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Ethereum 40% CrashOn May 19th, Ethereum (ETH/USD) suffered its biggest-ever one-day loss, sliding 47% before bouncing to finish the session lower by 28%. The following day, the recovery continued with a 14% rally. However, on the 21st, when the bulls were starting to get comfortable, ETH embarked on a three-day slide that wiped 40% from its value and ushered in two months of misery. September 7th, ETH dropped 25% intraday before rebounding into the close to pare the loss to 13.7%. On Wednesday, the recovery continued, and Ethereum improved by 6%. However, yesterday, the price tracked back to the previous days opening price. But what’s interesting is that if we scroll back to May’s drop, we see a similar pattern emerging. The closing price on the 21st was the same as the 19ths. Furthermore, the highs of the 20th and 21st are within $50 of each other. Thursday’s closing price of $3,424 is almost a perfect match with Tuesday’s $3,433 close. Not to mention that the highs from Wednesday and yesterday are within $20 of each other. So far, the analog is near on exact. Now here is where it gets weirder. Turning to the weekly chart, more similarities are evident. In the first week of May, the Ethereum price jumped 33% to a new all-time high of $4,085 before finishing the week at $3,928. The following week, ETH advanced to a new $4,646 before reversing 22% to close the weekly candle at $3,585. The week after, the price halved. In the first week of September, the Ethereum Price gained 28% to $4,087 ($2 above the first weekly close of May) and settled at $3,952, just $24 above the same week in May. Until this weekly candle is completed, we won’t know for sure if the redux will remain intact. But if it does, it’s worth noting what happened in the third week of May. Of course, it’s too early to suggest the price will collapse in the next few days. But it’s also too early to assume that ETH will continue higher. As mark twain said, “History never repeats, but it does often rhyme.”
by betsygain738
3
Education excerpt: Relative Strength IndexEducation excerpt: Relative Strength Index General information The Relative Strength Index ( RSI ) is a momentum oscillator that was introduced by J. Welles Wilder in an article published in Commodities magazine in June 1978. The Relative Strength Index measures the velocity of directional price movement and is commonly used in conjunction with a daily bar chart. However, it can be utilized on a bar chart with any particular time frame. The concept of this oscillator is based upon an idea of an asset being oversold or overbought. Generally, tops and bottoms are indicated when the RSI goes above 70 or drops below 30. Although, failure swings above 70 or below 30 can imply possible market reversal. Similarly, divergence between the RSI and price action on the chart can signal a market turning point. Chart formations and support and resistance often show up graphically on the RSI despite the fact that they may not be apparent on the bar chart. The slope of the momentum oscillator is directly proportional to the velocity of the move. Thus, the distance traveled up or down by the RSI is proportional to the magnitude of the move. The horizontal axis represents time and the vertical axis represents distance traveled by the indicator. The RSI moves slowly when the market continues its directional movement . However, once price is at the market turning point, RSI tends to move faster. Calculation The Relative Strength Index is commonly calculated using the close price of a 14 day period. The equation for its calculation involves several components. These are: • Average up closes • Average down closes • Relative strength Relative Strength ( RS ) = (average of 14 day's closes up/average of 14 day's closes down) Relative Strength Index ( RSI ) = 100 – Calculation begins with obtaining the sum of the up closes for the previous 14 days. This sum is then divided by the number of days used in calculating the generating figure for average up closes. Similarly, the sum of the down closes for the previous 14 days is divided by the number of days used in calculating the generating figure for average down closes. After these two operations are conducted, the average up days are divided by the average down days resulting in the value of the Relative Strength ( RS ). The number 1 is then added to the value of RS . Next, 100 is divided by the new amount of RS . The resulting figure is subsequently subtracted by 100 generating the value of the Relative Strength Index ( RSI ). From this step on, the previous value of average up closes and average down closes can be used to generate the next value of the RSI . In order to calculate the next average up close, the previous value of average up closes is multiplied by 13 and the present day average up close is added to this figure. This value is then divided by 14 generating the value for the new average up closes. In similar fashion, the new average down close is calculated by multiplying the previous average down closes by 13. Today's down close is then added to the figure. The resulting figure is again divided by 14 to generate the new average down close. After that, the same steps indicated to calculate the initial RSI need to be followed. Divergence When trend is prevalent and two indexes (or index and price) are going simultaneously either up or down they exhibit positive correlation. However, when this correlation breaks and one index (or price) keeps going up while another index reverses down divergence is said to occur. Technical analyst should pay attention to this instance as it sometimes has abillity to foreshadow upcoming reversal in trend. Though, there are many instances when divergence occurs and reversal in price trend fails to materialize. For this reason some analysts like to implement concept of double divergence. Double divergence There are many instances when price continues its rise and analyst can observe oscillator or idex to fall only to see it later climb back up in tandem with price. (same applies to the opposite situation when price falls and index or oscillator starts to rise) The divergence occured but price trend remained intact. Because the divergence can be misleading, some analysts preffer to wait for the second divergence before placing their entries or exits. Disclaimer: This content serves only educational purpose.
