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Correction incoming? How uptrend breaks fool peopleWe saw nice gains in the last 6 days, but was it easy to think long all the time? BTC has pulled off two times the exact same trick to fool people into thinking bearish! That pattern is "designed" to make it look bearish and get longs out and draw shorts in. Then of course another big uptrend starts, fueled by people who buy in again and stops of shorts being hit! In the chart I have shown how the structure works: 1. There is a nice big 1.leg up, clearly uptrend 2. Then several things happen, which make it look bearish: - break of the uptrend line - prices move below EMA - 2 legs down (red arrows) - finally there is even a support broken after two legs down 3. Now a (big) bullish candle marks the start of a new upward move, which then establishes a new 2. equal length leg up Conclusion: If you see an "easy" short entry after a strong uptrend in Bitcoin, think twice and do not expect a big reversal right away. These bearish structures are often the start of the 2.leg and can be very profitable entries (green arrows), but they are "harder" to take because of the more scary bearish signs. What is happening right now? Prices have reached the target of the last 2.leg at 11650. A little double top at 11550 was broken and we have a clear uptrend channel. It might look like super bullish, but this often a point from which a correction starts. The first downside target would be the 11240 level, which is the breakout area. There is also a possible bigger range, which gives a target of 10800.
BITFINEX:BTCUSD
by FBlocktrader
2
ETH/USD - Testing Important Zone - Downward Trendline from ATH!My first video on ETH and to me it looks like ETH is getting close to making a decision on the direction she's looking to go. Price action is just below and overall downward tend line from all time highs, so I believe we'll need to see a significant break and close above this area to see price action to start a trek above 1K again. I do believe we might see a little downside movement before she's really ready to pop. We will see! I hope you enjoyed the video... give me a like and your opinion!
COINBASE:ETHUSDLong
by Crypto_Sid