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Coinbasepro

XLM 1-Week Projections (May 28th)Hey all, welcome back. I've decided that I was decently close on my last chart for the price action that happened the last few days, originally was working on a 4 hour chart but changed to 1 day. I think the trends I've set in red here at the end of this triangle will happen, but no certainty that it will happen exactly as I think it will. If the red wave I've outlined completes, it could show some sort of symmetrical triangle but honestly at this point I'm still learning and having fun with it. I think we will retrace back to our previous peak from weeks ago, could even hit some resistance, could go a little bit beyond the last peak, but I have no assurance, and these are just some ideas. If that happens, what comes after is something I am still working on, so fyi that big red trend downwards doesn't mean anything other than I feel some significant bearish moves could still be coming. Might be able to update you guys in the near future :) I might try to look deeper into golden/death crosses on my next chart, but if anything it will only serve as a resistance confirmation for how steady we stay in whatever regions we land in. I have linked my last chart below and as a related idea. I am currently taking an online class with Trade Crypto Live Education and learning more than ever, and I DEFINITELY recommend you check them out if you want to further yourself as well. I'm also having fun with Cindicator predictions and am up 800+ points in crypto forecasts for the last month, excited to see what the "pro" challenges will look like for the first time! Original chart (published May 24th 2020) on 4H: Have a great day everyone! Thanks for tuning in :) Disclaimer, I am not responsible for any losses incurred while attempting to use my data, I hope this can prove to be some sort of learning tool for some and give insight as to how I personally come up with my own numbers. Take into full consideration this could be a completely bad forecast. Cheers
COINBASE:XLMUSD
by Hambooger
Most important thing about trading is knowing where to buy!Golden Zone. It has always been effective and will hopefully always be effective! I already expected a huge ABC down to 7.8k from the very moment we dropped to 8k. (see idea attached!) However, as you could have seen from a number of ideas I posted later on, whales managed to divert me from my original main idea by painting the chart as weird as they can to make it as difficult as possible to stick to your main. Now once again, it seems it's on the direction of my original plan. I may missed a lot of profit that I could have made by simply believing in my original idea. However, I am not mad about that, I've learned from it and I am sure I will nail this market in the trades to come.
COINBASE:BTCUSD
by ItsShowtime
XLM May 24th - Potential Corrective Descending Triangle SpottedTook another look at my Stellar (XLM) chart, decided to delve into the current pattern we are on as of May 24th. It appears to be a bullish, corrective, and descending triangle. I have mapped out potential range/movement within the purple triangle. It is not yet known if this triangle is 100% descending but it appears to be bullish, or continuing on a bullish trend. We must wait a day or 2 to find out if the low of the current perceived pattern hits the purple triangle trendline, if so, we have a higher certainty that this pattern is indeed a Descending Triangle. If not, it could mean a number of things depending on where the next low hits. Regardless, it appears to be a bullish pattern. If it is not truly descending, my next best guess is that it may still be contracting/symmetrical if the next low finishes above the flat purple resistance line, and if it goes below that, then it could be an expanding/reverse symmetrical triangle. My guess is that regardless of what triangle it is, since it is in bullish mode we could potentially expect a quick rise after the triangle completes its pattern, as shown with a green trend line. It is currently unknown what the next pattern may be, as I will need to do some more wave theory to find out where we are on a larger scale as far as longer-term trends are concerned. I assume that whatever comes after this pattern, will cause a quick jump up, met with resistance, and may start working its way down in the coming weeks. I will be working on and updating this chart for the next few weeks as we start to see more data come in. This chart is a continuation of my last XLM chart, linked as related below for reference. I am waiting to see some death crosses on this chart that appear to be forming, and any golden crosses that occur may give us another clue in the coming weeks. I've also tried to generalize some basic elliot wave structures to come to the conclusion that the current pattern is going sideways and is less easy to pinpoint as a true elliot structure. I could be completely wrong, too. It should be noted that even though the current perceived triangle appears to be bullish, what happens after the green trend line could end up faking out the FOMO with some bear moves. We shall see! I hope everyone is having a wonderful weekend, enjoy it :) Thanks for tuning in :) Disclaimer, I am not responsible for any losses incurred while attempting to use my data, I hope this can prove to be some sort of learning tool for some and give insight as to how I personally come up with my own numbers. Take into full consideration this could be a completely bad forecast. Cheers
COINBASE:XLMUSD
by Hambooger
6
BTC is going to $9000On the 4 hours time-frame of COINBASE:BTCUSD , a bearish divergence is identified on the Relative strength index (RSI), which indicated a possibility of trend reversal. The current price is currently traded below the 14 period simple moving average (SMA) and trapped between the two fractals (between the red lines). It is highly thought that the price will visit low levels as it is also traded around a supply area. However, if BTC break upward, then 10.300 is the next target. What do you think?
