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XRPXBT - Kraken - Trend Reversal, or More Death?Hi, XRP has been in a downtrend for some time now, but also in some kind of descending wedge. I had originally designated the red outline/green box as a possible reversal zone. It has once again bounced from the 0.786 Fib Retracement level and it got close to an old trend support line (pointed green line), and now it's headed towards the downtrend resistance line. This could be the breakout in the making. The other possibility is that it's making another descending triangle, bringing another breakdown to the next support level (green box): Meanwhile, it has been scalper's paradise. I missed the entry at support, so now I'll wait for it's reaction at the trend resistance line. If I have the time, I will publish another chart for scalping once it approaches or something happens at that resistance line. Can't short XRP in Kraken, so I will only publish "Long" trades.
by orangestar4aC
XBTUSD - Kraken - Falling WedgeFalling wedge, plus Bullish divergence. Possible breakout. Possible good entries: - Pennant breakout - Pennant support - Trend support Target 1 - Red square Target 2 - 2700 - 2720 range/25.05.2017 ATH reference Mystery purple line - no idea if it will carry any sort of effect. References: www.babypips.com www.investopedia.com en.wikipedia.org THIS IS NOT A TRADING GUIDE. IF YOU TRADE BASED ON THIS CHART, GOOD LUCK!! I TAKE NO RESPONSIBILITY!!! THE OUTCOME IS ENTIRELY ON YOU!!!
KRAKEN:BTCUSDLong
by orangestar4aC
6
Bubble Popper?As I predicted in my previous post, my gut feeling was that Ethereum is worth about €150, which we are at now give or take. But if you have a look at the 4 hour chart you see a clear trend line for this downward "bubble popping" trend. Yes, there is an upward trend from the over sold recent new low but I consider this a correction up to the trend line. If this trend line holds true, then we are a bit over bought right now. And a sell off will start soon, so we go a bit under the trend line again, and so on.. I think the trend will continue to follow this line down to €100 or maybe even €50, which was a fair price before the bubble started to inflate. If you look at the Bitfinex and Gdax ETH/USD charts, there have been several attempts to break over $190'ish now, but all has failed. As I'm writing this, there are now a new attempt to break over the $190'ish resistance. So lets see how it goes. Now, I could of course be wrong, and this may be the reversal to a bullish trend. So we are clearly in a grey area right now. I am short over the long run though. But consider this, there have been no new positive news for Ethereum. Quite the contrary in fact, with all the problems the network has with big volume transactions such as with big ICO's for example. And now there is a competitor coming that is rumored to be the "Ethereum killer". This new blockchain is said to have everything Ethereum lacks and then some. Thoughts? Happy trading! :)
Short
by katakito
9
XMRUSD - Kraken - Will we have a Bullish Summer?This is a pure TA, looks to me to be a Bullish setup, at least a Bullish Channel from these last days heading for a breakout, provided there aren't any catastrophic crypto news coming soon. Marked some possible prices in Red where I think price could bounce, which once they are broken I will turn Green as Support giving more buying opportunities before breakout. Stop loss at 36.5 since I think there's a potential to break 61.70 during this month, or the following, with targets that I got with the Trend Based Fib in the 70-80 USD area, giving a R-R ratio of above 1.5, decent to me. MACD looks choppy right now, but as long as Channel Support holds I wouldn't care about it. Only trade what you can afford to lose.
KRAKEN:XMRUSDLong
by orangestar4aC
Bear vs Bull Death BattleIn my analysis from yesterday, named Potential for the Bull, I wrote about the new €240 support being tested and that €250 would be the major resistance to be tested before we know in what direction this, relative stagnant 12 hours, market will go. I mentioned that €245 could become the new support, which it has turned out to be. If you only look at the short term graph, these levels doesn't seem to be as important as they really are though. As the Bollinger Band contracts, as we all know, there might be a storm brewing. I read the post by Glg_trader - The "Wave Box Theory", and I must say that it is an excellent analysis. So you also need to ask yourselves, what is Ethereum really worth? In my opinion it is fundamentally in a huge bubble, created primarily by all the money coming in for investments in all the recent ICO's. As soon as the big ones started to close the correction began. That is why I have been margin trading shorts since about the €315 level on June 21. If I had to throw out a "wild" guess I would say Ethereum is worth around €150. (More of a gut feeling than anything else) That being said, I still stick by my Potential for the Bull. If we pass €250 and it holds as support for a couple of bounces, then I will happily go "all in" on the long side with 5x leverage :) (But I will sit glued to the screen and be ready to cash in when it is time for a new correction) :)
by katakito
Back to Long after struggle to break outSo finally we had our bottom tested and cemented it seems. At least at a high probability. I timed a great spot for my long position at €225.51. As I'm writing my position is up 4.72%, and I feel very confident that we have cemented a solid support after couple of days of the Ol' Bear . My personal guess is that we keep going upwards until we meet some resistance at about €240. But I would actually go so far that I think we will pass that and hit our heads at around €265-€270 and have a slight correction down to €240, which in turn will be the new solid support. Any thoughts?
BITSTAMP:BTCUSDLong
by katakito