patrading85

patrading85

From a purely charting prospective, I am neutral on AMD at the moment. It is closing below the 100 day moving average and forming lower lows on the daily RSI. Not a good look. I think in the near term we will see a pull back into the $75-$80 support zone and will likely range in that area until we get news or earnings in May. If the support zone breaks on the...

patrading85

Happy Moonday. Although BTC has broken its down trend and this correction seems mostly over, we are not quite out of the woods yet. BTC may continue to rally into the daily close but I think it is slightly more likely to pull back a little bit and test daily support and also 1 hour EMA at about 47000 (this pull back I would actually say would be bullish) A quick...

patrading85

This pattern so far is holding up pretty well. On the 4 hour we see its approaching make or break time. On the 1 hour we can see a pattern break out that was rejected Very Strongly. In my opinion we will not have a confirmed break out until 53.5K on the upside 4hr. or 46K on the lower break. If that later is confirmed. A drop to 40k-38k support area is on deck.

patrading85

The possible bull flag pattern on the 1HR is not really that clean but the argument can still be made. We can invalidate the pattern with a close below. We have support at 46k-45k or right around the 20day ema. But I am really hoping we don't visit that area again. If we do then a drop to 40K can not be ruled out. overall.. btc is on unsteady ground at this point.

patrading85

Possible bullish divergence on the 4Hr RSI. has yet to confirm but as of now it looks good.

patrading85 Updated 

Okay that was scary but I think the bottom is in... It found support at the 1.618 fib level and we are seeing a healthy bounce on LTF. RSI is also looking over sold. Chart pattern looks like its forming a bottom formation here. With all the longs being liquidated in this area we should rip up in short order.

patrading85

BTC tested 55K fib level and rejected from it hard. Now we are testing the 1 hour EMA but I think that will break. There should be some support at the 51k-50k . It would be nice to see a new higher low on the hourly at around 52.5K and then a tradable trend could actually start. Be advised, I don't think it will happen but it could visit the bottom again at around 46.5.

patrading85

A brief over view. WTF. Btc dropped on coinbase to 46.5K from 58K. Or about 20% in one day. Hundreds Billions were wiped of the MC and many billions liquidated. I believe this was max pain for traders as we were hitting ATHs just moments before. How ever.. I believe the bottom is in and we should see a strong bounce back this week and possibly even a fresh ATH.

patrading85

Man that 0.236 level is proving to be one tuff nut to crack.. But I think once we crack it there is not much stopping us from going through 60k. Possible ugly cup and handle pattern, possibly inverse head and shoulders? Its not that clean but its the weekend and I'm hopeful for the week to come.

patrading85

Around 55K I expect there to be either a consolidation or pull back. For traders I would say pick your targets and, place those bids, and take the weekend off.

patrading85

My target is 55K here. At this level tread lightly as we could retest 50k really fast. Possibly down to 48k before continuation. (hopefully) A break down to 44k-40k would be really bearish here and cannot be ruled out.. Stay Frosty.

patrading85

Update to previous chart.. Interesting RSI action if this 4HR close and elbow up. 48000 to 48200 remains the range to stay above if your a bull.

patrading85

So far bitcoin is holding its formation well.. Above 48K today is good...4 hour close below 48k is bad... If breakdown happens I think we are looking at 44K area.

patrading85

ETH FIB targets and 4HR support zone.

patrading85

Long standing resistance that was flipped to support + defined Fibonacci extension levels.

patrading85

4hour support might be the new support and jumping point for a btc breakout of current formation. If we get a 4HR close below we are probably going alot lower.

patrading85

Support area for BTC USD.

patrading85

Trend analysis. We can use the trend lines and market structures/patterns to make a Fibonacci tool and give us some idea of the targets for local highs.