BITSTAMP:BTCUSDEducation
by fxpremiere
Education excerpt: Relative Strength IndexGeneral information The Relative Strength Index (RSI) is a momentum oscillator that was introduced by J. Welles Wilder in an article published in Commodities magazine in June 1978. The Relative Strength Index measures the velocity of directional price movement and is commonly used in conjunction with a daily bar chart. However, it can be utilized on a bar chart with any particular time frame. The concept of this oscillator is based upon an idea of an asset being oversold or overbought. Generally, tops and bottoms are indicated when the RSI goes above 70 or drops below 30. Although, failure swings above 70 or below 30 can imply possible market reversal. Similarly, divergence between the RSI and price action on the chart can signal a market turning point. Chart formations and support and resistance often show up graphically on the RSI despite the fact that they may not be apparent on the bar chart. The slope of the momentum oscillator is directly proportional to the velocity of the move. Thus, the distance traveled up or down by the RSI is proportional to the magnitude of the move. The horizontal axis represents time and the vertical axis represents distance traveled by the indicator. The RSI moves slowly when the market continues its directional movement. However, once price is at the market turning point, RSI tends to move faster. Here is depiction of the weekly chart of USOIL: It is clearly observable that peak in RSI often coincides with peak in the price. Similarly, trough in RSI is often accompanied by trough in the price. Calculation The Relative Strength Index is commonly calculated using the close price of a 14 day period. The equation for its calculation involves several components. These are: • Average up closes • Average down closes • Relative strength Relative Strength (RS) = (average of 14 day's closes up/average of 14 day's closes down) Relative Strength Index (RSI) = 100 – Calculation begins with obtaining the sum of the up closes for the previous 14 days. This sum is then divided by the number of days used in calculating the generating figure for average up closes. Similarly, the sum of the down closes for the previous 14 days is divided by the number of days used in calculating the generating figure for average down closes. After these two operations are conducted, the average up days are divided by the average down days resulting in the value of the Relative Strength (RS). The number 1 is then added to the value of RS. Next, 100 is divided by the new amount of RS. The resulting figure is subsequently subtracted by 100 generating the value of the Relative Strength Index (RSI). From this step on, the previous value of average up closes and average down closes can be used to generate the next value of the RSI. In order to calculate the next average up close, the previous value of average up closes is multiplied by 13 and the present day average up close is added to this figure. This value is then divided by 14 generating the value for the new average up closes. In similar fashion, the new average down close is calculated by multiplying the previous average down closes by 13. Today's down close is then added to the figure. The resulting figure is again divided by 14 to generate the new average down close. After that, the same steps indicated to calculate the initial RSI need to be followed. Here is depiction of the monthly chart of copper futures market: Similarly like in the previous example positive correlation between peaks and troughs in RSI and price is observable. Divergence When trend is prevalent and two indexes (or index and price) are going simultaneously either up or down they exhibit positive correlation. However, when this correlation breaks and one index (or price) keeps going up while another index reverses down divergence is said to occur. Technical analyst should pay attention to this instance as it sometimes has abillity to foreshadow upcoming reversal in trend. Though, there are many instances when divergence occurs and reversal in price trend fails to materialize. For this reason some analysts like to implement concept of double divergence. Here is example of the divergence that we mentioned in our idea on 30th June 2021: Double divergence There are many instances when price continues its rise and analyst can observe oscillator or idex to fall only to see it later climb back up in tandem with price. (same applies to the opposite situation when price falls and index or oscillator starts to rise) The divergence occured but price trend remained intact. Because the divergence can be misleading, some analysts preffer to wait for the second divergence before placing their entries or exits. Disclaimer: This content serves only educational purpose.