COINBASE:BTCUSDShort
by xSamJuniorx
4
Setting The Stage For Years To ComeThis Is The Only Thing I've been able to look at lately. For everyone like myself at times that feels anxious and uneasy about the market, I say zoom out. I find it very correlated that this extremely large formation took place after the last halfnin'. Could We see something similar play out if this break to the upside? Could massive volatility and fomo send us much higher then expected? Of Course, just as this formation also paints a very possible doom for Crypto as a whole. The break of this formation will decide the next 6 months of price action and based on anyone's trend line, were nearing its completion. I have two descending lines: One, from 20k to 14k Highs, This Line remains intact and untested since 14k Local high. Two, from 14k High creating what most concede is the top descending resistance channel line that were currently in. Weekly shows this as our 3rd attempt at leaving this descending channel, the break of which would almost certainly provide enough fuel to break through the second resistance line. I Present this chart with MACD in full view so you can get a sense of just how long and powerful this formation is. RSI, Volume and MACD have all respected this triangle and eagerly await its decision. ENTIRELY a guess but I'd say were somewhere around 75-80% through this formation. Could we have another pull back all the way to test 5400ish? maybe but if we retrace that far I feel like it would already be over. Conversely If we break 10.5K to the high side and open/close, Were looking at air above us. I Would Look to the 100 Weekly EMA as a guide. Which ever side of the triangle the 100 moves us out of, it'll most likely be a long time confirm of macro trend change/continuation
COINBASE:BTCUSDLong
by F0urL34f
XLM May 6th 2020 Breakout Zone?This is meant to be an idea for a breakout pattern to signal our next major move up over the next day. I do believe that we will keep steady over the pattern resistance lines above $0.0724 and see major volume to pump the stellar price. Final sell target for over the next few days if resistance is broken could be anywhere from $0.077 to be safe or $0.0779-$0.079 and lower chances of $0.079-$0.0815 range. This forecast is deriving from multiple charts that I've made in the past 3 days: I will be posting another update later on today if I get the chance. Follow and like for more updates on Stellar! Thanks for tuning in :) Disclaimer, I am not responsible for any losses incurred while attempting to use my data, I hope this can prove to be some sort of learning tool for some and give insight as to how I personally come up with my own numbers. Take into full consideration this could be a completely bad forecast. Cheers
COINBASE:XLMUSD
by Hambooger
1
XLM First Week Of May ClosingComing in with another update on XLM deriving from my work on this chart over the last couple days. I believe that XLM will stay in my cyan trend lines (for the most part) for the remainder of the time frame it shows on, which is around here at ~$0.071-$0.0732 until May 5th 10-11:30 PM MT , before moving up into the magenta trends at around ~$0.074-$0.0782 maybe even peaking as high as $0.079 within the magenta time period starting as early as midnight May 6th, or an hour or 2 earlier potentially. After the time period of the magenta trends, I have no true indicators to tell me it will keep going up yet, if there is a breakout we could be in for a few more rounds of upward movement but my main idea is that we will see downwards movement very soon after this chart has completed its time scale. I have had to update the placement of the region I believed XLM would go into, specifically the cyan trend lines shown above, in yesterday's chart I may have placed it too high but still in the right time frame. For this chart, I have moved it down to give a more accurate representation of the data and patterns being made during that time frame. We are currently still in the cyan region and it seems to be repeating past patterns from within the last few days, but with more variations added to its shape, and there could be a breakout variation into the magenta trend lines happening slightly sooner or later than expected. See below for accuracies and chart adjustments against my last 2 charts. The magenta trend lines are suspected to be the last part of this repeating pattern that I've come up with. In my first chart, it was originally due to hit later and potentially higher but with yesterday's and today's data taken into consideration, I have moved the trend more to the left and slightly under original price estimates so it will be happening slightly sooner than previously expected in my opinion. Original Forecast Yesterday's chart: Today's adjustment: Thanks for tuning in :) Disclaimer, I am not responsible for any losses incurred while attempting to use my data, I hope this can prove to be some sort of learning tool for some and give insight as to how I personally come up with my own numbers. Take into full consideration this could be a completely bad forecast. Cheers
