Line) is indicating momentum is still downwards on this 1d timeframe. Note that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line on this 1d timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since 18th Nov 2021 on this 1d timeframe. If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has dramatically increased with the -DI (Red Line) dropping slightly to 30.47. Positive Momentum has dramatically decreased with the +DI (Green Line) dropping to 10.93. Note that the Trend Strength has increased in strength with the ADX (Orange Line) at 32.60 and is back above its 9 Period EMA (White Line) which is at 31.31. Note that the +DI (Green Line) has not been above the -DI (Red Line) since the 15th Nov 2021 on this 1d timeframe. If we look at the Chaikin Money Flow (CMF) we can see that the CMF Line (Green Line) is under the 0 Base Line and in the Distribution Zone. Note that the CMF (Green Line) has not been in the Accumulation Zone above the 0 Base Line since the 24th December 2021. Note that the CMF (Green Line) has risen but is still below its Least Squares Moving Average (LSMA) (Cyan Line) which is a sign of positive weakness on this 1d timeframe. Be on the lookout for when the CMF (Green Line) successfully crosses above the LSMA (Cyan Line) on this 1d timeframe. If we take a look at the Stochastic Indicator (STOCH) we can see that the %K (Blue Line) is still in the Oversold Zone and has crossed back back above the %D (Orange Line). The STOCH is indicating that momentum at the moment is downwards and note that the %K (Blue Line) is starting to look like it may cross back under the %D (Orange Line) on this 1d timeframe. Here is a closer Look at this BTC 1d chart. So what does all this mean to me? If i was waiting to go LONG then i would not get excited until i start to see the MACD Line (Blue Line) move upwards back towards the Signal Line (Orange Line) indicating a potential Buy Signal might be happening. For the LONGTERM, be on the lookout for if/when the +DI (Green Line) crosses back above the -DI (Red Line) on the ADX DI, as well as the CMF (Green line) crossing back above the 0 Base Line into the Accumulation Zone of the CMF indicator on this 1d timeframe. We need BTC to eventually cross above and more importantly CLOSE a daily candle above the Bollinger Bands Middle Band Basis 20 Period SMA and the LSMA on this 1d timeframe. If this happens, be on the lookout for any successful re-test of any previous resistance levels as support. I hope this is helpful with your Trading and Hold-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
5
BTC - Heads Shoulders Knees and ToesBTC is still below The Median Line of its Longterm Upwards Pitchfork Pattern on this 1d timeframe. Note that BTC has not closed a daily candle below the Lower Yellow Pitchfork Support Line since the 7th Nov 2020. Note that BTC has previously found support from this Lower Yellow Pitchfork Support Line on the 20th and 21st of July 2021. BTC is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Not that the Upper and Lower Bands are still heading slightly sideways but we do have a bit of expansion so we should expect more negative expansion if the price continues to drop. BTC is still below its Least Squares Moving Average (LSMA) for this 1d timeframe. A close above the LSMA is a BUY signal and a close below the LSMA is a SELL signal for this indicator. The Head and Shoulders Pattern is still running its course. BTC needs to stay above the Lower Support Area i have indicated or next stop will be the H&S Neckline. BTC is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s Visible Range. BTC is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 13x 1d candles that i have selected. Note that the last 2 Volume Bars have closed above its Volume 20 Period MA and they closed in the red. I have added a Trend-Based Fib Extension which show a few potential Fib levels that could be used for potential profit taking if you are short. The Moving Average Convergence Divergence (MACD) is indicating that we may possibly see a SELL signal on this indicator because you can clearly see that the MACD (Blue Line) is very close to crossing back under the Signal Line (Orange Line), which is a sell signal for this indicator. Note that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line. If we look at the Stochastic Indicator (STOCH), we can see that the %K (Blue Line) is still under its %D (Orange Line) and is also in the Oversold Zone under the 20 Line. At the moment, if the %K (Blue Line) crosses back above the %D (Orange Line) I personally would not jump in on a long using this indicator alone, i would asses how the daily candle closed as well to check if there is any potential Divergence between the STOCH and the price. If we look at the Average Directional Index (ADX DI) we can see that the Trend Strength is strong with the ADX (Orange Line) rising to 30.55. We may see the ADX (Orange Line) cross back above its 9 Period EMA (Black line) which is at 32.39 and would be a further sign of the Trend Strength. The -DI (Red Line) is at 31.92 and way above its +DI (Green Line) which is at 16.06. This indicates that Negative Momentum is hugely dominant over Positive Momentum on this 1d timeframe. For your viewing pleasure, here is a closer look at this 1d chart. For your viewing pleasure, here is a wider look at the Longterm Pitchfork Pattern (A,B,C) on this 1d chart. Looking at the previous 6d Chart i did, note that BTC is 2 days aways from closing this 6d candle which may potentially close as a BEARISH ENGULFING Candle on the 6d timeframe. But a lot can happen and change in 2 days. So what does all this mean? If the MACD produces a SELL Signal on this 1d timeframe then we will see further drops on this 1d timeframe. If BTC crosses below and more importantly CLOSES a daily candle below its CRUCIAL Lower Yellow Pitchfork Support Line then that becomes resistance and we should expect that BTC will eventually cross under the H&S neckline leading to even further drops that may be cushioned by some of the Trend-Based Fib Extension levels. In any case, a lot can happen in 2 days but at the moment it looks like there may still be some really good buying opportunities coming up for all crypto in general. I hope you have found this analysis post helpful with your trading and hodl-ing. Notes: LSMA = Black Squiggly Line on chart Bollinger Bands = Grey Bands on chart Pitchfork Pattern = Follow the A,B,C VPFR POC = Short Horizontal Blue Dotted Line on chart VPVR POC = Long Horizontal Blue Dotted Line on chart Support and Resistance Areas = Black Horizontal Lines with Blue Shading on chart H&S Pattern = You know where that is ;-)
BITSTAMP:BTCUSD
by TradingThroughTheLens
3