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RSI Reaching overbought conditions on the 4hrThe past 3 4hr candles have been somewhat indecisive closing as dojis with the most current 4hr candle started by dipping down low as a red candle all the way to the support line of the TLine(in yellow) before bouncing back upwards. Thecurrent minor retracement/dojis is mainly due to the RSI reaching up and touching the 70 range on the 4 hour...However the RSI is still looking very steady on the day chart so I think with enough bearish wicking on the next few 4 hour candles with them ultimately closing as dojis and helping to drop the 4hr RSI rate...I predict a much tighter range of resistance and support and lots of sideways trading for the next 1/2-3 days tops...However I think the big whales involved in bitcoin probaby want to see us break above the inverted head and shoulder pattern's neckline even more than us guppies so they likely won't be afraid to flex their dominance to help break that neckline within the enxt 1/2-5 days...the longer we go the smaller the amount bitcoin will have to climb to break that neckline. These patterns become somewhat of a self-fulfilling prophecy the more the big traders make their trading decisions based on them being triggered. I'd say only buy in at this point and really try your best to do so during dips(which as of now is anything in the 11200s or udner) With the 4hr RSI currently at near overbough levels this is usually when you will be able to catch great temporary dips.
BITFINEX:BTCUSDLong
by DrDovetail
Bitcoin is flirting with the neckline!Bitcoins bulls have been unstoppabull recently and witht he current price around 11430 it only has to reach 11600 to be firmly above the neckline. If it can close above on the 4hr and then close another followup 4 hour candle above that, odds are very good at that point that we have a valid inverted head and shoulders on our hands....those who have been following me for awhile now will realize that I was the first to call a second much more massive inverted head and shoulders that used the same head as the first one we saw weeks ago. I was calling this to happen before the second potential shoulder had even began to form. At the time I was calling it hypothetical because I wasn't certain a head of a head and shoudle rpattern could be triggered twice. Now that we are this close I'm pretty confident we will see it break/close above the neckline and form a valid pattern. Of course until it does that it won't be valid, but I'm more confident now than ever before that it will. Today's big resistance is at 11500...if the bulls can topple that as easily as they did the resistance lines of 11120, 11300, and 11400 yesterday then I see us very potential breaking above the neckline as early as the upcoming 1 day candle. it may decide to trade sideways for a day or 2 and possibly even retrace a slight bit before this happens though. So hodl with all your might and I reccomend buying in more at any convenient dips.
BITFINEX:BTCUSDLong
by DrDovetail
LONG ON EUR/GBP!I'm anticipating prices to ascend to the upside target of 0.90500/0.91500 which could potentially result in a +280 PIP gain . I was initially awaiting prices to break the symmetrical triangle in which I entered however we now run the risk of prices going back into the normal range. If this happens worse case scenario, you break even and re - enter however if there's a kiss on the bearish trend line, prices could explode to the upside resulting in a very lucrative position. TP: 0.90500/0.91500
Long
by Graignm09
1day candle closes as green spinning top confirming breakoutToday's 1 day candle has closed as a green spinning top giving us a confirmed breakout from the descending chqannel and also taking us another big step closer to having a valid massive inverted head and shoulders pattern. The Galaga Battleship is nearing completion and readying itself for blastoff....will have to break the neckline and have both a 4hr candle c lose above it and a big influx of volume to go with it..although leading up to a confirmed inverted head and shoulder we usually see volume placate during the forming of the second shoulder, however right after we break the neckline you should see a healthy increase in bullish volume. I'm thinking we should see a break above the neckline by the 5th or the 6th but that is just a guess there could be plenty of sideways price movement to extend that a few day longer and it could also happen even quicker than my projection. I'm still confident it will happen...but until you see a break above the neckline and close above it as well (around 11700) then there is not yet a valid pattern. Currently on the gdax order book we can see that at 11120 there is a huge sell wall of 300 coins and surounding that on either side are 100 coin orders and just above and below those orders of 50 coins or greater....collectively that should be enough to keep the price at bay and under that number for at least a few bounces....I've seen orders of only 12-20 coins go up against 100+ coin walls though recently and find ways to grow large enough in the moment to overcome them...so there's still a chance they could overcome that wall at 11120 as early as tonight...but for now it's forming very strong resistance.
BITFINEX:BTCUSDLong
by DrDovetail
Cup and handle tries to break through channel wall but failsJust a temporary short for the next couple 4 hour candles...only because the last 4 hour candle finished as a bearish engulfing candle...As you can see that channel trendline is a line of extreme resistance...the cp and handle has yet to hit its target price because of it...it will likely retest the channel trendline a couple more tiems and then eventually bounce through but we could dip down into the 10350 region potentially before we see it rally enough momentum to do so...keep a close eye on the epth chart determine the best places to sell and rebuy/ I'm long in the long term but in the very short term..short.
