Oldresistance
BTCUSD - Old Channel Top, no way that breaks!For the moment --- NO ALTS, JUST BTC. Sell between 6500$ and 7700$.
There is heave resistance from the old channe drawn in purple. People could soon come back to earth. There is going to be a massive shake off.
I expect it between the 20 and 28th of May based on TD Setup and Countdown in different Timeframes.
Actually if the 3D chart keeps up the great work, on the 25th of May!
D TD: 13 completion somewhen around the 20th of May.
3D TD: 9 13 Completion on the 25th of May and ends on the 28th of May.
4D TD: 13 on the 21th of May. 9 on the 25th of May.
5D TD: Hopefully not in another Countdown/Setup phase by than, because it gave us great signals so far.
13D TD: 9 13 Completion starts on the 24th of March and ends on the 6th of June
Also the Weekly 100 SMA at 6513$, where we could possibly wick through but not close above.
TOTAL2 - Weekly Altcoin Charts without BTC looks bearishAltcoin Chart looks bearish with a perfected 8 and 9 in the weekly.
The RSI wasn't able to cross the 50 to 60 mark, which tells us, that we are still holding bearish momentum and the downtrend.
We are still holding that channel structure with false breakouts in either directions.
The Elliott Wave Theory tells us, that we are still missing a leg down. The potential drop of leg 5 could be equal to leg 1.
I expect it to fall to the green circle, where we have support of an old uptrend resistance and support of the downtrend channel.
From there we could see pushes to the upside and a trend reversal, IF Altcoins are going to come back one day. But we will have to reevaluate once we are there.
USD/CAD BREAK AND RETESTFX:USDCAD
The rate has broken the 2016 falling trendline and is now testing it as the new support. As it has formed a hammer at the former resistance and we are still trading within the rising channel I am more bullish here as long as we are trading above the former trendline.
The immediate attention should be turned to the 1.3575 level as the rate seems to have found a strong resistance there. A break back below the trendline would invalidate my immediate bullish bias, however, only a break below 1.3100 would turn me bearish on the pair.
We also have to monitor the Oil prices which has just broken the major 51.50 level and continued strength there may build a momentum for the loonie, dragging the USD/CAD down.
