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Bitcoin is following this pattern currentlyBitcoin is in a healthy uptrend that will break resistance, pull back to the new support(previous resistance) then head higher breaking the overhead resistance of the previous move. This may sound a bit confusing but the chart makes everything clearer! Next resistance is 10900/1100 and if the trend stays the same then I expect the level of 1500 to be broken in the next few days to a run up to 10900. If anyone is new and would like some tips/help on anything crypto related I'd love to help. I was once new and it was a lot to take in at first but with long nights and persistence I learned a thing or two and now everything is a lot easier. Feel free to message or comment!
COINBASE:BTCUSD
by hurster
Possible moves for ripple in the next 2 to 3 monthsThere sort of an inverse Head and SHoulders formed for XRPBTC (shown chart is inverted) Descending trendline (there is quite few of them) is broken too. Ripple and Bitcoin will Diverge Looks like ripple is charging on two cycles once to .8 then to 1.05 (according to the famous log channel many members are sharing) on meantime Bitcoin may hold a bit at 8000 then down to 5700 working out timelines I am betting these moves will occur
Long
by ahmedse
1
S&P Failed Breakout of Trading RangeIn a previous post I talked about this being a risky time to buy for a long term investment in the S&P , Emini, SPY , or MES . Despite what the media may want you to believe - this market is no longer in a strong bull trend. If it was, prices would break out strongly above previous highs. But what is happening instead? Prices go mostly sideways to down, signalling bull profit taking. This is because the strong bulls bought lower; they know what is happening. They do not want to buy high because the risk is too large and the probability is too low. This is also where strong bears start looking to sell and will scale in higher if they need to. They understand the probability is in their favor. What happens when both strong bulls and strong bears sell? Well, there is only one direction for the market to go.. The bulls who bought the all time high (last weeks close) are currently trapped. The bulls who bought the breakout on July 12th are also trapped on the daily chart . This is very similar to the Jan 22, and Sep 17 bull closes. Look and see what happened next. Sharp selloffs as the bulls exit in a panic. It took months for prices to get back to a level where they could get out at break even, and they had to sit through a long enduring pullback in order to avoid a loss. Furthermore they risked money to essentially break even, which is extremely dangerous. This is what is known as the "thank you god price." Where those bulls are thankful just to get out without a significant loss. If this week closes as a bear bar, it will be a bear setup for a wedge reversal and failed bull breakout of a trading range. If it fails, and there is another new all time high, the bears will likely try for a second entry in the coming weeks. In either case, the bulls only have a 40% chance of a strong bull rally and measured move up based on the trading range. The bears have a 60% chance of two legs sideways to down and a test of the middle of the current trading range, or the bottom of the trading range around 2400. If you found this helpful please like! Feel free to comment or ask questions. See more at my website on how to learn to identify probabilities, create an edge, and develop your traders mentality.
CME_MINI:ES1!
by tradersmentality
2
Trading Range Forming - Bull Profit takingThe bulls have been strong for many weeks now and have created several gaps below. This most recent bull gap around 9500 is the third and therefore likely an exhaustion gap. Exhaustion gaps get filled most of the time, where the bulls look to re-establish longs and bears buy back shorts. Last week was a weak sell signal, but a large tail which is a sign of bull profit taking after testing the start of the bear channel. The bulls need a strong breakout above here and the all time high for a bull trend case. Even if there is bull continuation, there will likely be profit taking at the all time high, forming a larger trading range. More likely, prices will go mostly sideways to down for the next few weeks to months, where the bulls will try to form a higher low and larger second leg up. The most obvious prices for a higher low are 7600 micro double bottom / failed bear reversal and the 6200 bull gap. If instead the bears get a strong reversal soon with good follow through, and fill the bull gaps; prices will likely test the 4000 level and the bottom of the developing trading range. If you found this helpful please like! Feel free to comment or ask questions.
BITSTAMP:BTCUSD
by tradersmentality
Turkish Lira fall and Bitcoin surge correlationJust dropping a though about the recent correlation between the fall of TRY and surge in Bitcoin, that came simultaneously (within days). This can be explained by capital flowing through the black market, having bitcoin as a medium. Investors wanting to flee, converting the turkish to bitcoin then converting the bitcoin to another currency. It looks like bitcoin is now expensive for this traffic, and thinking that this outflowing capital may turn to other crypto's, such as ripple and etheruem. It will be interesting to look for other crypto's that allow such traffic and buy them, and also join the down rally of the lira at a convenient point.
by ahmedse