ACB Bullish Divergence| Trend Still Bearish Hello Traders!
Today’s chart update will be from the Canadian MJ sector – ACB which has recently had a bull reaction from local lows.
Will ACB have enough momentum to break key levels?
Points to consider,
- Trend Bearish – consecutive lower highs
- Local resistance to break (.382 Fibonacci level)
- Stochastics in lower regions
- RSI coming close to apex
- EMA’s holding as resistance
- Volume has increased
ACB’s overall trend has been bearish with consecutive lower highs in place; a market structure with higher lows is required to shift momentum for a bullish bias.
Local resistance for ACB is key to break; this will confirm the trend change as it will put in a new higher low, the bullish divergence suggests that the temporary low has been priced in.
The stochastics is in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. The RSI is coming close to its apex; a break is imminent in either direction.
EMA’s are holding price as resistance, ACB could potentially be putting in another lower high, continuing the bear trend. Volume has however increased; ACB must sustain volume for follow through otherwise bears have an upper hand.
Overall, in my opinion, ACB needs to break EMA’s and key local resistance to confirm a trend change. For this to come to fruition, ACB needs sustained bull volume follow through.
What are your thoughts?
Please leave a like and comment
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
Stochastic Oscillator
LTC/BTC S/R Flip | Key Technical Level Broken| Trend Change ?Hello Traders!
Last Day of the decade! Bring on 2020!
Today’s chart update will be on LTCBTC which has broken a key technical level and has consolidated- S/R Flip.
A confirmed trend change will come to fruition when structural resistance is broken,
Points to consider,
- S/R flip
- Strong structural support
- Strong Resistance to break
- RSI respecting support
- Stochastics trading in upper regions
- EMA’s close to support
- Below average volume
LTCBTC has broken a key level convincingly; it needs to consolidate as it confirms the S/R flip. Strong structural support indicates high buy pressure, wicks evidently signals accumulation in the local lows.
Structural resistance needs to break next; this will confirm a trend change as market structure will put in a new higher high after consolidation.
The RSI is respecting its support, in neutral territory but is coming close to its apex, a break will be imminent. The stochastics is currently trading in the upper region, can stay there for an extended period of time, however lots of stored momentum to the down side.
EMAs close to supporting price, it must hold price when testing structural resistance for a bullish bias. Volume is well below average, this signals an influx of volume is likely when testing key levels.
Overall, in my opinion, LTCBTC has broken a key technical level confirming the S/R flip. Higher lows need to continue to break key structural resistance, which will confirm the trend change, putting in a new higher high on the pull back.
What are your thoughts?
Please leave a like and comment,
And Remember
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Happy New Year’s
ETHBTC New Higher Low? | Volume Follow Through Needed!Hello Traders!
Welcome to another update,
Today’s chart update will be on ETHBTC which has put in a potential new higher low, possibly changing the overall bearish trend.
Points to consider,
- Probable trend change coming to fruition
- Local support respected
- Local resistance yet to break
- Stochastics in lower regions
- RSI hitting resistance
- EMA’s to cross bullish
- Volume below average
ETHBTC is attempting to change the trend by putting in a probable new higher lower which will be confirmed after initial consolidation. Local support was held and respected; buyers are strong in this area, a key level not to be broken.
Local resistance is the next key level, a break and consolidation above this level will confirm the trend change on the daily.
The stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. EMA’s are giving price resistance at current given time, a bull cross will increase the probabilities of breaking local resistance.
Volume is well below average, a key indicator to watch, bulls need momentum with follow through otherwise a break to lower lows is probable.
Overall, in my opinion, ETHBTC needs to consolidate at current level; a potential bull flag is likely before another leg up. It is important to keep an eye on volume which will dictate the overall direction of ETHBTC.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
BTC Key Level| Oversold Bounce?Hello Traders,
Quick Update
Today’s chart we be on BTCUSDwhich is testing a critical support level
Points to consider,
- Trend bearish
- Major support being tested
- Stochastics in lower regions
- RSI approaching oversold
- EMA’s giving price resistance
- Volume needs to increase
BTC has put in consecutive lower highs with no clear sign in trend change on the shorter time frame. Major support is being tested that must hold for a bullish bias, a break will continue with the bearish momentum.
Stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is hitting oversold conditions; a return back to neutral territory is probable, an oversold bounce.
EMA’s are currently giving price resistance, this will push BTC down if support does not hold true. Volume is well below average, an increase in volume in either direction will determine the trend direction.
Overall, in my opinion, BTC is in a critical point where a break in either direction will determine the overall trend. A bullish break will confirm a higher low and a bear break will increase the probabilities of further lower lows.
What are your thoughts?
Please leave a like and comment
And remember
“Hope is bogus emotion that only costs you money.” – Jim Cramer
Local Support Double Bottom| Low Volume| Tend Change?Hello Traders!
Welcome to another update, todays chart will be on NEOBTC currently resting on the .50 Fibonacci level, will bulls have momentum to push NEO further up?
Points to consider,
- Trend change attempt
- Double bottom as local support
- EMA’s giving resistance
- Stochastics in lower regions
- RSI bouncing of support
- Volume clearly declining
A trend change will come to fruition if NEO holds this potential double bottom; this will put in a new higher low. The double bottom is in confluence with the .50 Fibonacci level, putting more emphasis on the importance on this level.
EMA’s are currently giving price resistance, will push NEO down if no bull volume comes through at current given time.
The stochastics are currently in the lower regions, can stay there for an extended period of time, however lots of stored momentum to the upside. RSI is bouncing of support, must hold, a break will most probably send NEO to lower levels.
Volume has declined rapidly, a clear indication that a move is imminent in either direction with in influx of volume.
Overall, in my opinion, a confirmed trend change will come from the respect of the local double bottom. A break of this level will increase the probability of NEO testing lower levels as the trend will still remain bearish.
What are your thoughts?
Please leave a like and comment
And remember
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
BTCUSD Break of Support or Resistance?| Key $7800 level!Hello Traders!
Welcome to another update today, this time on BTCUSD daily timeframe
On the daily chart we have very clear levels that need to be watched in terms of support and or resistance.
Bitcoins next move will equate to either break of support or a break of local resistance - $7800, a very key level.
Points to consider,
- Trend bearish
- Local resistance at $7800
- Support at .618 Fibonacci
- Stochastics in upper regions
- RSI Diverging from price
- Volume below average
- EMA’s crossing
BTCUSD trend is currently in control by the bears as we have consecutive lower highs on the chart.
Local resistance is found at the $7,800 mark, a key level for the bulls to break in order to negate the overall market structure. Local support in confluence with the .618 Fibonacci level, must hold price. This needs to maintain in order to put in a new higher low in the trend.
The stochastics are currently in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI has diverged from price, causing a bullish divergence. It must respect its now established trend line to hold a bullish bias.
Volume is below average, an influx of volume is required with convincing follow through in either direction to avoid false break.
Overall, in my opinion, BTCUSD is at a critical point where a break in either direction will dictate the fate of the trend. A bearish break of a key Fibonacci level will increase the probabilities of further lower lows. A bullish break of local resistance, $7800, will negate the bearish structure and put in a new probable higher low.
What are your thoughts?
Please leave a like and comment
,
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig
BNBBTC Long Term Trend Line| Key Support Hello Traders!
Today’s chart update will be on BNBBTC, testing a strong structural support which is in confluence with its long term trend line.
Will BNBBTC respect this technical level?
Points to consider,
- Trend Bearish
- Structural support being tested
- Structural resistance needs to break
- Stochastics in lower regions
- RSI oversold
- EMA’s giving price resistance
- Volume declining
BNB’s trend is currently controlled by the bears, putting in consecutive lower highs as it comes close to very key levels.
Structural support is being tested, which is in confluence with the longer term trend line that must hold for a bullish bias. Resistance is yet to break; bulls have a lot of work to do to reach it. A break of resistance will put in a new higher high in the trend, changing the overall structure.
Stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is oversold; a bounce back to neutral territory is highly probable.
EMA’s are currently giving price resistance, will continue to push BNBBTC down until a bounce in price comes true from support levels. Volume is declining, indicating an influx of volume is due in either direction.
Overall, in my opinion, BNBBTC is probable to bounce from current levels due to confluences from technical indicators. An influx of bull volume is required to push BNB further up from these levels.
What are your thoughts?