BITFINEX:BTCUSDShort
by DrDovetail
Fractals - Inverse Head and ShouldersAs much as I'd like to see one more lower low, the fractals of the inverse head and shoulders are hard to ignore. The small head and shoulder broke out to the precise distance of a measured move to form our 1 wave in white. Once resistance of the downtrend, shown by the purple line, is broken we should see a move to the $17,500 level, which also coincides with the 1.618 fib level taken by the wave 1, and retracement of wave 2. If that plays out impulsively, the larger head and shoulder could see bitcoin break all time highs to the $26,950 level - $30,000 level.
BITFINEX:BTCUSDLong
by HeadsOrTails
The Death Cross I was warning about sent the price plummeting.As I had said a couple days ago in a previous idea the death cross of the purple and blue moving average lines was dangerously close to occuring and would either cause a plummet in price or could potentially bounce off as well. The probability was much more highly in favor of the cross happening and at the beginning of the current days candle the 4hr chart 50EMA crossed under the 200EMA sending the price dpiraling downward. Major support happened at the 9200s region just as I was expecting and because of it we have seen a boucne back up. However the 50ema is still very much under the 200ema on the 4 hour so we need to see it reverse course soon if this inverted head and shoulders is going to become valid. The current bounce looks good on the 4 hour but the candlesticks on the daily seem to suggest a little more downside. On the 4 hour we got a nice green bullish reversal hammer though so hopefully the current 1 day candle will close as some sor t of doji. I still have hope for the head and shoulder pattern. Be cautious and try not to make any big moves at this time.
BITFINEX:BTCUSD
by DrDovetail
Why btc could drop into the 9200s before it reboundsShown here on the 4 hour chart I have a dotted horizontal white line representing the neckline of the head and shoulders pattern. below that I have connected a yellow dotted trendline from the low of the first shoulder to the candles we currently have now on the 2nd shoulder. I also took a dotted white line and made it run parallel with the necklines slope...one I did that you can see the smaller dotted white line is a few pips lower than the yellow dotted line...this is where the price would need to fall to make the slope of the shoulders parallel to the neckine. I don't know if that is a requirement for a head and shoulder pattern but I'm guessing it probably is commonly the case. This is why I make this prediction. Time will tell whether or not I'm right and whether or not the head and shoulders even plays out in the first place.
BITFINEX:BTCUSD
by DrDovetail
Inverted head & Shoulders still very much in play / Death CrossHey all just an update...I've pulled my btc position via stop loss last night at around 10490 but have decided to leave ethereum in for now as its doing well with robinhood...As the price continues to pullback the good news is an inverted head and shoulder pattern is still very much in play....however as you can see with the small yellow dotted lines that show the current price in a trendline with the deepest price point on the left shoulder, we might still not be at the depth peak of the right shoulders dip just yet.... the small white dotted line directly underneath the yellow dotted line has the exact same trajectory as the dotted white neckline of the head and shoulders and that line bottoms out around 9580. so we could still dip to the 9500s in fact that's the exact pricerange I see on the gdax depth chart where it looks like we have enough support volume at that pricepoint to carry us back into the 1100s.....Now I'm sure there's been plenty of head and shoulder patterns who's necklines and shoulder tops didn't run exactly parallel to eachother but there is at least a increased likelihood and mild improvement in probability that if the price did pivot in the 9500s at the parallel price point that the odds of it becoming a legitimate inverted head and shoulders once the shoulder reaches the end of the right shoulder fot it to indeed be a massive validated head and shoulders pattern with at that point after volume confirms it a lot of upside. Let me know in the comments how often the head and shoulders pattern's shoulder and necklines don't follow a parallel trendline if you happen to know or get a chance. Lastly we recently had a brief golden cross recently between the 200EMA and 50EMA but it appears the blue line and grape line are headed towards eachother again..it may lead to another death cross or it could bounce off before that happens...a death cross could be what finally pushes things down to the 9500 range. Thanks for reading...play responsibly. Always set responsible exit and entrance points to whatever fits best with your life.
