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XRP | Ripple Rose +17% On New SEC Lawsuit Developments -NEXT?XRP | Ripple Rose +17% On New SEC Lawsuit Developments -NEXT? Ripple Labs scores a big victory as Judge Torres orders the SEC to turn over documents from a 2018 speech given by William Hinman, then SEC Director of the SEC’s Corporate Finance Division This decision comes after a long battle that could decide the fate of many cryptocurrencies. - (source cryptosnewss) Technical analysis: After the price created a new high near 0.5590 the price pulled back by correcting approximately 50% of the bullish movement that began September 6, 2022. This deep correction was stoped from the support area and also a very strong structure near 0.4100. As we can see the bounce was very strong by showing also that the buyers were well positioned to add on their long positioned at near that zone On the 4-hour chart, that price completed a very beautiful bullish triangle pattern and the news related to SEC is supporting this crypto double this time. Targets are still the same: 🎯 0.59567 🎯 0.70017 🎯 0.88119 Thank you and Good Luck! Previous Analysis:
Long
by KlejdiCuni
7
ETH Daily TA Neutral BullishETHUSD daily guidance is neutral with a bullish bias. Recommended ratio: 51% ETH, 49% Cash. * BOUNCE WATCH. Cryptos, Equities, Futures, DXY, US Treasuries, Gold and Natural Gas are down while VIX, GBPUSD, EURUSD, Oil, and Agriculture are up. The final US Q2 GDP revision came in at -0.6% compared to -1.6% in Q1 , this is largely due to to a boost in exports and returning consumer spending in the service industry (travel being the leader). Key Upcoming Dates: August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.* Price is currently continuing to trade sideways at ~$1300 as it aims to defend $1270 minor support for the fifth consecutive session, the next resistance is at ~$1427. Volume is currently Moderate (high) and on track to favor sellers in today's session; it has been alternating between buyer and seller dominance for the past five sessions which is indicative of a critical supply/demand zone (VP) and/or consolidation. Parabolic SAR flips bullish at $1403, this margin is mildly bullish at the moment. RSI is currently trending down at 40 as it approaches a test of the uptrend line from November 2018 at 38 as support and 36.91 support below that. Stochastic is currently bullish and trending up at 77 as it approaches 80.69 resistance. MACD remains bearish and is currently on the verge of crossing over bullish at -73, if it can push to -72 then it would confirm a bullish crossover. ADX is currently slightly trending up at 33 and is beginning to form a soft peak as Price attempts to hold $1270 minor support. If Price is able to keep pushing higher then it will likely retest $1427 resistance . However, if Price breaks down here, it will likely retest $1270 minor support before potentially retesting $1k psychological support. Mental Stop Loss: (one close below) $1270.
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Neutral BearishBTCUSD daily guidance is neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash. *Technically, BTC and many other Cryptos look relatively good right now compared to Equities which have continued to get sold off in favor of DXY and US Treasuries; some may view this is as a decoupling moment, others as a market lag, and me as a technical correction ("everything is bearish, so it's bullish"). Fed Chair Jerome Powell reiterated the need for crypto regulation , and also mentioned that it would take years of additional research for a 'Fedcoin', at a French central bank event today. September US Consumer Confidence rose to 108 compared to 103.6 in August . In the same optimistic light, US New Home Sales went up 28.8% from 532k in July to 685k in August . The 14th GDPNow Q3 GDP estimate remained the same as on 09/20 at 0.3% . Key Upcoming Dates: Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.* Price is currently retesting $19417 support for what is now 26 out of the past 30 sessions after briefly touching $20.4k. Volume is currently High (high) and on track to favor sellers for what would be four out of the past five sessions if it closes today's session in the red. Parabolic SAR flips bullish at $20474, this margin is bullish. RSI is currently trending down at 43 after getting rejected by the descending trendline from January 2021 at ~44, the next support is at 42.41. Stochastic remains bullish and is currently testing 55.55 resistance with no signs of peak formation. MACD remains bearish and is currently on the verge of crossing over bullish at -453, if it can stay above -453 this would be a bullish crossover; the next resistance (minor) is at -232.42. ADX is currently trending down at 25 as Price attempts to get back above $19417 support, this is mildly bearish. If Price is able to close above $19417 support for two consecutive sessions, it will likely retest the 50 MA at ~$21k as resistance before potentially retesting the descending trendline from November 2021 at ~$22k. However, if Price continues to break down here then it will likely retest the uptrend line from March 2017 at ~$15k as support . Mental Stop Loss: (two consecutive closes above) $19417.