Please leave a like and comment,
And remember
In trading, everything works sometimes and nothing works always.”
New Open CME Futures Gap| BTC Resistance .618 Fibonacci Level Hello traders!,
Today’s chart update will be on BTC CME Futures chart which has just put in a new gap that will most probably fill sooner rather than later.
Points to consider,
- Trend hitting resistance, .618 Fibonacci
- .382 Fibonacci is local support
- RSI in overbought territory
- Stochastics in upper region
- EMA’s yet to meet price
- Volume below average
Local resistance, the .618 Fibonacci; is a key level for BTC to break to maintain a bullish bias, this will help create higher highs in the overall trend. Support is found at the .382 Fibonacci level, below the futures gap, bulls have a lot of room to work with in order to establish a new higher low whilst filling the gap.
RSI is resting on overbought territory; a return back to support is highly probable, this will help cool of the indicator. Stochastics itself is also in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside.
EMA’s are yet to meet price, must hold BTC as support as the EMA’s have already crossed bullish. Volume is below average, an influx of bull volume is needed to keep BTC above support when and if it comes down to fill the open gap.
Overall, in my opinion, gaps tend to get filled sooner rather than later. BTC is highly probable to retrace back to at least $7255 level before another impulse move either up and or down.
What are your thoughts?
Please leave a like and comment,
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
ADA|USD Key Weekly Support| Double Bottom| Lower HighsHello Traders!
Today’s update will be on ADAUSD, testing a critical level as it comes close to its apex, a move is imminent.
Points to consider,
- Bearish Trend
- Major weekly support being tested
- Local resistance to break
- Stochastics in lower regions
- RSI respecting trend line
- Volume declining
- EMA’s giving price resistance
ADAUSD has been in an establish bear trend with consecutive lower highs; it is testing a critical weekly support area that must hold as the lower high structure converges.
If weekly support holds true, ADAUSD will confirm a double bottom, which is a major reversal pattern. Local resistance will be the first target to break as this will put in a new higher high in the trend, confirming a trend change.
The stochastics is currently in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is respecting its trend line, must hold for a bullish bias, a break will likely also mean a break in weekly support, which will be very bearish.
Volume is declining rapidly, signalling that a move is imminent as price comes closer to its apex. EMA’s itself is currently giving price resistance, a bullish cross will help negate the bearish trend.
Overall, in my opinion, this weekly support is probable to hold, ADAUSD is likely to break bullish from its apex, and an entry would only be valid if ADAUSD breaks local resistance with a bullish retest.
What are your thoughts?
Please leave a like and comment,
And remember,
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
STRATBTC Keys Resistance Broken| New Higher High!Hello Traders!
Welcome to another chart update,
Today’s chart will be on Stratis which has broken a key structural resistance level, now potentially support upon a retest.
Will Stratis continue with this bullish bias?
Points to consider,
- Daily trend change
- Key structural resistance broken
- Stochastics trading in upper region
- RSI in upper region
- EMA’s cross bullish
- Increase in volume
- VPVR decreasing in transactions
STRATBTC has confirmed a daily trend change by breaking a key resistance level and putting a new higher high. A retest of the key structural resistance will confirm an S/R flip; this is likely as we do have a small bearish divergence coming to fruition.
The stochastics is currently in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. RSI is travelling in overbought regions; a retest of its support is highly probable.
EMA’s have crossed bullish, a strong indicator for a trend change, must hold true for Stratis if it starts to test upper regions.
Volume has clearly increased, this is very healthy and must sustain for follow though in price. The VPVR itself is decreasing in transactions, this signals that resistance is low for when Stratis when testing upper levels in terms of volume of transactions.
Overall, in my opinion, STRATBTC is likely to retest the now structural support to confirm a bullish re-test before making moves higher.
What are your thoughts?
Please leave a like and comment,
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
BTCUSD Strong Pump but Trend still Bearish Hello Traders!
Today’s chart update will be on BTC after its pump, which has put in yet another lower high in the trend.
Will this S/R flip hold BTC and break key resistance line?
