Current Bitcoin statusThis is a continuation of my previous posts. Thus far bitcoin has a clear trend line passing through early February, April then late May. Most charts out there show this clear trend line which was broken ~ jun 10. The value this chart adds is the resistance line I start drawing at around May 10. This trend line allowed to correctly pinpoint a potential breakdown on 6/9 (which did occur). Most folks draw their trend lines from the highs. I do this as well when it fits. I also look to identify shifts in sentiment and draw trend lines from such points. In my view, around ~5/10 a "sentiment shift" occurred. In this case meaning it broke down from a support line it was previously following (green line from 4/15 -5/10).
1) "Sentiment shifts" and breaks down ~5/10
2) It drifts up then breaks down (5/15).
3) Drifts up again and breaks down again (5/21).
Connecting those dots I get a clear resistance line which it is currently heading to. Will it break down again when it gets there like it did 6/9? Hard to say but that resistance line is clear and should be one to pay attention to. Overall BTC chart looks "ugly" to me. It is below long term support with several levels of resistance to overcome. In my view we won't be out of the down trend until we overtake the upper red downtrend line which is currently around $8,000. I never short bitcoin but be careful out there. Remember, the only folks who consistently buy bottoms and sell tops are liars!
and always remember ... all there is, is atoms and void. ;-)
Bearish Trend Line
USDCAD Double ScenarioD1 - After the W1 downtrend line was broken, we can expect further continuation up. Price is currently at confluence point and we can expect corrections down now.
Short term sell opportunities might be provided, and then we will be looking for the buys. Keep in mind sells here are aggressive, while buys are the conservative trading option.
H4 - We are looking for the pullbacks lower, so if confirmations are provided it could be traded in the short term.
ETHUSD: No Retrace? No Trade. Waiting For Better Setups.ETHUSD update: Indecisive price action around a potential lower high formation. Since price has not taken out the 625 resistance level, I have no choice but to expect more from the bear side.
As I wrote in my ETH article on S.C. earlier today, 625 is the .382 area of the current bearish structure. As long as price stays below this level, it is more likely to consolidate or test lower prices.
Long term, I am bullish on this market as well as the other major coins. It is at times like this when it is important to also recognize the short term price action since it is very helpful for staying out of trouble.
Based on the current structure, there is no reason to do anything at these levels. I am not going to add to any long term inventory, or take any short term trades. Like I wrote earlier, there is no advantage to taking any risk at these levels. I do not short these markets, so I can only consider risk from the long side.
At S.C., we are waiting to see IF these markets choose to retest the lows. The high probability level for us is the low 500's into the 471 reversal zone boundary. Remember, we do not know if price will retest this area, but we are prepared if the opportunity materializes. We don't predict, we play probabilities.
In summary, quiet times in the market are great times to prepare. Research other coins, check out our portfolios at S.C. and see how we are building inventory. When the market offers more attractive prices, we are prepared with a plan. What is your plan?
QTUM/BTC Bad news!Hello traders!
I have taken a look in to QTUM/BTC and this does not look good! If u can short it anywhere this is the time and place where u should!
After being in a triangle since the bull run since december this is now a breakout trough the bottom and it does not look good!
Since the breakout we saw some run back up but we all now that with now the bounce back down again from the RS this is definetly going down!
Happy trading!
Slo_crypto
NZDUSD Sell IdeaD1 - Price respecting downtrend line and alternative trend line.
Currently the price has reached the downtrend line, we may now expect the price to respect this trend line again and move lower.
H1 - Price broke below the uptrend line, we may now look for pullbacks and sells.
Invalidation: If the price moves higher and breaks above the D1 downtrend line then this setup is invalidated.
USDCHF Sell IdeaD1 - Price respecting downtrend line so far. We may expect the price to respect this dynamic resistance again and if it respects, we may expect it to move lower. Hidden bearish divergence has turned into continuing bearish divergence.
H4 - Bearish divergence, perfect uptrend line. We may start looking for sells with the breakout of this uptrend line.
Note: False breaks of the downtrend line are acceptable. If the price breaks above this downtrend line and holds above it, then this setup is invalidated.