COINBASE:BTCUSD
by dailytaguy
BITCOIN | Next Targets 22.5K and 25KBITCOIN | A Short Term Bullish Scenario Following my base idea that I published two days ago we can see that the price is moving very well. If you joined this trade earlier you should be near +8% in profit. Actually, the price is above the support area of 19900. The price breakout looks very solid and it is showing that BTC may increase more in the coming days. The support area near 18.2K showed to be very strong. Neither the NFP, CPI nor FOMC didn't push it lower than the previous low. So it has a higher chance to increase again as shown on the chart! Thank you and Good Luck! Previous Idea:
Long
by KlejdiCuni
20
ETH Daily TA Cautiously BearishETHUSD Daily guidance is cautiously bearish. Recommended ratio: 10% ETH, 90% Cash. * SUNDAY SCARIES WATCH . This is one of those rare occasions where FA alone can essentially tell you that Equities and Cryptos are both going to continue seeing selling pressure as long as DXY keeps raging higher. As long as the Fed keeps raising rates and Russia keeps raising reinforcements, this shouldn't be too difficult. DXY looks poised to retest $120 for the first time since 2000-2002 (Dot-Com bubble peaked in 2000). Key Upcoming Dates: September US Consumer Confidence Index at 10am EST 09/27; August US New-Home Sales at 10am EST 09/27; Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30.* Price is currently attempting to continue trending up after bouncing off of $1270 minor support, the next resistance is at $1427. Volume is currently Moderate (low) and on track to favor buyers for a third consecutive session. Parabolic SAR flips bullish at $1485, this margin is neutral at the moment. RSI is currently trending up slightly at 39 as it attempts to reclaim support of the uptrend line from November 2018 at 38 after bouncing from the uptrend line from January 2022 at ~32 as support; if it can stay above 38 it would imply that Price may have found a near-term bottom. Stochastic remains bullish and is currently testing 17.81 resistance with no signs of peak formation. MACD remains bearish and is currently testing -46.46 support as it continues to form a trough. ADX is currently trending up at 29 as Price continues to fall, this is bearish. If Price is able to continue going up here then it will likely retest $1427 resistance . However, if Price breaks down here it will likely retest $1270 minor support before potentially falling to retest $1k psychological support . Mental Stop Loss: (two consecutive closes above) $1427.
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Cautiously BearishBTCUSD Daily guidance is cautiously bearish. Recommended ratio: 10% BTC, 90% Cash. * US August Consumer Confidence rose for the first time after three consecutive months of decline and is now 103.2 , up from 95.3 in July. Meanwhile, Russia is furthering the WW3 narrative and the Federal Reserve is pushing the US into a recession... very 2022. Though Cryptos are mixed in price action today they are fairing better than Equities which have continued to plummet. Commodities, Equity Futures, EURUSD and Gold are all down while VIX, US Treasuries and DXY continue to go higher with DXY reaching a 22 year high of $112 in today's session. As long as DXY keeps going up, which it likely will if FFR keeps going up, it's going to suck liquidity from just about every other asset. Russia and China are currently wildcards that can either exacerbate or mitigate a financial migration to DXY as a safe haven asset. Key Upcoming Dates: September US Consumer Confidence Index at 10am EST 09/27; August US New-Home Sales at 10am EST 09/27; Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30.* Price is currently trending down at ~$18700 after being rejected by $19417 resistance for the third consecutive session. Volume is currently Moderate (high) and on track to favor sellers for three of the past four sessions if it closes today's session in the red. Parabolic SAR flips bullish at the 50 MA ($21.3k), this margin is neutral at the moment. RSI is currently trending down at 40 after being rejected by the descending trendline from January 2021 at 45 and breaking below 42.41 support. Stochastic remains bearish and is currently trending sideways at 15 as it attempts to crossover bullish. MACD remains bearish and is currently trending down at -571 with no signs of trough formation as it approaches -869 minor support. ADX is currently trending up at 24.34 as Price continues to fall, this is bearish. If Price is able to bounce here then it will have to flip $19417 resistance to support if it is to test the descending trendline from November 2021 at $21k. However, if Price continues to break down here, it will likely retest the uptrend line from March 2017 at ~$15k as support . Mental Stop Loss: (two b2b closes above) $19417.
