Long

Updated

Double Bottom to $6400

Double bottom in the process of forming on the 4hr. The bulls have to keep the price above $3650. Upside target is $6400.

Note

This is in response to the comment by TannerNicholas below. For those of you who joined my in entering a long position the base of the second bottom, it was a very risky move, one that appears to be paying off but risky non-the-less. I should have waited for confirmation. What is the confirmation? That brings me to my second point. We're going to bounce off of the 4k - 4.2k barrier, and the bears will try to bring us below $3650 to negate the double bottom. How successful will they be? I don't think anybody could tell you with certainty. But you'd have to keep in mind that we dropped from 6k to 3.5k in a matter of weeks and that we are at the heart of a bear market. All that is to say. even if the uptrend were to continue to hold, that would not remove possibility of revisiting $3650 for a triple bottom. Yea, trading is hard...

Note

matching fractal pattern for the current move. I find it helpful...

Note

we're about to test the black trendline

Note

we've cleared the triangle...

Note

we're still on track to hit our original target

Note

morning star is taking shape, expect a slight dip at around 4500 and change

Note

bullish MACD crossover on the daily. Inv HS on the daily

Note

I see two possibilities for an initial target once the Inv HS completes. Once the initial target hits, we'll most likely have "throwback" to the neckline, prior to moving up to the 62/6400 target. tradingview.com/x/VWIyYqpY/.

Note

we're starting on an "up trend" on the 15min. This signals that the immediate correction is over and that the bias, for the time being, is towards a bullish move.
The slope of the trend line says that this is going to be a slow climb...

Note

trend line broke... I guess we have further down to goo...

Note

wicked down and came back above the trendline, the next hit of the trendline will not hold

Note

the ETCUSD chart appears to be leading the BTCUSD chart (and the rest of the market) by about half a day. I think it should provide enough foreshadowing for the next leg run to make some very profitable short-term trades. Right now the way I'm seeing things play out, we're going to have a handful of hours going sideways in a very tight range, then we're going to breakout to hit the 46/4700 target. Followed by a dip back down to about 44/45, maybe slightly lower.
I'll post an update if anything about this projection changes in the next couple of hours.

Note

IF we make it past the 4700 barrier. I'm revisiting the target on the original post from 6400 to 7200. Should the 4700 barrier prove to be too much, we head back down to 3500 level.

Note

that was a scary drop... don't start shorting just yet, we're headed back up

Note

I'm of the opinion that we've just started off on a major upwards trend, starting with the 4hr double bottom. Oscillators are starting to show bullish signs on the daily and we just started reading oversold on the weekly. Regardless of any sudden dips (provided that doesn't develop into a lower low), for the foreseeable future the bias remains bullish.

Note

I hate to be the bearer of bad news but it looks like we're headed to 3k/2800

Note

you are going to think that I am crazy. but i was wrong.... We're going up, we're going to hit 12-15k range in less than a few weeks. I think it's time I stopped posting charts...

IamJ

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

IamJ