COINBASE:XLMUSD
by Hambooger
Bitcoin corrective Elliott is complicated BUT target is clear!Chart speaks for itself, but let me add a few abnormalities. - The A correction in our bigger ABC wave doesn't make any sense, there is no way to put an 12345 in there! --> This actually made so little sense that EVERY elliottician that I have heard or spoken to thought this was the bigger wave B and we would be putting the C ending the correction straight after... However, the higher high that came afterwards proofed differently. Actually it is even weirder from the timing perspective! It would have made perfect sense to be the bigger B wave as the timing corresponds to the bigger A wave. However, it ends up being an intra wave correction that took very long and to make matters worse, it appears the intra wave B correction following that actually took like 3 times longer than the bigger A wave itself. This might be impossible to predict, but I've never heard or seen that this would invalidate the count so let's roll with it... ;-) - There will definitely be a correct way to interpret the intra 3 wave of the intra 1 wave of the big C, as it looks like some special Elliott pattern (zigzag/diagonal/xyz). Unfortunately I am still a noob at the subject and still need to figure out how these patterns actually unfold. --> 8100-8150 now makes even more sense than ever before because we put our B so high up --> Why am I sure the B must be in? For starters the ABC in the B is crystal clear, there is no way around and no denying it... We have corrected way too far afterwards to be able to have that correction being corrective inside the 12345 wihtin the C finishing that big B. It's impossible to finish something higher than the B without going above 9450 which would invalidate the entire corrective structure. That's a fact because the 4 cannot be in 2 territory and there is no 1 that can be below that 8730 low.
COINBASE:BTCUSDShort
by ItsShowtime
2
XLM Start of May (Updated)This is a revision of the patterns and time frames updated from my last chart posted about 1 day ago linked as the related idea. Yesterdays Forecast Quoted from my last chart description: > " price may drop as low as ~$0.068 in a few hours finishing a structure over the next 18 hours (highlighted by next upcoming green trend lines .)" - this event has mostly happened with a slight margin for error in under-forecasting on my end as so far it has gone as low as $0.067. I do believe I was about 10 hours wrong on when the next period would move into the cyan trend lines but perhaps its still yet to come over the next day or as soon as 7 AM MT May 4th. May the 4th be with you. Cheers to the reopening of the economy. Anyone who is immunodeficient should definitely stay home while everyone goes out and about. Still wash your hands regardless of a virus! Thanks for tuning in :) Disclaimer, I am not responsible for any losses incurred while attempting to use my data, I hope this can prove to be some sort of learning tool for some and give insight as to how I personally come up with my own numbers. Take into full consideration this could be a completely bad forecast. Cheers
COINBASE:XLMUSD
by Hambooger
3
Bears are still in control, but what do we know 'for sure'?This chart is still similar to my original Bearish idea posted on the 10th of April: It is not possible to say at this point if my previous target price (range) is in play, or not. All I can say is that you should have made some very good trades already based on my previous idea . On top of that I am showing you some short term key levels of interest on which you can base further decission making. I stuck with the short term view on this one, as it has become more clear IMO compared to any other time frame, and the key levels of interest based on Fibonacci are there black on white!