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Cautiously BearishETHUSD Daily guidance is cautiously bearish. Recommended ratio: 20% ETH, 80% Cash. * The Fed announced a 75bps FFR hike today, and so starting tomorrow the FFR target range will be 3%-3.25% . Cryptos initially rallied on the announcement and are now down while Stocks continued to plummet. Equity Futures and EURUSD are down while VIX and DXY are up; Commodities and US Treasuries remain mixed. Interestingly, looking at the Fed dot plot, twelve of nineteen Fed Presidents and Governors think that FFR should be between 4.5% and 5% at some point in 2023 . Meanwhile, today Putin announced a 'partial mobilization' of 300k Russian military reservists in an escalation of Russia's attack on Ukraine . Key Upcoming Dates: S&P US September Manufacturing PMI at 945am EST 09/23; September Consumer Confidence Index at 10am EST 09/27; August US New-Home Sales at 10am EST 09/27; Final US Q2 GDP revision at 830am EST 09/29; August PCE price index at 830am EST 09/30.* Price is currently trending down at ~$1250 as it breaks away from any hope of hanging on to $1427 support. Volume is High (moderate) and on track to favor sellers for a second consecutive session. Parabolic SAR flips bullish at $1620, this margin is bullish at the moment. RSI is currently trending down at 33 as it quickly approaches a retest of the uptrend line from 01/22/22 at ~31 as support. Stochastic is currently neutral trending sideways at 5 for the fourth consecutive session, the next support is max bottom. MACD remains bearish at -79 as it approaches a test of -46 support for the first time since May 2022. ADX is currently trending up at 24 with no signs of peak formation as Price continues to fall, this is bearish. If Price is able to bounce here then it will likely retest $1427 resistance . However, if Price continues to fall here then it will likely retest $1k psychological support before potentially testing $776 support for the first time since January 2021. Mental Stop Loss: (two consecutive closes above) $1427.
COINBASE:ETHUSD
by dailytaguy
2
BTC Daily TA Cautiously BearishBTCUSD Daily guidance is cautiously bearish. Recommended ratio: 25% BTC, 75% Cash. * FOMC WATCH/BOUNCE WATCH . August US Housing Starts came in 12.2% higher than in July and Building Permits came in 10% lower . So more people were buying homes than in the month prior as if the economic situation was improving, or maybe they were trying to lock in a rate they won't see until 2025 or 2026. And less people were building, which is more in line with what one might expect as the world is on the brink of a deep recession. Today's residential construction data should force the Federal Reserve to go with a 100bps FFR hike tomorrow but the odds are still in favor of it being a 75bps hike. Cryptos, Equities, Futures, Gold, EURUSD and Energy are all down while DXY, US Treasuries and VIX are up once again. It's only logical to assume that the DXY will continue its correlative relationship with rising FFR hikes; not to mention the added boost that an official announcement of global economic recession would give to USD. The 13th GDPNow US Q3 GDP estimate came in at 0.3% compared to 0.5% on 09/15 . Key Upcoming Dates: FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21); S&P US September Manufacturing PMI at 945am EST 09/23.* Price is currently trending down at $19k and is still technically testing $19417 major support for a third consecutive session. Volume is Moderate (high) and has been fairly balanced between buyers and sellers in the past few sessions, indicative of speculation before an upcoming major event. Parabolic SAR flips bullish at $22100, this margin is mildly bullish at the moment. RSI is currently trending down at 39 after being rejected by 42.41 resistance, the next support is the uptrend line from 01/22 at ~30-32. Stochastic remains bearish after a rejected crossover attempt and is currently testing 29.70 support. MACD is bearish for the third consecutive session and is currently trending down at -452, the next support is at -869. ADX is currently trending up slightly at 21 as Price continues trend lower, this is mildly bearish at the moment. If Price is able to bounce here (and defend $19417 support) then it will likely retest the 50 MA + the uptrend line from 06/18/22 at ~$21.4k as resistance . However, if Price continues to break down here, it will likely retest the uptrend line from March 2017 at ~$15k as support for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) $20k.