AUDUSD Sell IdeaH4 - We may expect the price to move higher and respect the downtrend line again. Hidden bearish divergence.
H1 - Once a bearish reversal happens we can then go short with the breakout of the uptrend line.
Invalidation: This setup will be invalidated if the price breaks above the H4 downtrend line. False breaks can be neglected.
GBPUSD Sell IdeaH4 - We may expect the price to move higher and respect the downtrend line and then a bearish reversal to happen. We also have Hidden bearish divergence.
H1 - Once a bearish reversal happens we can then go short with the breakout of the uptrend line.
Note: In order for this setup to be valid we want the H4 downtrend line to hold (false breaks are accepted).
EURUSD Buy IdeaH4 - Price nearing the bottom of the channel. Hidden bullish divergence transforming itself into continuing bullish divergence.
H1 - Price respecting downtrend line. We may now expect the price to move higher, respect this trend line again and then to push lower towards the bottom of the H4 range
Aggressive - You can go long with the breakout of the downtrend line.
Conservative - Wait for the price to break above the most recent high and then start looking for buys.
Bitcoin Bull Trap Unfolding - Hidden Bearish Divergence on DailyOn the daily we have a large hidden bearish divergence. A hidden bearish divergence of this length is rarely wrong. We have bounced completely off both the bearish trend line and closed below it, we have also fell back through FIB retracement line .382 which is a important line to break. We are seeing bearish signs in MACD in 4 hr and several different bearish divergences. Anyone calling this a bull run is crazy, we are definitely still very bearish and this temp rally back towards 11k is probably going to meet with a huge refusal and a further drop lower. We should be looking at a large drop soon.
Keep a level head guys!
Bancor (BNT) Long-term Technical AnalysisJust as in my other TAs, I'm going to be tracking coins that I'm personally interested in. I got into BINANCE:BNTBTC back in November, but have seen its value slip during the BTC crash and now the recovery. It's a decently-sized coin with a lot of potential and actually have a use case to solve. Long-term, I'm bullish on BINANCE:BNTBTC , but short-term I'm staying out of it until we see some reversal. I'm seeing BINANCE:BNTBTC go parabolic here, just not in the direction we'd like it to be going in.
What I'm looking for here is short and sweet:
An end to the downward-facing parabolic line with a flattening section or quick reversal
Oversold on RSI with a quick reversal and decent volume
A continuation of this trend over several days, it will take a lot to reverse this trend
Not too much information in this post, but I'm more interested in a reversal point, not in a consistent downward trend. I'd like to hear your thoughts on BINANCE:BNTBTC ! Where do you think it's headed after this consolidation period? Are we headed for a bull run or will the bears finally take it below the 0.016 support? Please comment below, as the more input we see, the more informed we are!
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
MIOTA (IOTA) Downtrend and Possible Reversal Analysis. Tune In!BINANCE:IOTABTC has taken a beating for a while now. While I am long-term bullish about projects attempting to monetize the IOT revolution, in the short-term we have seen BINANCE:IOTABTC slip. There's an obvious downtrend channel since the beginning of the year, with a shorter-term downtrend channel shown in grey. The short-term channel is shown by running a linear regression on of the oversold and overbought points. Recently, we've broken below this channel. I'd like to see a recovery back into the channel. If we don't see that, we'll see a strong continuation of the 2 month downtrend channel. I'll keep this updated, as I'm considering selling off and taking some losses to free up funds in the short term.
I'd like to hear your thoughts on BINANCE:IOTABTC , especially if you're trading/looking to trade! Please comment below, as the more input we see, the more informed we are!
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
XRP- Possibly breaking Downtrand Line Ladies and Gentelman we're here to present you the ultimate trading opportunity !
Chart has allowed us to spot a long position opportunity based on breaking heavy downtrand line and crossing Ichimoku Cloud and MA 50. Recent history has proved us that breaking this downtrand line is crucial for possible upper movement.
Pending buy orders should be placed above Resistance Zone approximetly @0.000103798 with Target around @0.0001195 and Stop loss below 0.382 Fibonacci level @0.00094288
Remember you are solely responsible for your trading and investing decisions.
$KOOV the bears are firmly in controlWhatever the bulls think, the bears are firmly in control and have been April last year.