COINBASE:BTCUSD
by ItsShowtime
4
BTC: Still in a downtrendThe last bullish movement was nice for a short term trade. I did end up closing it out at $7300 however. My intial feeling was that hitting 9k+ at the top of the channel was more likely, but now we face many obstacles. Zooming out to the daily: 1) Resistance met at 1day 100EMA and 3day 200EMA. 2) Bearish rising wedge still being built. 3) Price gain is weakening in comparison to RSI gain, momentum seems to be slowing. 4) Recent death cross See the wedge target? Seems crazy to think that we could hit sub 2k again, but with COVD19, the upcoming halving, etc its very possible to see this target meet 100% retracement. I'm hoping of course that we just stay in the blue channel for now.
COINBASE:BTCUSD
by infbp22
Alternative Bullish Elliott Count! (8100)Hi guys, As I've told some of you already, I woke up this morning with some doubts about my previously shared Bearish Idea (linked below), as the Elliott structure on the lower time frame didn't really seem to make sense. I had to come up with an alternative, and had 2 possibilities, so I went with the one that made most sense to me, which I am presenting in this bullish alternative idea. Which is in fact bullish short term, bearish mid term, and bullish long term . As you can see by my subdivision on the lower time frame, we would only be at the 3 of the 5 at that 7300 mark , we still would need to put in the 5 after all. Do I suggest you to long here? Well, I suggest you to keep it safe, don't use high leverage, put in a stop loss and move it around, like I advise you to do each time. However, if you are keen on longing, you might want to wait for another short term leg down which could indicate a completed ABC correction and the perfect spot to long in this play. Who's with me to long 6450-6500 and see what will happen? Who's with me to short 8100 if we get there and see what will happen? I am very curious and excited to what's next, I took partial profit on my short already and am still glad I took it around 7k as mentioned before. As to how this will play out when we reach 8100, it will become very obvious that the same support structure visible in my previous idea (5400-5500) would become the golden pocket area if we finish this wave at the 8k area , so the bearish pattern in my previous Idea would be valid once again, even if this scenario is the one that plays out. Of course, I will create a new chart and update this post if we were to hit 8100 to show you what I expect this market to do and how I will be trading that. One again FYI, the 8100 level is somewhere in the middle of the golden pocket area from the entire Corona fear move starting at 10.6k and ending at 3.8k (Coinbase) , for that reason it is very very very likely to form heavy resistance if we get a 5 that high, and I see no reason not to sell your position when we do, but I am not a financial advisor and you should make your own decisions and DYOR. I wish all of you good luck and stay safe! PS: This might be interesting for you if you wan to learn more about FIB and Elliott trading, I have a lot of respect for Sam from TradeDevils and have been following him for years, I suggest you do too! I am still a noob in this stuff, and I would consider him to be a professional.