COINBASE:BTCUSD
by dailytaguy
XRP | The Price May Rise Further After The BreakoutXRP | The Price May Rise Further After The Breakout On the lower part of the structure XRP testested the old and the strongest support area again by creating in this way a bullish triangle. The price is actually above the pattern by increasing the chances for the next bullish movement. It looks like it will not stay for a longer time period in the zone were it is right now. Targets: 🎯 0.44491 🎯 0.58862 Thank you and Good Luck!
Long
by KlejdiCuni
8
Bitcoin can go lower but a professional sees a LONG opportunityTL;DR - We are at a major support area (20k - previous ATH from 2017. Despite all the "we are in a bear market" nonsense, as price has continued lower, probability for bullish price action has grown. A professional trader knows this and so looks for specific price action in support areas like this to trade. We now have a perfect example of this. The sentiment is extremely low in Crypto and in the wider market. Everyone KNOWS we are in a recession / bear market and price will 1000% go lower! When the market is screaming from the rooftops that something is a certainty, it is extremely likely that this assumption is wrong (check out my last post to see why we aren't in a bear market - shameless plug). Markets are random entities - no one person decides where a market goes and so even if there is insurmountable evidence that a market must move in a certain direction, more often than not this does not happen. Take Covid for an example - the world economy stops and millions die. Yet after just one month of declining prices the stock market and crypto market enter the strongest bull market ever seen in human history. For nearly two years as waves of disease spread and rippling lockdowns shutdown travel affecting billions of lives, stocks and crypto went far higher than even before the pandemic had destroyed the world. And no one could have predicted that would happen. Now (in a much more complex picture of geopolitical and macro-economic climate) your barber is telling you we are in a recession so get ready to buy stocks/crypto in 18 months as that's the average length of a bear market and Oh baby there's going to be a massive bull market after! What do you think will happen? In a much more clinical (yet over simplified) explanation: when the majority of market participants have bias in a certain direction, their actions in the market (in this case selling) have already been executed. When most people are bearish, this means most people have sold and so the number of sellers in the market runs out, allowing for bullish price action to emerge. As such, when most people are bearish that is often when the bearish movement is close to exhaustion. This is why professionals never let news influence their mindset. Instead they attempt to contextualise the market that they are looking at to see if it has a favourable probability towards either bullish or bearish trades. This might be understanding we are in a recession but realising that sentiment is overly bearish to With Bitcoin the context is: A bearish wave that has exhausted much of its potential as black swan events have driven prices well beyond true value. This means that there is a higher than 50% chance of bullish price action emerging from support levels. This is a fact, not an opinion - it doesn't matter if you think we are in a bear market (we aren't check out my previous post), the simple fact is that is it more likely than not that price will go bullish on supports than break them down. Once the professional trader has established this, they then look for the appropriate area and signal. Now we have established the context of the over all market (and that there is a statistical probability of favour of bullish price action at the moment, above is the breakdown of the exact area and signal someone would look for. Bitcoin is sat on a historic support area (2017 high), and has tested the 20k level once already in the past few weeks before returning to it now. This in itself isn't good enough, we also need a confirmation that price action is reacting bullish. This has come in the form of a hammer candlestick pattern. The psychology of this pattern is as follows: The candle opened high and during the course of its time the bears tried to break price down through the support area. Bulls quickly and decisively took control of price, closing the candle at its high. This means there is a statistical probability that the bears have failed to break down the support area and bullish price action will emerge in the near future. We confirm this by waiting for the following candle to break the high of the hammer candlestick. Combine this statistical probability of bullishness and the fact that it is more likely than not that bullish price action will emerge from a support area given the context of the market and we have ourselves a trade opportunity that, if repeated 