Editors' picks
OANDA:XAUUSDEducation
by Tradersweekly
43
BTC 1D TAAs we can see on the chart, the curved price action shows a slowdown in momentum, Just like we saw when we reached the 60K zone before crushing down to the 30K zone. The curve of the price shows that there is less bullish fuel that moves the price up, and price stops moving as significantly as before. It does not necessarily mean a trend reversal is to come, but rather a healthy correction, especially after a long pump with zero to small pullbacks. Right now we're testing agian the important 50K res. A rejection of that level could be bearish, especially when it could form a double top on the 4H chart. As resistance we meet is the golden pocket (0.618-0.65 fibonacci levels), and right below us we hold 0.5 fibonacci level. We’re going to have to make a decision and break one of those fibonacci levels. A break above the golden pocket could indicate that the bulls start to gain more dominance, to the point of breaking that important resistance level, which also almost perfectly correlates with the 50K psychological level. A break below 0.5 fibonacci level could indicate a potential dip\trend reversal. We must remember that we still might create a lower high compared to the ATH. A significant reverse could indicate that there aren’t enough bulls to change the entire trend we started back in April 2021. If a pullback occurs it might hold the 42,450- 43,730 support zone. We also want to consider the fact that we have decreasing volume while price goes up, and generally speaking no strong volume. We’ve got an RSI bearish divergence, which correlates with the rest of the weakness shown in the market. This weakness may cause just a dip\ consolidation before moving up again. And just as I said before, a break above the 50K level and the golden pocket could easily bring us back to the ATH zone. Thank you for reading :)
by sunshine832
3
TradingView Hotkeys That I Use The MostHi, Just wanted to point out some TradingView hotkeys that I use the most: * ALT + H = Horizontal line - a great way to quickly mark the round numbers on your chart or tight support/resistance areas. * ALT + V = Vertical line * ALT + T = Trendline * ALT + I = Invert the chart - probably the most interesting hotkey. Do you have some trouble taking "SELL" ideas? You are more kinda "BUY-guy" or vice-versa. In TradingView you can turn your chart upside down and see does it look good if you would want to buy it. Sometimes, it is quite a big help. * ALT + S = Take a screenshot of your chart * ALT + F = Fibonacci * ALT + W = Put the chart to the watchlist - seeing something interesting you can add it quickly to your watchlist. * ALT + A = Set the alert * SHIFT + CLICK = Measure tool Regards, Vaido
Editors' picks
COINBASE:BTCUSDEducation
by VaidoVeek
99
$WISH Analysis & Key levels$WISH Analysis & Key levels I do prefer stocks with more established technicals (there’s really not any support here)… but this one is on my radar today too… Could have an attractive upside - especially in the short term ——— I have WAY too many positions to be able to update on … So I’m just going to start posting the most recent support and key levels… Red = Key levels Green = resistance Blue = trendlines Have fun, y’all!!
WLong
by SPYder_QQQueen_Trading
1
BITCOINWe should take into the consideration the current wave formation. There are are literally countless ways to interpret it, but I will try to think of reasonable scenarios. 1 - Current wave is a B in ABC formation. If that is correct then it would cause another big wave down to sub 20k. I don't think it is probable. 2 - Current wave is Wave 1 in a new cycle If it is correct then: Wave 1 might be completed with small 5th and bigger correction might be possible to the major support at 40-42k or even in an area of a TR or lower support. (wave one can retrace up to 100% of the original move. Even if this scenario is possible, I don't think it is probable after such a strong impulse. Furthermore it is 50% retracement from large move down - quite heavy resistance so it is also possible that the correction will take place as a trading range for a while. (it means altcoins will perform better) If wave 1 is not complete and sub-wave 5 is still in formation, which might lead to 50-52k before larger correction. It would coincide with a measured move from impulse sub-wave 1 and also 0.618 fib levels. This is all part of hypothesis 2. There are also other 3 possible hypotheses for bitcoin price action. 1 - Price will continue to go up within the bull channel for extended period of time. I think it is less probable. 3 - It will ignore closest major support and retrace all the way down to 30k or somewhere in between 30-40k (trading range square) before bouncing up. 4 - Price will decide that latest impulse was in fact a B in ABC correction and will continue to go down towards 20k levels. Another way to look at it if it is actually a wave 3 in 5 wave cycle (if cycle started at the lowest point of the structure (marked red). However I would prefer the start from the wedge bottom, as the last wave of the correction might be truncated (couldn't breach the bottom). Anyway, if the strong impulse is wave 3 and it is completed or even if not (5th wave is in formation), then possible positive scenarios (blue arrows) are the same as if it is wave 1. Red arrows here are not possible as it would negate the 5wave structure at this point (correctional wave 4 is cant reach impulse wave 1). The major thing that differs from original hypothesis 2, that this wave 3 can possibly extend and have an enormously strong impulse up (for example back to all time highs. I think hypothesis 2 has most probability, because going down by retracing 100% after such a strong impulse move is unlikely. Bears simply are not strong enough after such strong upside. Furthermore I think that there is a bigger chance, that ABC has already formed and bottom at 30k is set. In a short term we might see some trading range or down action, but medium term I would be LONG, nevertheless also evaluating other scenarios if price action would go in the 'not probable' zone.
