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The 50MA Buy/Sell Line still acting as strong support!We plummeted and after we started to go below the 50% green fib line that was officially creating a new lower low/lower high which is often a signal to short. Had youd one so and follwoed it all the way down to the 50MA you would have come out quite a bit ahead. I would mark this idea as a short if it was being updated at that point...but now we have been already been caught once again by the strong support of the Buy/Sell line(50MA in orange). If we close the current 4 hour candle above that line I will be optimistic of a chance at continuing the upside if we close below it it could mean more downside so for now this idea will have to remain neutral, with if any bias being slightly toward a reversal back to the upside. What's interesting this time around is many altcoins actually did well while btc plummeted this go around which hasn't happened in a long while.
BITFINEX:BTCUSD
by DrDovetail
50MA on 4 hour chart acting as very strong support; Ever since we confirmed the last bear flag breakout the price action was sent down and has tested the 50MA multiple times on the last couple candles....but has only wicked below it maintaining very strong support....however as you can see the projected drop target from the bear flag breakout has not yet been met....what's more we are now essentially forming another bear flag with the bottom trendline of the new bear flag being the 50MA(buy/sell line) It's very possible the 50MA may hold support and prevent us from further downside but the probability is higher that we will dip below it and drop to whatever the projected price drop target of the current bear flag before we completely rebound...possibly leading toe ven more downside....best to play it safe and see how this currently developing bear flag plays out though before making any big decisions....however there seems to be a lot of FUD in the news headlines these days which often gives you a heads up more downside is on the way as well as an impending death cross of the 50MA and 200MA on the day chart in the net few coming days...bot indicitave of more downside...probability favors a continued drop...but at least for now due to the strong support of the 50MA this idea will remain neutral....it will also remain not financial advice....thanks for reading.
BITFINEX:BTCUSD
by DrDovetail
price action continues to stay inside bear flagJust a quick update. Still inside bearflag...probability favors a bearish breakout but best to wait and see what the outcome is as there have been many fake breakouts during this consolidation period. If it breaksdown the 2nd red vertical dotted line is the price target it wil hit, the first vertical redline is the price target were expected to hit becaue of the bearish breakdown from the privious bul flag. Because we have yet to reach that price that makes it seem all the more likely we will break bearishly out of this current flag which will lead to even mroe downside unless the 50MA can maintains tron support. Thanks for reading! *not financal advice*
BITFINEX:BTCUSDShort
by DrDovetail
2
Bullish Triangle Breakout hits target exactly b4 consolidatingAs you can see the BUlls broke upward out of the pink triangle and climbed to almost the exact projected price before going back into consolidation mode....We have still yet to hit the projected target for the purple descending wedge breakout however so I anticipate this current consolidation will likely result in another bull flag break out. The probability certainly faors that outcome...however it's always wise to keep your eyes open for any curveballs and set wise stoplosses should a bearish breakout occur. Another great sign is we have closed another 4 hr candle above the buy sell line that makes 4 consecutive 4hr closes above the 50SMA Buy Sell Line! This is huge because all it takes is one more 4hr close to confirm we are back in a buyers market...just in time for the beginning of the 2nd Quarter of the year. Some more aggressive traders would probably already consider 3-4 closes above the buy/sell line on the 4 hour a sign that we are in a buyers market but it's the 5th candle closing that truly confirms it...based on the current consolidation behavior however I'd go out on a limb and say it will definitely close above the 50 sma which will only be another great signal for the bulls making the probability of a bullish breakout from the current forming bull flag pattern that is forming in consolidation have very sstrong probability to be a bullish breakout....because of this I've gone ahead and put a dotted green projection line of how far this bull flag could take us....as you can see it conveniently would take us right up to the top blue fib retracement line, which would likely act as resistance for awhile at that point...however we still have a slight bit further to go to hit the original catalyst of this whole bull run(the purple descending wedge)'s target but not much...once we make it there, be prepared for some temporary correction or retracement...but even then having such confirmation of a buyers market from the 50 MA I think as long as we continue to close above it we only continue to climb bullishly. Of course these are all jsut things I am reccomending for myself, and not financial advice ;) ;)
BITFINEX:BTCUSDLong
by DrDovetail
XMR forming double top on short term rangeDear trading friends, Monero chart have formed a double top pattern on the 1H candle chart : * High volume entry 02th March * Double top at 32898 * Pullback at 30317 While the coin has been quite bullish since March 01th, the bullish trendline was broken (at least briefly). I see a shorting opportunity here in case the double top pattern completes. With an entry zone at 30355, the target would be 27772, stop loss at 30730. Please feel free to comment and let me know if you share this or any other idea :)
XShort
by Greenou
todays day candle stuck between 200EMA & T-lineTodays candle has been stuck between the T-line(yellow) and the 200 EMA(orange). Being that the market is currently bullish and we finally closed above the t-line yesterday I anticipate the candle to eventually break and close above the 200EMA when it finally gets squeezed over it by the t-line. In the meantime I anticipate we will see the candle wick below the t line a couple times since the 200EMAs resistance is being reinforced by the light green fib retracement line. Far too tight of a range right now to do any range trading. It's been the same price for hours. Hopefully that will change sometime today as a break for the bears.
BITFINEX:BTCUSDLong
by DrDovetail
BTC needs to break this line for bullish confirmationAs often happens, the short-term 2/1 Gann Fan line happens to line up perfectly with the downtrend line that BTC has been following since this corrective cycle began in mid-December. You can get a better view of the downtrend below: In my opinion, this line simply has to be broken before we can be confidently bullish. Personally, I'm slightly, very cautiously optimistic, but definitely not truly bullish until we break this line. That's all! Thanks for reading and happy trading.
COINBASE:BTCUSD
by rockmancuso