100 times, would mean we make money more than 50% of the time. In each of those trades, if we net $100 in the winning trades and only lose $50 in the losing trades we. will. make. money. That is it. that is how professionals trade (sounds dam easy right? The hard part is disciplining yourself not to fomo in btw). The next step is to apply that "net $100, only lose $50" aspect. The hammer candlestick also gives us a blueprint to do this. Psychologically speaking, if the hammer candlestick has it's low broken down, that voids the market's behaviour that formed it (i.e that the bears tried to break lower and the bulls took it back so there's a statistical chance of more bullishness). If the low is broken, this means the circumstances that give us a statistical probability of being right (in this case bullish) are void and so we trigger our stop loss - and there we have it, we have our stop loss level. The stop loss is set at the low of the hammer candle because if that low is taken out it tells us that the bears are still strong and statistically there is not as high a chance of bulls taking over price action. The pattern also gives us an appropriate entry. This entry is designated by the high of the hammer candlestick being broken by the following candle (in this case this has already happened). And finally the target ( this completes the 'making the $100 to losing the $50', otherwise known as risk/reward). This is a bit more complex to explain but given the context of bearish price action pulling Bitcoin down from 65k to 20k, we can expect selling to be heavy on any retrace (because most people think we are in a bear market and so will say things like "Bitcoin has gone up to quickly for a recession!" and so sell or reinforce shorts). This means targets need to be relatively pessimistic and so targeting the closest support/turned resistance is appropriate. In this case the 29k-32k. Here is where a bit of math comes in. To make $100 for every $50 we lose, that translates into winning $2 dollars (reward) for every $1 we lose (risk). This gives us a reward/risk of 2:1. The industry standard is to flip those around as it is known as 'risk/reward' and so that means that to make a profit in trading we need to only take part in trades that at a minimum have a 1:2 risk/reward. Incoming maths: With this risk/reward ratio, we can lose 2 trades for every 1 trade we get right and still break even. And so if we wait for circumstances that have a higher than 50% chance of us being correct, then statistically we will be profitable. Broken down further, with this risk/reward ratio, we only need to be right 33.3% of the time to break even (100% is the sum total of times traded with this risk/reward, split into three trades
Long
by MarcusAurelius161
1
ETH Daily TA Cautiously BullishETHUSD Daily cautiously bullish. Recommended ratio: 70% ETH, 30% Cash. * CPI WATCH . The Merge is currently scheduled to launch on Ethereum's Mainnet on 09/14/22 at ~9:40pm . Cryptos, Equities, Futures, VIX, Commodities, US Treasuries and the Euro are all slightly up while DXY is down today. All eyes are on the BLS August CPI report due tomorrow at 830am; July CPI came in lower than expectations and markets rallied, it's reasonable to infer that the same may happen if CPI comes in on par or lower than the 8.1% consensus. The 11th GDPNow Q3 US GDP estimate was 1.3% on 09/09/22 compared to 1.4% on 09/07/22, the next estimate is on 09/15/22. Microstrategy recently (09/09) filed a report disclosing a plan to sell $500m in Class A shares to reinvest it into the purchase of more Bitcoin. Key Upcoming Dates: August CPI at 830am EST 09/13 ; The Merge (Ethereum) at ~10pm EST 09/14; US August Retail Sales at 830am EST 09/15; 12th GDPNow US Q3 US GDP estimate 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).* Price is currently testing $1711 minor support for the third consecutive session. Volume is currently Moderate (high) but has decreased in the past few sessions and is on track to favor sellers for a second consecutive session if it closes today in the red. Parabolic SAR flips bearish at $1528, this margin is neutral at the moment. RSI is currently trending down at 56 as it approaches a test of 55.31 support. Stochastic crossed over bearish in today's session and is currently trending down at 90 as it approaches a test of 81 support. MACD remains bullish and is currently forming a soft peak as it trends up slightly at 22 and approaches a test of 27.77 resistance. ADX is currently trending up slightly at 16 as Price continues to push higher, this is mildly bullish. If Price is able to bounce off of $1711 minor support then the next likely target is a retest of $1941 resistance . However, if Price breaks down below $1711 minor support, it will likely retest the 50 MA at ~$1675 as support before potentially retesting the uptrend line from 06/18/22 at ~$1650 as support . Mental Stop Loss: (two consecutive closes below) $1625.