Long
by Sharkethics
1
BTC TATechnical Analysis of BTC using 200DMA and 128DMA. BTC has tested and retested 200DMA as well as the 2.618 Golden Ratio Ext and is currently being rejected. There is tough resistances on HTF going into the 48-51k region. Bollinger Band width has been compared with RSI, when RSI and BBW touch and deviate with RSI trending up BBW trending down, we see and increase in price. The converse is true for decending price action. Two simple paths have been laid out (time frame is not considered, this is rough).
BINANCE:BTCUSD.PLong
by Ukuria
$F Target 15.47 for 14.93%$F Target 15.47 for 14.93% This kind of messed with me today… a long trendline broken… but also caught by support… WOW… this TA stuff NEVER gets old… let's see what happens... place your bets... ----- — On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average. ONLY ADD at support levels & FIB levels… labeled I start every position with .5 - 1% of my account and build from there as needed and as possible. I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed. GL and happy trading.
NYSE:FLong
by SPYder_QQQueen_Trading
4
Bitcoin next stepsWarning: Use this information at your own risk. Bitcoin actual situation: - it stops at 46000 - now retracing in direction to 42000 support - inside a rising wedge( OMG danger everywere X´D) TA: - it may retrace lower to 42000 and stay there for a while - maybe we see a nice tradeable triangle - then there are 2 options like always: + it can continue de new uptrend following the base of the rising wedge + or it can break lower and retrace furter to 38000 support and start a new downtrend to 30000 support continuing the lateral bullshit Let me now in the comments if this post help you and be welcome to make any suggestion.
by ThorBit_Trader
FARM - CHAD COINSomething I would like to bring to your attention is the " Harvest Finance Project " Although might seem like a meme coin, with a large TVL, large team. It was able to survive all major dumps and as well hack attacks. This coin did break down in the last dump and broke the Triangle down. However, now that the market is recovering, we can see good gain and seems like each time this coin drops below 70$ it eventually pumps hard to 200 plus. Well, I'm not saying it will drop again it is possible. We now see another Moving Average "200" forming and it is holding/having a bounce off it. What I can tell you right now is that FARM will be $400 and has all the reasons to hit the 1,000 dollar level. I will post updates and reasoning for each TA I do. Smogster...
by Smogster
4
Ethereum EIP-1559 "London Fork" UpdateEthreum has now entered into the accending channel now at the 3,100 price level. It is now rejecting the perfect middle/center of the channel, meaning the TA is working. RSI is overpriced therefore a pullback is normal. BTC has broken the 42,000 lvl and we saw a good run in the Alt space. Ethereum continues to burn 150-180 ETH per hour, bringing positive news, for the mid to long term. Now that we are in the ascending channel you can use it as your support and resistance. Pay attention to Bitcoin as it is still meaning runs and dumps in the crypto space. Smogster...
BITFINEX:ETHUSD
by Smogster
My interpretation of Cardno and it's short term future, CDDCardno has had a meaningful bull run since February when they realised financial earnings, and has since been trading in a channel pattern. The stock has had a lengthy pullback of about a month, however it has rebounded from the bottom support zone and looks likely to make a bull run towards resistance, the MACD crossover, steady RSI rise, and the increase in volume help confirm this. My original target price was $1.015 which it reached and pulled back fractionally as expected. My second target price is $1.06 which it will likely see resistance and pull back fractionally again. If the market continues strong for the next few weeks, it could see a price of up to $1.180, however it is likely the market will have a reasonable pullback by then, in which Cardno would likely replicate.
ASX:CDDLong
by ryanlong
1