BITFINEX:BTCUSDShort
by DrDovetail
Bitcoin BTCUSD Next Buy Points TodayBitcoin Thursday Update The devil fools with the best laid plans. By 22:39 we were looking for a rally to kick in from the lows at 10200 with 3 near term upside tagets in mind, at 10684 and then 10857 and 11180. Then, because Bitcoin never sleeps but unfortunately we do, set a stop on the long under 10400 for overnight - and it was taken out about half an hour later at around midnight gmt at around evens. MOFO. If you were more sensible you left your stop 'under 10270' as per 22:39 update - and Bitcoin then made a secondary low at 10296 line precisely before finally rallying away. A change of nearterm trend at around midnight, as we see so often. So a sensible/good stop was ruined by overcaution due to going into the overnight session and not being able to track Bitcoin live as a consequence. . M any apologies if you too raised the stop. Since then Bitcoin has rallied to the second target overnight at 10857, making high at 10915 on Bitfinex before once more falling away again. You win some and some you just break even. The perils of 24hour trading laid bare. Now Bitcoin is tracking down a new set of parallels after topping out at 06:30 gmt (change of trend again between 05:00 and 09:00 gmt, as so often) in what looks to be another continuation pattern. Looking to buy once price can escape the upper upper parallel to upside - not a spike - a break with some green candles emerging and some pick up in volume (or, more risky, on test of lower parallel at 10296- 10200 range with stops below 10200) - want to see Bitcoin halt and find some support at 10300-10200 range to follow long - otherwise can wait until the upper parallel is broken through on successsful retest from above once broken
BITFINEX:BTCUSD
by sumastardon
4
Reversal doji on the 4 hour chart to end yesterday. Bulls back?We got a welcome and relieving sign after all the carnage of the previous day a few hours ago at the end of yesterday's 1day candle...the downtrend on the 4 hour chart ended the day with a bullish green reversal doji, and we are now seeing what is so far a reasonable bounce up off of the multi support convergence of the 4 hour chart's 200EMA(in grape), 50EMA(in blue), and the bottom ascending channel trendline(in tan). the 200EMA seems to be the one that has taken the role of primary support so far, but the 50EMA which is just slightly above it may take over that role if the candles seem destined to stay bullish. On the 1 day chart it is the Tline(in yellow aka 8EMA) at roughly $10460 that is acting as support and currently the 50 EMA as resistance although we have had a wick sneak above it already so far so the real resistance for the day could be yet to be determined...may be the blue fib extension line at 78.60%(10883.5) and if we get some serious volume it could even break above that and find resistance even further up. Best to look and see what level of volume we get for the day to know for sure how much impact this boucne will have behind it. I think the recent integration of segwit will help with that, and hopefully keep things bullish. My hypothetical secondary inverted head and shoulders that I've been talking about for a few days is still forming rather nicely I went ahead and indicated on the graph..assuming we stay within the trend lines until a confirmed inverted head and shoulder breakout if so (it breaks the neckline and has a huge bullish volume swell to go with it and no bearish divergence from mac d or rsi) I think we can hit our new taget of 17147! Exciting times but play cautiously and let us never forget the carnage we witnessed last night. set reasonable exit and entrance points and I wish you all luck.
BITFINEX:BTCUSDLong
by DrDovetail
hypothetical extended invertedhead & shoulder neckline breached?The Bull run continues. was happy to see the momentum happening today. I added to my position at the near-bottom of today's candle's dip (10300). It surpassed the red fibline and may be keeping it as a line of support depending on how today closes out. Today's best trading probability opportunities would be small laddering in at 10300 and profit taking just below the top of the tan trendline. We seem still well on our way to reach the initial inverted head and shoulder trajectory target at 11900...but I might have spotted the potential for the real shoulders of the inverted head and shoulders to be much more massive tahn originally thought...and if we close today's candle where we are in price now or above that, that would signify that the larger hypothetical neckline(the tan horizontal dashed line) had been breached which would equal a far higher climb(vertical tan dashed line) I don't know if Head and shoulders patterns can operate like that or if its possible for a chart pattern to trigger twice though and would love to hear input from anyone who knows the history of the head and shoulder pattern better than I to know whether or not my hypothetical is even possible. Even if not I still suspect we will flirt with the top green channel line....and if it is correct I think we will blow the lid off the channel and sky's the limit. Thanks to all who have folloed or agreed with my ideas, I have finally hit 100 rep points so for that I am grateful. As always these are my methods not suggesting anyone use them as this is not financial advise. You do you.