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Cautiously BullishBTCUSD Daily cautiously bullish. Recommended ratio: 70% BTC, 30% Cash. *Cryptos are attempting to continue their rally into the weekend (surprisingly led by LUNA2) as we approach the week of the long anticipated Merge on Ethereum's mainnet. As economic data continues to improve and demand is beginning to get more in line with supply, markets appear to be ok with the Fed's commitment to getting FFR to 4% and having it there or above for the first half of 2023. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~6pm EST 09/14; US August Retail Sales at 830am EST 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).* Price is currently trending up at ~$21.5k as it attempts to reclaim the uptrend line from 06/18/22 as support at $21k; the next resistance is the 50 MA at ~$22k. Volume is Moderate and on track to favor buyers for four consecutive sessions if it closes today in the green. Parabolic SAR flips bearish at $18.6k, this margin is neutral at the moment. RSI is currently trending up slightly at 56 as it approaches a retest of 57.34 resistance. Stochastic remains bullish and is currently trending up at 96 as it approaches a test of max top; even though it's approaching max top, it's still technically testing 78 resistance. MACD remains bullish and is currently trending up at -420, the next resistance (minor) is at -232.42. ADX is currently trending down at 24 as Price continues to push higher, this is mildly bearish at the moment. If Price is able to break above the 50 MA at ~$22k as resistance , the next likely target is a retest of $24180 resistance which would coincide with the descending trendline from November 2021 (as resistance). However, if Price is rejected by the 50 MA then it will likely retest the uptrend line from 06/18/22 at ~$21k as support before potentially retesting $19417 support . Mental Stop Loss: (two consecutive closes below) $21214.
COINBASE:BTCUSD
by dailytaguy
BTC Daily TA Neutral BullishBTCUSD Daily neutral with a bullish bias. Recommended ratio: 60% BTC, 40% Cash. *It's only 10:30pm in California right now so there's still a place in the world where I haven't missed a TA on 09/08/22. Today was just another day in 2022: Fed Chair Jerome Powell made it clear that 75bps are still on the table for 09/21 , SEC Chair Gary Gensler said that most cryptocurrencies are securities but that Bitcoin (and likely Ether) should be regulated by the Commodities and Futures Trading Commission, mortgage rates are at the highest since 2008 (5.95%) and Treasury Secretary Janet Yellen saying that the fall in gasoline brought headline inflation down in July and may do so again in August + that the US economy now is stronger than it was before the pandemic. Markets seemed to rally off of Yellen's comments, which brings the notion CPI may look good heading into midterms. Key Upcoming Dates: August CPI at 830am EST 09/13 ; The Merge (Ethereum) at 8am EST 09/14 ; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).* Price is currently trending up at ~$20400 after bouncing off of $19417 support as it aims to test the uptrend line from 06/18/22 at ~$21k as resistance. Volume has shrunken for three consecutive sessions now and buyers for two, it is currently on track to both shrink and favor buyers again; if Volume shrinks again and Price continues rallying, this would be mildly bearish, but if Volume breaks out here along with Price this would be bullish. Parabolic SAR flips bearish at $18.6k, this margin is neutral at the moment. RSI is currently trending up at 48.5 after breaking above 42.41 resistance and the descending trendline from January 2021 at 45 (as resistance); the next resistance is at 57.34. Stochastic remains bullish for a second consecutive session and is currently testing 78 resistance. MACD is currently crossing over bullish at -689, if it can hold then it will likely test the next resistance is at 313. ADX is currently trending down at 26 as Price is rallying higher, this is neutral at the moment. If Price is able to continue higher, it will likely test the uptrend line from 06/18/22 at ~$21k as resistance before potentially testing the 50 MA at ~$22k as resistance . However, if Price breaks down here then it will likely retest $19417 support . Mental Stop Loss: (once close below) $19417.
