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Descending broadening wedge|Probable Trade Set Up|KEY ResistanceHello Traders, Quick update today on BTCUSD, where we have a potential long opportunity Points to consider, - Trend consolidating - Local resistance to break - EMA’s neutral - Stochastics neutral - Volume declining BTC has been consolidating on this lower time frame in a descending broadening wedge formation, which can be a bullish continuation. Local resistance is a key level to break for a confirmed continuation. EMA’s are currently trading neutral, holding price as support currently, but does look weak. The stochastics is currently also neutral; a break in either direction is probable. Volume is visibly declining, indicating an impulsive move is imminent Overall, in my opinion, BTC will eventually break as it comes close to its apex. A break bullish is more likely due descending wedge, confirmed only when resistance is broken. What are your thoughts? Please leave a like and comment, And remember, “You have power over how you'll respond to uncertainty.” ― Yvan Byeajee
BITFINEX:BTCUSDLong
by AzizKhanZamani
TRXBTC Trend Change| Higher Lows|Key Resistance ! Hello Traders! Today’s chart update will be on TRX, 240 timeframe, testing an important resistant level that needs to break to keep the bullish bias. A break from this level will increase the probability of TRX testing structural resistance, which has multiple technical confluences. Points to consider, - Confirmed Trend Change - Support provided by EMA’s - Key resistance being tested - Stochastics projected upwards - RSI trading in upper region - Healthy Volume - VPVR cluster showing low volume of transactions - Structural resistance as next target TRX has broken its lower low projection and has successfully put in consecutive higher lows as it comes into a key resistance. TRX needs to break this resistance with convincing volume to keep the uptrend intact. Support is currently being provided by the EMA’s which has turned bullish from local lows. The stochastics is currently trading in the upper region, can stay up here for an extended period of time, however we do have lots of stored momentum to the downside. The RSI on the other hand is respecting its support (red line), bouncing of it multiple times. Volume is currently healthy, its needs to sustain with bull volume to break resistance, which will also avoid the chances of a false break. The VPVR is showing low volume of transactions from resistance to structural resistance. This signals that this cluster will pose little resistance in terms of volume of transactions, if and when TRX tests. Structural resistance is the technical target for TRX as this level is in confluence with multiple technical indicators such as the .50 Fibonacci level and the 1.618 Fibonacci Extension. Overall, In My Opinion, TRX has established an uptrend with consecutive lower highs, the market structure has changed. TRX needs to break current resistance levels in order to keep the bullish bias. Volume is looking very healthy for this break, so we do have a greater probability of breaking resistance and meeting technical target. What are your thoughts on TRX trend change? Please leave a like and comment, And remember, “If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Long
by AzizKhanZamani
3
XRPBTC Bearish Divergence| Low Volume | Rising Wedge Hello Traders! Today’s chart update will be on XRPBTC, we have another potential rising wedge formation looking to break to the downside with a strong bearish divergence. We need volume to back up the bears when and if we break out… Points to consider, - Trend broke out of rising wedge pattern - Double top formation / Local resistance - Local support at .618 Fibonacci/ confluence with Fibonacci Extension - Stochastics showing downside momentum - RSI respecting downtrend - EMA’s giving price resistance - Volume has decreased XRP broke out of a larger rising wedge formation decisively after putting in a double top (local resistance), it wicked down to the .618 Fibonacci Level and is now forming yet another potential rising wedge. Bulls need to break the double top resistance to keep the overall bull trend intact – it does look quite unlikely at current given time. Local support is found at the .618 Fibonacci level which is in confluence with a Fibonacci Extension level, making this support quite strong. The stochastics is currently showing downwards projection, bears have a lot of stored momentum to the downside if and when this current rising wedge breaks. The RSI is converging from price, putting in lower highs whilst the price attempts to put in higher lows, proving the current bearish divergence being at play. EMA’s are giving price strong resistance as of now, pushing price to lower levels, we need to see a bull cross if bulls are willing to push price back to upper levels near the double top. Volume however is very dry, we did have a spike in bear volume which was due to the rising wedge break. Similarly, we need to keep an eye on volume for this current small rising wedge as this will confirm a breakout, avoiding a potential fake out. Overall, IMO, local lows are more probable to be tested, especially the .782 Fibonacci level as this is in confluence with the 1.272 Fibonacci Extension and the overall support of the market structure… What are your thoughts? Please leave a like and comment, And remember, In trading, everything works sometimes and nothing works always.”
Short
by AzizKhanZamani
1
BTCUSD DESCENDING TRIANGLE!Hello Traders! Welcome to another update, today's chart will be on BTC, hourly timeframe! Points to consider, - Clean descending triangle - Potential retest of support - Trend putting in lower highs - RSI respecting downwards resistance - Stochastics showing downwards momentum - Low volume - EMA’s giving price resistance - VPVR showing decreasing transaction from current price It is pretty clear that BTCUSD in forming a descending triangle which is a bearish formation bound to break to the downside. We have clear lower highs being put in and a strong flat base of support, which has been tested multiple times. In this lower timeframe, we, with a high probability could see a retest of the support base, price is currently testing the upper resistance trend line… The RSI is looking quite bearish, we can see that it is respecting it’s downwards resistance, also putting in lower highs. Furthermore, we have the stochastics showing more potential downwards momentum being at play. EMA’s are currently giving price resistance as bulls try to defend local support, this support however does like quite weak (Red Line). If this local support is broken, then bears are able to push price back down to support, posting a potential 7% + move to the downside... However, if bulls are able to break this strong resistance, then the whole descending triangle is negated, we will then need to reanalyze the situation. What are your thoughts? Will BTCUSD retest its support? Or will bears break through resistance? Please leave a like and comment And remember, If you personalize losses, you can’t trade.” – Bruce Kovner
BITFINEX:BTCUSDShort
by AzizKhanZamani