Points to consider,
- Bear trend still intact
- S/R flip coming to fruition
- Key resistance line to break
- Stochastics in upper regions
- RSI in upper region
- EMA’s turning bullish
- Volume follow through required
Bitcoins consecutive lower highs have established a key trend line that needs to break for a bullish bias. This current S/R flip needs to hold BTC, and consolidate, as this will increase the probability of a trend change. Staunched resistance line needs to break as this will negate the lower high structure – a new higher lower will come to fruition.
The stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the down side. RSI is also in the upper region, a return back to support level is probable to cool it off.
EMA’s are crossing bullish; it needs to hold price support for a bullish bias. Volume itself is currently below average at current give time. BTC needs strong bull volume with follow through to break resistance and change overall structure.
Overall, in my opinion, BTC needs to break the staunched downwards sloping resistance line to negate the lower high structure. This needs volume follow thought to help avoid the chances of a false break. BTC is resting above support zone at current given time; this is a good sign for the bulls as it is confirming the S/R flip.
What are your thoughts?
Please leave a like and comment,
And remember
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
BTC Bullish Divergence| Trend Line| ApexHello Traders!
Today’s chart update will be on BTC which has a probable bullish divergence as price travels close to its apex.
Will BTC respect its uprising trend line in this regression trend?
Points to consider,
- Trend in control by bears
- Structural Support to be tested
- Resistance retest confirmed
- Stochastics in lower regions
- RSI respecting trend line
- EMA’s resistance
BTC has put in consecutive lower lows in this regression trend; a break out of this channel will change the overall trend.
Structural support is yet to be tested, the $6000 psychological level is very key to hold for a bullish bias, if BTC was to test that low. The trend line is in confluence with support, signalling that buy pressure should push price up. Resistance level was confirmed by a bearish retest, sell pressure was too strong for bulls to break above, and we also have pressure coming in from the EMAs.
The stochastics is in currently in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. The RSI is currently testing support, needs to hold true to confirm a probable bullish divergence.
Overall, in my opinion, BTC needs to break bullish from this current apex; this will respect the trend line coming in from yearly lows and confirm the bullish divergence.
What are your thoughts?
Please leave a like and comment
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
IIPR Macro Higher Low ? 100 EMA to break!Hello Traders!
Today’s chart update will be on IIPR – Innovative Industrial Properties INC where bulls are attempting to put in a new higher low, a trend change may be coming to fruition.
Points to consider,
- Potential new higher low
- Structural resistance needs to break
- Support in green zone
- RSI respecting support
- Stochastics projected upwards
- Strong VPVR cluster to break
- Volume below average
- 100 EMA to breach
IIPR’s overall trend has been bearish with consecutive lower lows; a trend change will come to fruition when a new higher low and higher high is established. Structural resistance is key to break, IIPR was rejected twice with the help from the EMA’s, this resistance is very key to brach otherwise the potential new higher low will be negated.
Support was formed in the green zone, a clear double bottom at current given time; this is a strong macro reversal pattern. The RSI is also respecting its support line, we need a third clear touch for confirmation.
Stochastics is projected upwards, can stay in the lower regions for an extended period of time, however there is lots of stored momentum to the upside. The VPVR cluster with strong volume of transaction is further resistance to break, volume of transactions decreases drastically after this cluster, signalling low resistance poised for the bulls.
The Volume is currently just above average; IIPR needs an increase in volume with follow through when resistances are tested.
Overall, in my opinion, a trend change will come to fruition when structural resistance is broken and the 100 EMA is breached. IIPR tends to respect the 100 EMA in a bull trend so it will be key to watch when the new trend starts to put in consecutive higher lows and higher highs.
What are your thoughts?
Please leave a like and comment,
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
LTCBTC Bearish Until Break of 200 EMA Hello traders!
Today’s chart update will be on LTCBTC which is in a daily down trend with clear resistance levels to break for a probable trend change, a key level to watch will be the 200 EMA.
Points to consider,
- Clear bears in control
- Structural support being tested
- Local resistance is the 200 EMA
- Stochastics in lower regions
- RSI respecting trend line
- Volume below average
The overall trend is controlled by the bears as LTC has been putting in consecutive lower highs on the macro time frame. Price is testing a key structural support which must hold, a break will test lower lows. Local resistance is found at the 200 EMA, a break will more probable lead LTC to testing structural resistance.
The stochastics is in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI itself is respecting its trend line, must hold true when price breaks key 200 EMA.