COINBASE:BTCUSDLong
by ItsShowtime
12
BTC super easy to trade on Fibonacci (republished!)This is republished based on my previous idea, since I made some copy paste errors in the chart. Have fun trading! INTRO Like shown in my previous idea(s) (read updates on shared ideas), nearly every minor and every major move BTC has made over the last weeks was based on Fibonacci! Nobody can deny it, this is all black on white and most of them I have shared via updates on my idea before it happened... All others I have shared in the BitMEX trollbox before it happened. I really like Tradingview, as you can show analysis black on white before it goes down, and nobody can argue with you afterwards. So once again, I am going to try to focus on using/updating this and future ideas a bit more than I previously did, instead of sharing all my knowledge via Crypto chats like I have been doing most of my life so far. Hope you appreciate me doing this! Of course, I cannot share every minor move before it happens, I sometimes do not have the time or access to do so. On top of that, some of my self-made/customized TA techniques I prefer to hold to myself or small groups for various reasons. I hope everyone understands this means you still have to DYOR! And I highly encourage everyone to try out charting yourselves on whatever time frame you see fit. Please, share your own findings with us and let me know in the comments where you agree or don't agree! Your involvement is always appreciated. PREVIOUS IDEA / RECENT PAST Let's start with going through what went down previously before looking into the now and the future. As mentioned before, I was doubting between a double top 5 in the Elliott count for a medium term wave, or an unfinished 5 which still needed to break 7k. I was leaning towards that second call as you can see in my previous idea linked below. There I mentionted a potential TP of 7900 when BTC would run into the golden pocket probably ending at 8100 resistance. I was well aware of the 0.5 FIB at 7200 and had profit taking orders lying at that price. After the first drop which was very much expected, I entered a long at 6700 which was the 0.5 FIB of the last short term parabolic move upwards to that 7200, and I was very curious whether that "7060" level would break, I already put a profit taking order at 7049.5 yesterday after going long as I noticed it was the only FIB level (golden pocket) with decent market acceptance. I was a bit lucky with my entry as 7049.5 was the highest we went, and my order was filled. I put the update on Tradingview later today, but still well in advance of BTC reaching that target. On the 5min time frame below that 7049.5 top (BitMEX),I switched the rest of the long into a short, which was also part of my game plan mentioned previously in the update. From there on I was fixated on the newly created support level (0.5 FIB intraday TF) at 6780, which broke later on and confirmed my short position was a good call for the mid term. This means, as previously mentioned, that I believe we will go down to the 5.4-5.5k area where we find a whole bunch of support levels which I trust will not break, but never trust anything blindly! SHORT TERM FUTURE Where are we at now, what's my game plan on the way down? We have bounced on various short term FIB support levels along the way, but lucky for us fresh bears, all of those broke without too much effort. I am now convinced that on the short term there is nothing to support a significant bounce from here. However, at 6480 we now find the 0.236 of the bigger mid term Fibonacci from the low, this one might cause a significant increase in price as it is a price level of interest based on past price actoin, and it might be worth to take partial profit before it hits and add more to the position when the bounce comes to an end (expecting high 6.7k area for that). You will see on the char that there is another Fibonacci level with decent importance based on past behavior, this would be the 0.382 which would be a perfect contender for the A wave to end in an ABC correctin that's supposed to end at 5.4-5.5k. You get the picutre, trade this downwards market however you prefer, but please stay safe, don't use too much leverage, always use a stop loss and move it around if you want. LONG TERM FUTURE What does this mean long term? A drop to 5.4k may seem like outrageous to some of us, while other truly believe the low is yet to follow. I think it is a beautiful middle ground as it fills the volume gap above it and plus or minus corresponds with the most important FIB level on BTC the 0.5. The next interesting Fibonacci level to look out for would still be that same golden pocket at 8100 it is not going away (unless of course we get a lower low in the end). If you believe in Fibonacci extensions, which I do a little bit, but not as much, the future for Bitcoin is very bright , and I will definitely share my long term view based on that later on, but I am less experienced with the indicator. Note to honor our dear friend Don Don Fibonaccio (creds to Kirbs) I am very convinced that in a healthy market with enough open interest and a minimal of exterior factors (like Corona) Fibonacci will guide 99% of all major moves. Unless another indicator can convince over time that it has complete control of the market, (like we saw during the whole 13.9k to 6.4k correction for almost an entire year with my previously shared Shiff Pitchfork ). As always, stay safe!