BITFINEX:BTCUSDLong
by DrDovetail
LINK forming textbook example of cup and handle pattern$LINK is forming a textbook example of a cup and handle pattern. Volume increased near the bottom, handle didn't retrace more than 50%, and we're getting a spike in volume near the breakout point of the handle. I expect some long term gains Link itself is a awesome project with a great vision. Strategy: Buy below 0.0007 Sell at: 0.00098 (We're going to blast trough this one, so only sell at this point if you're a very active trader) Rebuy at: 0.00075 Sell at update will follow
Long
by JaimeKing
Litecoin: LTCUSD Far Eastern Interest Returning / DominatingLitecoin: LTCUSD Far Eastern Interest Returns Timings on LTC show strong far East interest re-emerging. That surge of green on 14th began at midnight gmt/19:00est just before markets opened up as early birds caught the worm and price began to fly high through two lines of old resistance before topping out at the 233 line, at 21:00est just 30 or so minutes after far Eastern markets had all opened are strong clues. These markets are still in overall control of this coin and their returning interest has to be good for LTC longer term. But in shorter term Litecoin is unwinding an overbought condition by trading sideways in the range dominated by resistance at 233-237 at the top and two lines of support at 215 and 207 at the bottom of the range. But very nearterm support lies at 223 which must hold if it's to avoid rinsing off back to 216-215 during the course of the day if buying interest continues to wane - and may get forced back to 207-206 at worst if 215 in turn gives way later today - but if so look to add as these levels are touched in the quiet period leading up to midnight gmt/19:00est. Alternatively, should these lower levels not get touched and LTC can hold up all day at 223 and above it can be bought on a successful breach of the little dynamic resistance line running above price on this chart with stops below the same line, just under 223 if the break occurs sooner than midnight gmt/19:00est.
BITSTAMP:LTCUSDLong
by sumastardon
3
EURUSD and DXY confirming signal of change in trend for dollarEURUSD EURUSD and DXY EUR is tracking an inverse set of parallels to DXY. When EUR breaks lower it's a second sell/add shorts signal which must be confirmed by DXY breaking above the upper parallel containing this impulse wave from inception. DXY has to break and hold above that parallel before the bears will back off - but it's fighting here, where it should if it's to turn back up from here. The confirming signal is the break above the upper parallel. DXY Dollar Index Despite the spike and noise surrounding CPI numbers yesterday DXY has been forced back down the same small parallels it was travelling down before the numbers hit the newsfeeds. As in last comment Dollar bulls still have the double bottom on their side here. The last one was one week apart, this one is 2 weeks apart. The Dollar is likely to hold here at these lower levels and then begin to rally. It's waiting on Wall St to open now but bears in London have failed to push it below the double bottom. A sign of waning downside momentum. Once it can break above the upper small parallel guiding the descent it should attract more buyers and move back up to test the 89.37 line where it will likely meet resistance again...it has to push on through here during the course of today for the bulls to gain more traction and flip DXY into more positive mode from this point. This battle may take some time to resolve - DXY has to fight its way through three lines of near term resistance at 89.37, 89.51 and then 89.62 to turn back to positive again. Look to buy dips here and on the pairs with stops under 88.40 on DXY for small loss if wrong from here. Increase longs on move above the smaller upper parallel. On downside, DXY will have to break below 88.40 today to change this view to near term negative but only back to 87.70 at lowest where DXY should find final support and begin to rally again. But so long as 88.40 holds up today the Dollar's downtrend is finally coming to an end.
by sumastardon
BTC Blows up outta the inverted h&s pttern brking the neckline! The neckline has been breached in big fashion! However not as much volume as you would anticipate to go with it....that may very well come today. it has blasted past all recent lines of resistance and now seems to be forming it's new resistance line with the green fibonacci retracement line. We may most likely see it bounce back down and see the inverted head and shoulder neck line as the current support at which point I say is the best opportunity to buy in and enjoy being back on the impending bull trend to come. I'd do any selling just below the green fib line and any buying near the thin grey head and shoulder neck line! Bring on Pamplona!!!
BITFINEX:BTCUSDLong
by DrDovetail
3
FTSE 100: UK100 Key levels and Trade Set-ups todayFTSE 100 UK 100GBP Key Levels and Trade set-ups today This chart shows FTSE's great 9 year rally from start point at the lows of 2009 to the end point on 11.01.18. This cycle forms part a longer 9 year year cycle that was described and shown in last FTSE comment. The lines of support and resistance are clear and should be helpful in coming trades... FTSE has bounced excatly where it should have (last comment) and rallied to exactly where it should have within 3 points or so. Day traders and bottom fishers have closed out where you'd expect looking at the lines and now left FTSE vulnerable to further selling pressure...looks quite likely to restest the 7085 line here and if this cannot hold it will fall away further still to 6904 and just under to 6870 - but it should try to put up a fight at 7085 if tested later - it's most likely the key level today, being positive above here and negative below. On upside it has to break above 7210 and hold to trigger a long up to 7294. Markets are due to remain voolatile - A break below/above any blue line should lead to a test of the next one. But run stops around 30 points higher/lower than the trigger levels and trail up/down. Still expect a bottom to be reached between 3rd and 10th March as per last comment but it can whipsaw in between and should present some decent trades (with stops) as a result.
OANDA:UK100GBP
by sumastardon