COINBASE:BTCUSD
by dailytaguy
BTC Daily TA Neutral BearishBTCUSD Daily neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash. *In the August Employment Situation, Nonfarm Payrolls increased by 315,000 and Unemployment finally bucked the 7 month trend of declining or staying flat by increasing .2% from 3.5% in July to 3.7% in August. Cryptos and Equities rallied off the news early in the session and are currently in the red. After almost 6 months of Federal Reserve intervention via hawkish monetary policy... the Unemployment Rate finally goes up a bit, this slightly strengthens the credibility of the Fed in proving that their demand side interventions are starting to be effective (even if it's slight). That said, FFR futures traders are still largely betting on a 75bps rate increase on 09/21. Cryptos still have a bit of bullishness leading up to Ethereum's 'The Merge' on 09/15, but it's quickly withering. CPI on 08/13 should help provide more guidance regarding what the FOMC will do on 09/21. Key Upcoming Dates: 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).* Price is currently continuing to trend sideways at $20k psychological support for the seventh consecutive session. Volume is Moderate and on track to favor sellers in today's session if it closes today in the red. Parabolic SAR flips bullish at $21.4k, this margin is mildly bullish at the moment. RSI is currently trending down at 36 after forming a soft peak at 38; the next support is the uptrend line from 01/22/22 at ~30 while the next resistance is at 42. Stochastic remains bullish and is currently trending up at 59 with no signs of peak formation as it tests 55.55 resistance. MACD remains bearish and is currently continuing to form a trough at -747 as it hovers above -869 minor support; if it can break above -659 it would be a bullish crossover. ADX is currently trending up slightly at 24 as Price trends sideways, this is neutral at the moment. If Price is able to bounce here then it will likely test the uptrend line from 06/18/22 at ~$21k as resistance . However, if Price breaks down here, it will likely retest $19417 support ; if Price loses $19417 support then it will likely retest the uptrend line from March 2017 at ~$15k as support . Mental Stop Loss: (two consecutive closes above) $21k.
COINBASE:BTCUSD
by dailytaguy
Bitcoin | A Trend Reversal or a Trend Continuation Pattern?Bitcoin | A Trend Reversal or a Trend Continuation Pattern? Since the previous week when Powell spoke on "Jackson Hole Symposium" both Stocks and Crypto market are suffering losses. It looks like that bearish shadow is still covering the markets and the rumors for an interest rate hike from FED one ne next meeting is not helping the market at all to recover. We can see a very clear triangle pattern that can push the price in both direction. Details on the chart. Thank you and Good Luck!
by KlejdiCuni
11
WBT | WhiteBIT Token | Cup and Handle Pattern | Bullish VolumeWhat is WhiteBIT Token? WBT is a utility token of the largest European cryptocurrency exchange, WhiteBIT. The platform was established in 2018 and has already become one of the leading crypto exchanges with 3+ mln users worldwide. They launched their token on August 22 (this month). As the price is developing we can see that the first pattern that is taking shape on the 4 hour time frame is a "Cup and Handle Pattern". This is a bullish pattern now showing that the price has a very high potential for the next bullish wave. I am keeping conservative targets for the time being for the 3-rd wave development of the Elliot Wave but it can also extend up to the 5-the wave and to complete probably higher than the 5-th wave that I have pointed out on the chart. However considering the increase of the volume that the token should have, considering that it is very new, the price should rise faster during the coming days. Thank you and Good Luck! Types of Cup & Handle Pattern When The Cup & Handle Pattern is completed in a Bullish Trend it is classified as a "Bullish Trend Continuation Pattern" When The Cup & Handle Pattern is completed in a Bearish Trend it is classified as a "Bearish Trend Continuation Pattern" Targets A minimum profit target for this pattern is the measured distance between the bottom and top of the cup. This distance is added to the price in the sharing area. This is the minimum profit target that applies to this model and we should know that the price may also continue the movement of the major trend. For more details check the idea below: How is The Cup & Handle Pattern Formed And Traded?:
Long
by KlejdiCuni
18