Volume is well below average and declining, an influx will confirm direction of trend as LTC rests on support.
Overall, in my opinion, LTC is more probable to test upper resistance levels once the 200 EMA is broken. This needs to be backed with volume follow through to avoid a potential false break.
What are your thoughts?
Please leave a like and comment
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
CGC Inverse Head and Shoulders? Staunched Neckline!Hello Traders!
Today’s chart update will be on CGC – Canopy Growth Corporation, a potential inverse head and shoulders could be at play in this strong downtrend…
Points to consider,
- Bearish trend with consecutive lower highs
- Neckline as major resistance
- Support provided by the EMA
- Stochastics in upper region
- RSI in rising wedge
- Volume increasing
The overall trend of CGC has been putting in consecutive lower highs, if this inverse head and shoulders come to fruition, it will be the first sign of a trend change, a new higher low.
Major resistance is found at the neckline, tested multiple times, this is a clear level for the bulls to break. Support is being provided by the EMA’s, needs to hold as CGC tests neckline.
The stochastics is in upper region, can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI itself is coming close to its apex; a break down to its support (blue line) is probable. Volume overall itself is increasing, needs to sustain as this will help with follow through when and if bulls break the neckline.
Overall, in my opinion, the right shoulder will be valid as long as it trades in the orange highlighted zone. CGC needs a convincing break of the neckline that needs to be backed with follow through; this will then change the structure of the overall trend.
What are your thoughts?
Please leave a like and comment,
And remember,
“In trading, everything works sometimes and nothing works always.”
***Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
APHA Bullish Divergence | Double Bottom?Hello traders,
Apologies, been under the weather the past few days, but now I’m back!
Today’s chart update will be on APHA – APHRIA Inc – Canadian MJ. Which has been in a brutal down trend, but there are signs of a possible reversal…
Points to consider,
- Trend Bearish
- Support at $3.90 Region (double bottom)
- Price testing resistance
- Stochastics trading in upper region
- RSI diverging from price
- EMA’s giving price resistance
- Volume declining
The trend has been putting in consecutive lower highs as it approaching its possible apex zone. The green highlighted zone is the current support level with a possible double bottom, signalling that buyers are strong. Resistance is poised by the trend line, which needs to break to negate the higher low market structure.
Stochastics are currently trading in the upper region, can trade in this region for an extended period of time, however lots of stored momentum to the downside. The RSI is currently diverging from price as it puts in higher low whilst the price has put in lower lows,
The EMA’s are currently giving price resistance, needs to cross bullish to support price in testing upper resistance levels. Volume is visibly declining; an influx of volume will confirm the direction of the break.
Overall, in my opinion, a break is imminent as we have a probable bullish divergence and a double bottom coming to fruition. APHA needs an influx of volume with follow through; this will avoid a possible false break.
What are your thoughts? Please leave a like and comment,
And remember,
“Never let a win go to your head, or a loss to your heart.” – Chuck D.
BTC CME Futures Gap | Lower Levels First ?Hello Traders,
Today’s update will be on BTC CME Futures chart, Bitcoin broke out of its rising wedge over the weekend creating a gap. Gaps tend to get filled sooner than later, but will BTC hit lower levels first?
Points to consider,
- Trend testing major support
- Resistance at .786 Fibonacci
- Stochastics in lower regions
- RSI approaching support
- EMA’s crossed bearish
- Volume below average
Bitcoin is sitting on a key support which has multiple technical confluences, the .786 Fibonacci level and the inverse head and shoulders neckline. This level needs to hold as it is the last hope for the overall bullish bias. Strong resistance is found at the .786 Fibonacci level that was not broken. This resistance is just above the futures gap that will get filled at some point, leading to a possible retest of the staunched resistance.
The stochastics is in lower regions at current given time, lots of stored momentum to the upside but can stay in lower regions for an extended period of time. RSI is approaching its support which must hold, a break will confirm BTC testing lower levels of support.
The EMA’s have crossed bearish but is yet to meet price, this will pose resistance to Bitcoin if it fails to hold support. Volume is well below average, very dry, which needs to pick up. An influx of volume will determine the direction of Bitcoins next move.
