thedailychartist

thedailychartist

BTC.D looking top heavy and currently consolidating just above support level (~60%). We are also looking at a potential double-top setup (with neckline at 57.2%), the completion of which takes us to the low 40s. Needs to break that neckline first but are altcoins about to go berserker mode on us? A bit of a waiting game but we'll get the answers soon enough.

thedailychartist

VeChain has reverted to the means and stalling at current prices, which are also at the 50% retrace of this entire bear leg from the 20-FEB high. Clear chance we could see another leg down from here unless we rally back to above 0.052. We could also see more trading range price action (sideways) before VET decides to resume its rally or give more discounts...

thedailychartist Updated 

I am not saying this with certainty but these are the types of price action that I watch out for if I want to trade reversals. We seem to be forging a possible higher low with the current price action. Could this be the first higher low that kicks off a bull leg? I think the context is valid for it so something tells me it is but we need confirmation first....

thedailychartist Updated 

Price is bouncing off at the 50% retracement of the strong breakout rally from 16-FEB, but is currently stalling at around 300 which I think is a local resistance area that the bulls need to clear as a bullish signal. Sure there is always a possibility of another leg down even if we see 300 break but the probability is reduced. After 300 breaks, we will want to...

thedailychartist Updated 

We may be at the beginning of the bull leg that takes us to 2,000. Just needs to break that 1,840. Watch how the market reacts to that price intra-day. Should give you clues on what it wants to do next (e.g. Breakout or pullback). Measured moves from preceding price action gives us near-term target of a little above 2,000. Good way to start the next leg of our...

thedailychartist Updated 

Market reacting to what I think is a very strong support level. But that's just me. Not trading advice. This is a new coin and is pretty high risk.

thedailychartist

Looking at 0.052 level as key to this potential breakout happening in the near term. This level is the highest weekly closing price so far which is a level that I always watch closely in terms of price action. I also used a big arrow so the market notices. :) Have a nice weekend, all!

thedailychartist

VET has forged a nice consolidation pattern but is still getting stalled by that 0.057 level. It seems to be a significant resistance level judging from how the market is reacting to it since FEB 13, 2021. Break that and it becomes a significant support level.

thedailychartist Updated 

From neutral to bearish (see previous idea/post link below) especially if we see a daily close as confirmation. Measured target for this move shown in the chart. This is a reversal trade and is a contrarian position against the overall preceding trend. I tend to view these setups as lower probability so I'm managing my risk here as best I can. Let's see what...

thedailychartist

See my previous idea about the dollar index. Ha went on to forge this nice bull trend from the bottom and currently bouncing off of support level at 90.00 - 90.10 which seems like a good context for a higher low and maybe a bull leg targeting a measured move above 92.00. Basic premise here is that this is a simple 1-2-3 wave that often marks the start of a bigger...

thedailychartist

Current pattern resembles a spike and ledge consolidation pattern which can go either direction. I lean towards using it for reversal trades but it can also be a continuation pattern. What's interesting here is that the ledge structure is an ascending triangle. If this is confusing other traders like it is confusing me, we might see more trading range price action...

thedailychartist Updated 

Watching that 127.00 as a potential support for a move higher to that 129.30 level. Needs a confirmed breakout signal first.

thedailychartist Updated 

Price action on BTC is looking really bullish IMO. As long as price do not break below 42 - 44k area, 54-57k should be within reach in the next few days.

thedailychartist Updated 

Perfect wave propagation and respecting all the levels. One of my better calls (see related idea/post to see progression of the price). Currently stalling at a measured objective but I do think the trend is strong and should hold as long as we don't see price going below 0.042 (short term). We might see a bit of sideways here and the key short term support level...

thedailychartist Updated 

Almost at the measured objective. I'd say it's practically completed though. I do think it's set to go higher. IMO. Not trading advice.

thedailychartist

Reversal trades are inherently low probability but they offer the best risk-rewards so we always hunt for them. That said, the VETETH pair is looking better in this regard: 1. Market has rejected the low for at least 4 days in a row now. 2. Today's candle opened at a higher low 3. Today's candle is now a big bull candle with price back inside the descending...

thedailychartist Updated 

Fractals and rhymes. :) What are the odds that the next leg will be up? Love seeing these patterns when I'm looking to trade with a prevailing trend on a HTF. Not trading advice.

thedailychartist Updated 

Tradingview data on market caps can become wonky at times but assuming these are accurate, I have 420B as a key level to maybe start off alt season 2021. We are looking good so far but we may also be due for a mean reversion move (i.e. correction to the average price). If you look at the preceding trend (here using the 3 day chart), price do not really stray far...