COINBASE:BTCUSDShort
by ItsShowtime
3
BTC super easy to trade on Fibonacci (again!!) 7.3k --> 5.4-5.5k Like shown in my previous idea(s) (read updates on shared ideas), nearly every minor and every major move BTC has made over the last weeks was based on Fibonacci! Nobody can deny it, this is all black on white and most of them I have shared via updates on my idea before it happened... All others I have shared in the BitMEX trollbox before it happened. I really like Tradingview, as you can show analysis black on white before it goes down, and nobody can argue with you afterwards. So once again, I am going to try to focus on using/updating this and future ideas a bit more than I previously did, instead of sharing all my knowledge via Crypto chats like I have been doing most of my life so far. Hope you appreciate me doing this! Of course, I cannot share every minor move before it happens, I sometimes do not have the time or access to do so. On top of that, some of my self-made/customized TA techniques I prefer to hold to myself or small groups for various reasons. I hope everyone understands this means you still have to DYOR! And I highly encourage everyone to try out charting yourselves on whatever time frame you see fit. Please, share your own findings with us and let me know in the comments where you agree or don't agree! Your involvement is always appreciated. Let's start with going through what went down previously before looking into the now and the future. As mentioned before, I was doubting between a double top 5 in the Elliott count for a medium term wave, or an unfinished 5 which still needed to break 7k. I was leaning towards that second call as you can see in my previous idea linked below. There I mentionted a potential TP of 7900 when BTC would run into the golden pocket probably ending at 8100 resistance. I was well aware of the 0.5 FIB at 7200 and had profit taking orders lying at that price. After the first drop which was very much expected, I entered a long at 6700 which was the 0.5 FIB of the last short term parabolic move upwards to that 7200, and I was very curious whether that "7060" level would break, I already put a profit taking order at 7049.5 yesterday after going long as I noticed it was the only FIB level (golden pocket) with decent market acceptance. I was a bit lucky with my entry as 7049.5 was the highest we went, and my order was filled. I put the update on Tradingview later today, but still well in advance of BTC reaching that target. On the 5min time frame below that 7049.5 top (BitMEX),I switched the rest of the long into a short, which was also part of my game plan mentioned previously in the update. From there on I was fixated on the newly created support level (0.5 FIB intraday TF) at 6780, which broke later on and confirmed my short position was a good call for the mid term. This means, as previously mentioned, that I believe we will go down to the 5.4-5.5k area where we find a whole bunch of support levels which I trust will not break, but never trust anything blindly! Where are we at now, what's my game plan on the way down? We have bounced on various short term FIB support levels along the way, but lucky for us fresh bears, all of those broke without too much effort. I am now convinced that on the short term there is nothing to support a significant bounce from here. However, at 6480 we now find the 0.236 of the bigger mid term Fibonacci from the low, this one might cause a significant increase in price as it is a price level of interest based on past price actoin, and it might be worth to take partial profit before it hits and add more to the position when the bounce comes to an end (expecting high 6.7k area for that). You will see on the char that there is another Fibonacci level with decent importance based on past behavior, this would be the 0.382 which would be a perfect contender for the A wave to end in an ABC correctin that's supposed to end at 5.4-5.5k. You get the picutre, trade this downwards market however you prefer, but please stay safe, don't use too much leverage, always use a stop loss and move it around if you want. What does this mean long term? A drop to 5.4k may seem like outrageous to some of us, while other truly believe the low is yet to follow. I think it is a beautiful middle ground as it fills the volume gap above it and plus or minus corresponds with the most important FIB level on BTC the 0.5. The next interesting Fibonacci level to look out for would still be that same golden pocket at 8100 it is not going away (unless of course we get a lower low in the end). If you believe in Fibonacci extensions, which I do a little bit, but not as much, the future for Bitcoin is very bright, and I will definitely share my long term view based on that later on, but I am less experienced with the indicator. Note to honor our dear friend Don Don Fibonaccio (creds to Kirbs) I am very convinced that in a healthy market with enough open interest and a minimal of exterior factors (like Corona) Fibonacci will guide 99% of all major moves. Unless another indicator can convince over time that it has complete control of the market, (like we saw during the whole 13.9k to 6.4k correction for almost an entire year with my previously shared Shiff Pitchfork) . As always, stay safe!