Overall, in my opinion, Bulls are looking weak here as price comes to test key support. Volume has been low ever since, the buy pressure is just not there. BTC CME is more probable to test lower levels of support before filling the open gap.
What are your thoughts?
Please leave a like and comment,
And remember
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
LINK/BTC Triple Top | Parabola Continuation? Hello Traders,
Hope all is well!,
Today’s chart update will be on LINK with an impressive parabola, will bulls have enough momentum to retest staunched resistance, which has recently put in a triple top?
Points to consider,
- Trend bullish
- Strong resistance
- RSI neutral
- Stochastics projected up
- EMA’s giving resistance
- Low volume
Link is in a bull trend which has put in consecutive higher lows and is now testing its local support area. Price has put in a triple top, a bearish indication from a staunched level that needs to break for a bullish bias.
The RSI is currently neutral; it needs to break its resistance for a confirmation in a parabola continuation. Stochastics are currently projected up, as of now, trading in lower regions where it can stay for an extended period of time; however we do have lots of momentum to the upside.
The EMA’s are currently giving price resistance, needs to turn bullish at current support level, otherwise a break will be imminent. Volume is extremely below average at current given time, an influx of volume is required, bullish and or bearish, to confirm immediate direction of trend.
Overall, in my opinion, if local support is not held, the parabola will be negated. It would then be more probable to test lower support levels whilst still being in an overall bull trend.
What are your thoughts on LINK, will it respect local support?
Please leave a like and comment,
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
BTCUSD Trade Set Up | Key Levels to Watch !Hello Traders!
Today’s chart update will be on a trade setup currently forming on bitcoin, a decent bounce off from local lows after a bullish divergence has led Bitcoin to now resting on the EMA’s. We have clear levels of support and resistance to watch for a bullish on or bearish play.
Points to consider
- Oversold bounce came to fruition
- Price supported by EMA’s and .382 Fibonacci
- Local support at .236 Fibonacci
- Local resistance at .50 Fibonacci
- Stochastics in lower regions
- RSI in Nuetral territory
Price is currently being supported of the EMA’s which is in confluence with the .382 Fibonacci level, this needs to hold true for Bitcoin to break bullish from local support. Bulls do have a lot of room to work with in terms of putting in a higher low, which will increase the chance of putting in an equilibrium before a break. If Bitcoin decides to break current support, then the probability of a bear break of local support increases.
Regardless either break, it needs to be backed with decisive volume…
A safe entry bullish and or bearish will be on a close above and or below the key local support and resistant levels…
What are your thoughts on the probable trade set up?
Please leave a like and comment,
And remember,
Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
BTCUSD Golden Fibonacci Level | Relief Rally Imminent?Hello Traders,
Today’s chart update will be on BTC, where is has retraced to a key Fibonacci level, known as the golden pocket. Bitcoin may put in a relief rally due to the sharp decline in price action, which has overextended a number of indicators.
Points to consider,
- Trend in a bearish structure
- Local support at key Fibonacci level
- Local resistance in the middle of the channel
- Stochastics at lower regions
- RSI oversold
- EMA’s giving price resistance
- Volume low after impulse break
The overall trend in Bitcoin has been bearish; price action has put in consecutive lower highs and lower lows. Bitcoin has recently found local support at a key Fibonacci level known as the golden pocket (between .618 and .65). This level is in confluence with trend line coming through, signalling that buyers are strong. Local resistance is found at the middle of the channel, a possible area for Bitcoin to test.
The stochastics are currently in lower regions, can stay down here for an extended period of time, however, lots of stored momentum to the upside. The RSI is currently overextended; an oversold bounce is probable from such conditions.
The EMA’s is bearish until we see a cross, it is yet to meet price at current given time. Volume is declining after impulses; an influx in volume bearish and or bullish is imminent from current levels.
Overall, in my opinion, a relief rally would be imminent due to strong technical confluences from current support level. A rally will allow indicators to cool off; .i.e the RSI, and allow price a retest of the middle channel…
What are your thoughts on Bitcoin?
Please leave a like and comment,
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
NEOBTC Bull Flag Formation | Strong Trend | key Level Holding Hello Traders!
Update on NEOBTC, which has proven me wrong from previous analysis (see chart linked), NEO has successfully broken bullish from its apex and is consolidating above the .618 Fibonacci Level.
