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BTC Daily Equilibrium Looking GoodHigher low formed yesterday as anticipated, now we have low volume tightening range. Looking for a lower high potentially today to stay within the pattern. I personally have a no trade zone now on this pattern until we get a clear break. Bear break and the weekly lower high will very likely be set. Bull break and we will look to the recent high in the $9,700s and $10k as the next level. The break towards the end of the week will dictate momentum into the weekend. Those playing both directions should establish a game plan for either scenario, then patiently wait for the break.
COINBASE:BTCUSD
by TheChartGuys
6
LTC Bulls Scouting Daily Higher LowLTC still the weakest on the daily chart is trying to form a higher low of support for the bulls to remain in the pattern. If we see hourly higher low and higher highs continue today, we will be confident our higher low is set. If we drop to last night lows there is still a chance to stay in a daily equilibrium before breaking key support. If trading the big 3, best to keep an eye on LTC but not trade it until we see a break from this pattern of comparative weakness. Remember when ETH went from a month of being in the doghouse to lead bull... the correlations will shift eventually.
COINBASE:LTCUSD
by TheChartGuys
4
ETH Strongest Bounce and Daily ChartWe are looking for daily equilibriums to form and ETH is responding the best to the bounce. This makes the odds that our daily higher low has been hit, more likely with that long lower wick. We will be looking for a break of this range sometime in the next two days, though as we know the direction BTC breaks will be important as well. Bear break of the daily equilibrium means our weekly lower high is in, bull break and we look for bounce continuation from the last few weeks. Patient if not in a position, might as well wait for the break at this point. I played BTC on the bounce as I literally had to run to the computer to get my orders in and did not have time to poke around. I will not make the same decision next time!
COINBASE:ETHUSD
by TheChartGuys
2
BTC Daily Equilibrium FormingBTC consolidation underway leading to a dump last night and hourly oversold conditions. The bounce from hourly oversold was strongest in ETH, and at this point is not giving the bulls much confidence that our daily higher low has been found. We are patiently waiting for this daily higher low, and continued tightening range, before a break later this week is likely. I played the BTC bounce, scaling in when 15 min RSI was very beat up and hourly hit oversold as well. I have exited 60% on the bounce thus far, and will exit the rest if 15 min higher lows are lost from here. ETH continues to be the lead bull and I will be playing it next time instead! Solid bull volume needed for bulls to convince us the daily higher low is in.
COINBASE:BTCUSD
by TheChartGuys
LTC 4 Hour Equilibrium WatchLTC currently forming a clear 4 hour equilibrium, in line with current BTC trading action. The difference is this pattern is forming from a lower spot compared to the high of this bull move on the daily. A bull break for BTC would have it closer to resistance than LTC would. We will look for a break of this pattern today to dictate whether daily equilibriums are forming, or the bulls are just pausing before continuation. I will likely stop covering LTC daily until we see some kind of change in correlation or strength to BTC. No point charting the name that is doing everything BTC is... but weaker.
COINBASE:LTCUSD
by TheChartGuys
3
ETH LEad Bull Holding StrongCompare BTC to ETH on the 4 hour chart last night, the bulls held up significantly better. This will continue to favor ETH bulls, as BTC consolidates within the daily tightening range, ETH stays close to resistance. This correlation and pattern favors the bulls, but we have to be cautious if we see BTC continue to set hourly lower highs and lower low. Seeing further BTC consolidation would likely lead to less significant consolidation. There is a mini equilibrium pattern to watch with higher low and lower high on the 4 hou. We will see this pattern break today, and a bull break would see a 4 hour MACD cross as well. BTC daily much more clear as an equilibrium, while ETH is still within striking distance of the recent high $711.
COINBASE:ETHUSD
by TheChartGuys
2
BTC 4 Hour Lower High, Lower LowWe are currently consolidating on the 4 hour time frame which is giving us a daily equilibrium. Daily lower high has been set and now we look for a higher low compared to $8,602. Watching 4 hour lower highs and as long as they are intact, the bears have short term control. It is possible to stay in this daily equilibrium for another 3-4 days so patience is warranted. The break of this pattern will give us clear direction heading into next weekend. Still watching cautiously for the weekly lower high, but we would need a bear break from the daily equilibrium to see it form. All cash and patient waiting for the trade to come to me.
COINBASE:BTCUSD
by TheChartGuys
9
LTC Leading Bears to the DownsideThis morning we are watching consolidation across the Big 3, and seeing LTC bears with more strength and control driving the price down harder. This has been a continued pattern for two weeks now with this correlation. My general rule of thumb as a trader is take the strongest bull correlations bullish and the weaker correlations bearish. There are multiple inside months on LTC showing a tightening range that will see a bigger, longer term break soon enough. Anticipating a 4 hour higher low to form for LTC today. We will find when the correlation shifts back to LTC bulls... but we must wait! Currently all cash and waiting for more clear trade setups.
COINBASE:LTCUSD
by TheChartGuys
1
ETH Bulls Trying to Keep 4 Hour ControlETH is on the verge of a bearish 4 hour MACD cross after dropping to another lower low on the hourly consolidation. Looking for a 4 hour inside bar to form this candlestick and a break this afternoon. Possibility the daily chart is setting up in an equilibrium pattern if we continue to pull back on the 4 hour today. The last 4 hour higher low of consolidation yesterday was broken, and momentum appears to be shifting a bit. A lower high and lower low on the hourly from here will confirm we are in consolidation mode today. Currently all cash and waiting for a more clear trade setup.
COINBASE:ETHUSD
by TheChartGuys
4
BTC Consolidation, Still Healthy BTC saw some continuation for bulls last night before morning consolidation has shifted momentum. We have lost the hourly higher lows which means we are looking for more drawn out 4 hour consolidation. Potential for a 4 hour bear MACD cross today as well. Watching for 4 hour inside bar formation. Watching for increased bear volume and a 4 hour lower high to indicate the potential shift on the longer term time frames. Potential for a daily equilibrium to form over the next few days if the bears keep control today and head back to $9k. Currently all cash and patient not trying to trade in a choppy, less favorable environment.
COINBASE:BTCUSD
by TheChartGuys
5