COINBASE:BTCUSDShort
by ItsShowtime
4
Slowly but Steadily towards 7900 if 6000 doesn't break again!Hi guys, Short term idea here, for the mid term I think my previous ideas are still valid (taking into account that we had an intra wave correction for which I was not able to predict the bottom price). Be careful shorting this! I think this wave can only be finished above 7k, lots of bears may be shopped to death later this week. I know there is resistance at 7400-7500, and I believe it might impact short term price movements. However, I am convinced it will not be the point of reversal, I still expect that to be at 7900-8000 as I've indicated in past ideas. This thought has never changed for me, even if we would have gone as low as 5.3k, it would not invalidate that bullish PT of 7900 that I have in the short/mid term! Stay save and good luck swing trading at no/low leverage!
COINBASE:BTCUSDLong
by ItsShowtime
8
ETH in a snapshot - DAILY ChartWhat a week for Crypto! Honestly no matter how hard you tried, you couldn't escape the news regarding COVID-19. Crypto was not immune as we can clearly see based off the prices across the market. We can certainly kiss the idea of Crypto being a safe haven goodbye for now because whales were pulling their money out faster than you can say WTF. It broke through many logical support lines and even the 200 MA on the Daily. It wicked to the double digits before people got some sense and raised it to its current validation of ~$121. Hopefully you were HODLING through all the madness because it definitely wasn't warranted. Right now the big players see our market as speculation and without circuit breakers, the pressures of selling become extreme. I would advise smart money to wait until we get more clarity in the bigger assets markets. Whether we like to admit it or not, that selloff on wall street affected Crypto. In the coming days, we will be getting more news coverage about the slowdown of the economy. Many of the forecasts I had regarding ETH have been delayed because of this unforeseen event. I won't be getting into ETH or Crypto for awhile until the markets and my chart re-calibrate. I am still LONG HODL and if it dips into the double digits again, especially around the 80s , Ill be looking to swipe a bag or two. Now, if I were to get in, I'd look into the following factors from a TECHNICAL point of view. Reminder that TECHNICAL ANALYSIS goes out the window when faced with strong fundamentals (Assets across world sell off, hacks etc...) *Moving Averages *Patterns *Volume *RSI Moving Averages = the 200 DAILY MA has been broken (Blue Line) without any fight what so ever. This can just as easily play the other way around, so as we start climbing toward the 200 MA, and say for example the 55 MA is providing it support, I would bet the support would be strong enough to break past that 200 MA. Patterns = The earliest pattern I see potentially forming is a morning star -ish : Do I like the pattern? Well ... for short/medium trades sure IF the next two are looking good : VOLUME= Yes, we had major volume leading to the dip and even more the following day. Right now, we aren't seeing the same type of volume even though the candle currently is red. This is a good sign that the selling has calm down (*Yes, this could also mean fundamentally people are waiting for more news before investing but I am talking technical here*) RSI = Undersold, what else can I say here. However I wouldn't look to deeply into this one just yet because the previous candles really did a number on this indicator. I would not be using this indicator as my only tool to get in/out. The final verdict? Short/Medium (a few days / weeks) we hit $150~ region. We complete the black pattern I drew on the chart. After which we would be testing very important resistances to continue our trip north. But something is telling me this is a bull trap and for that reason today I wouldn't want to LONG. If you got money you can split your orders; Have 1 around the double digits ($80s) and another around this current price to try and take advantage of this "calmness" Risk Management will play a big role here, so cover your a**.
COINBASE:ETHUSD
by rezon
1