Points to consider,
- Strong Bull Trend
- Key resistance broken, S/R Flip
- Price consolidating on support
- Volume Declining
- RSI respecting support
- Bull Flag formation
NEO has established a very strong uptrend since 26th October 2019, breaking key resistant levels, price is now consolidating on the .618 Fibonacci level, which was a previous staunched resistance.
Volume is clearly declining upon consolidation, signalling that a move will be imminent; we have a bull flag formation which puts emphasis on the probability of a continued bullish bias from current level.
The RSI has been respecting support, which is healthy in this trend, showing that buyers are in control at current given time. The stochastics is currently projected downwards slightly, but as we can see, it can stay in upper regions for an extended period of time (Blue highlighted area).
The VPVR is quite interesting, the volume of transactions increases as it gets closer to the blue trend line, which is a good area to take profits due to technical confluences.
Overall, in my opinion, NEO has a high probability of break bullish from this flag as we are in a strong uptrend. Volume is declining, which is what we need to see in a flag formation, we are also holding and respecting a key support, that is the .618 Fibonacci level.
What are your thoughts?
Please leave a like and comment,
And remember,
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
ACB BLOOD| Volume Climax| Oversold Bounce?Hello Traders,
Today’s chart update will be on ACB – Aurora Cannabis INC, which is in a severe down trend that has been respecting Fibonacci extension levels. Price is currently testing a critical technical level that needs to hold to avoid capitulation…
Points to consider,
- Strong establish bear trend
- Support being tested
- Structural resistance retest
- Stochastics in lower region
- RSI oversold
- Volume Climax
ACB has clearly been putting in lower highs consecutively on the daily timeframe, there are no signs yet of this changing. ACB is currently testing a critical support level that is in confluence with the 1.618 Fibonacci level. This level needs to hold otherwise ACB is in a risk of capitulating. Structural resistance has been confirmed with a bearish retest which also further confirms the S/R flip.
The Stochastics is in lower regions, can stay down here for an extended period of time, however we do have lots of stored momentum to the upside. The RSI historically bounces from such oversold conditions; however we don’t have a clear sign of the bounce starting.
Strong bear volume has put in a volume climax bar, signalling a potential exhaustion in the bearish trend; it would only be natural for the price to see a relief bounce from such lows. ACB has also been respecting the Fibonacci Extensions, price is approaching the 1.618 Fib Extension that is in confluence with the critical support level, increasing the probability of a bounce.
Overall, In my opinion, ACB is on the verge of capitulating if this critical support is not held, it is however more probable for an oversold bounce due to the sharp decline in this bear trend.
What are your thoughts on ACB?
Please leave a like and comment,
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
BTCUSD Falling Wedge Pattern| Bullish Divergence Hello Traders!
Shorter term analysis on BTC today, we have a falling wedge pattern and a clear bullish divergence coming to fruition. Will bulls have momentum to push price back up to the falling wedge resistance line?
Points to consider,
- Trend traveling between support and resistance
- Local support in confluence with .618 Fibonacci
- Stochastics projected upwards
- RSI respecting trend line
- EMA’s holding price as support
- Volume declining with impulses
The falling wedge pattern is coming close to its apex where Bitcoin eventually will have to choose a direction upon breakout. This pattern is considered to be a bullish formation, so the probability of us breaking north is higher.
Local support has been respected, it is in confluence with the .618 Fibonacci level, giving it more emphasis as a strong base for Bitcoin. Buyers have shown up in this area, further confirming the S/R flip theory.
The stochastics are currently projected upwards, still has momentum stored to the upside for the bulls. The RSI is respecting its trend line, converging from price as it puts in lower lows whilst the RSI puts in higher lows. This signals a strong emphasis on the overall bullish divergence being at play.
EMA’s currently is holding price as support, needs to maintain this for bullish continuation of the trend. Volume however is declining with bull and bear impulses, a break from this falling wedge pattern will be confirmed with an increase in volume.
Overall, In My Opinion, the falling wedge pattern has a high degree of breaking bullish due to the bullish divergence and price holding key local support. We need to keep an eye on volume to avoid a false breakout.
What are your thoughts on the falling wedge pattern?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