BTC Daily TA Neutral BearishBTCUSD Daily neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash. * Consumer Confidence broke a three month streak of declines and increased to 103.2 in August from 95.3 in July . This is another situation in which investors are left to choose between being bullish on financial markets (Risk-On in particular) due to a resilient economy which reflects a strong consumer, OR, bearish on financial markets due to a resilient economy which wills a more hawkish Fed. As of now Cryptos, US Treasuries and DXY are up while Equities, Commodities, Futures and VIX are either down or flat. Key Upcoming Dates: 9th GDPNow US Q3 GDP estimate at 10am EST 09/01 ; August Employment Situation 830am EST 09/02; August CPI at 830am EST 09/13.* Price is currently trending up at ~$19900 after bouncing off of $19417 support as it approaches a test of the uptrend line from 06/18/22 as resistance at ~$20900. Volume is High and on track to favor sellers if it can close today's session in the red, this would also make four out of the past five sessions seller dominant. Parabolic SAR flips bullish at $22285, this margin is neutral at the moment. RSI is currently trending down at 34.41 after peaking at 37, this is after bouncing off the uptrend line from 01/22/22 at 29 as support (which it may retest at ~30). Stochastic remains bullish for a second consecutive session and is currently trending up at 19, the next resistance is at 29.70. MACD remains bearish and is currently beginning to form a trough at -800 as it quickly approaches a test of -868.54 minor support. ADX is currently trending up slightly at 23 as Price is attempting to defend $19417 support, this is mildly bullish at the moment. If Price is able to keep going higher then it will likely test the uptrend line from 06/18/22 at ~$20900 as resistance . However, if Price breaks down here, it will likely retest $19417 support . Mental Stop Loss: (two consecutive closes above) $21k.
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Neutral BearishETHUSD Daily neutral with a bearish bias. Recommended ratio: 40% ETH, 60% Cash. *Big day for f**kery. Equities, Cryptos, US Treasuries, Precious Metals are all down while VIX, DXY, Commodities (aside from Precious Metals) are up. July PCE price index decreased by -0.1% from July , and was 6.3% higher than in July of 2021 (compared to 6.8% higher last month); both of these numbers reflect the effects of the White House tapping into SPR in July. The 8th GDPNow US Q3 GDP estimate came in today at +1.6% compared to +1.4% on 08/24/22. The UofM survey reported August consumer sentiment at 58.2 (compared to 51.5 in July) and a nearly 60% surge in year-ahead economic expectations from lows last seen in 2008-2010. Even though the economic data today was largely positive, it wasn't enough for Fed Chair Pow. He kept the hawkish rhetoric by emphasizing today at Jackson Hole that the Fed will be maintaining "restrictive monetary policy" until Core PCE drops meaningfully closer to their 2% target and that they won't hesitate to raise rates by another 75bps in September. To some bull's delight, he made mention that the Fed would have to eventually slow down rate hikes as the inflation situation improves (logically). The Merge is still scheduled for launch on Ethereum mainnet 09/15/22 . Key Upcoming Dates: August Consumer Confidence Index at 10am EST 08/30 ; 9th GDPNow US Q3 GDP estimate at 10am EST 09/01; August Employment Situation 830am EST 09/02.* Price was rejected by $1560 minor resistance and is currently on the verge of breaking below the uptrend line from 06/18/22 (~$1625) as it tests the 50 MA (~$1585) as support. Volume is High and fairly balanced between buyers and sellers in the past few sessions but is on track to favor sellers in today's session if it closes in the red. Parabolic SAR flips bullish at $1914, this margin is mildly bullish. RSI is currently trending down at 41 as it approaches a retest of the descending trendline from 07/17/22 at ~39 (this would likely coincide with a retest of 37 support). Stochastic crossed over bearish today after being rejected by 18 resistance and is currently trending down at 15; the next support is max bottom. MACD remains bearish and is currently trending down at -6 after a failed initial trough formation; the next support (minor) is at -46. ADX is currently trending sideways at 23 as Price is deciding on whether or not to break down out of the uptrend from 06/18/22, this is neutral at the moment. If Price is able to bounce here off of the 50 MA and reclaim the uptrend line from 06/18/22 as support at $~1640 , it will then have to break above $1711 minor resistance in order to retest $1941 resistance . However, if Price breaks down below the 50 MA, the next likely target is a retest of $1427 support . Mental Stop Loss: (two consecutive closes above) $1711.
COINBASE:ETHUSD
by dailytaguy