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Triplebottom

LTC/USD Another Critical Point This WeekIf you read my last TA, we did see the bounce over the weekend, but we didn't quite drop to the double bottom line (in red) before the bounce to the 121 level. On Monday morning the bears took over and sold us back down to the 112-114 level, and consolidation has resumed forming another bear flag. We've got some critical points of interest this week. If we drop out of the bear flag, we will most likely see resistance again in the 110 range. As a bagholder, I personally DON'T want to breakthrough this line of resistance, but IF we do...I'll be looking to pick up some coins at the bottom of the downtrend around 100+. Breaking through the resistance line would not be good for LTC HODLers. It would signal a continuation of the downtrend with next level of support at 0 Fib line (approx 95)from December ATH (narrow blue line). After that, it could be very ugly. What I'm hoping for is a bounce into the upper half of the downchannel with 135 as a target. This was a previous bottom on March 18th. If we somehow could get a moon run and pass this level...we could finally clear the downchannel. If you look above at the black triangle, this was the symmetrical triangle from ATH and bottoms we were hoping to stay in with 4/15 as a decision time. Obviously LTC blasted out of the triangle on the down side on 3/26 after the Litepay fail selloff, and of course we are mirroring BTC as well. I kept the triangle on the chart just as a reminder that April 15th could still be a significant time if we somehow see bull activity. I'm not buying at current level, but watching the bear flag movement in case it drops to 100 for some weekly trade opportunities while hoping we can get on an upward trend. This is only an idea and should not be considered investment advice. I continue to believe in Litecoin even though it could be a long time before adoption. It's been difficult to watch this coin be continuously suppressed, and I feel LTC has a very good chance of surviving the overall crypto market meltdown. Good luck, and keep some fiat for buying opportunities.
COINBASE:LTCUSD
by GeorgeChart
LTC/USD Trade Opportunity WeekendUsing the 1 hr. charts, we may have an opportunity to trade LTC this weekend. Over the past week we saw a major bounce from a double bottom which was BELOW the downchannel (in pink). My guess is the double bottom was in part due to the Litepay fail on March 26 along with ensuing FUD..and of course BTC. After the bounce to 135 level, another drop to the lower half of the downchannel occurred. As we enter Friday morning, we saw a decent volume of consolidation in the 117-120 range yesterday, and this created what appears to be another bear flag. Generally speaking, recent patterns have shown drops after the bear flag. Keeping an eye on the movement today, and considering buy signal just above 110 (1st red line) where there is approx 5K support showing on the book, but save some FIAT for a larger drop. This would also create a triple bottom which could trigger another bounce in the next few days. If you buy and aren't staring at the charts, consider a stop loss in case we see additional drop to 106 range (Feb 6 bottom) or even 100 (10K current support on book). It's unfortunate that the suppression and the downtrend channel continues. It's hard to bring in new investors during a long term (in crytp) correction, but these bottoms have been showing bounces along the way...so trading opportunities continue along the way. There's nothing wrong with buying at 100-110 and selling around 117-120. Just gotta protect yourself by buying low, saving fiat for buying lower, and selling smart. Overall, I still believe cryptocurrency has a bright future, I just don't know when upward momentum will occur. We're a loooong way from ATH, and we've got a long way to go to zero. There seems to be more overall acceptance that crypto is here to stay, and recent index fund announcements could eventually start bringing in the much needed buyers to turn this ship around. This is not investment advice. This is an idea. Be careful and do your own research.
COINBASE:LTCUSDLong
by GeorgeChart
$DASH, Falling wedge at the historical support zone.Here is a trade that can put us right into retirement. I really can't say much around here but what I can say that this looks good right now. And if I will to follow the book I'm currently reading (Encyclopedia of Chart Patterns), we can get at least 100% to as the falling wedge target and 130% for the triple bottom. Now, I am not the guy who will wait for the confirmation, I will just buy at the bottom and hope for the best. If you ask me, you don't really need those confirmations. Just buy at the bottom and hope for the best. Again, the only thing I can say to this is this is very bullish. RSI is oversold, nearing support levels (which when touched increases the price by 100% historically). At the very least, if I were correct. We can get at least 30% from this trade assuming that the 55 Daily EMA will resist it and kill it. and if it punched through it, we can see at least 50 - 80% For the stop loss, It's up to you, just put it below the first bottom and I believe it will play out well. I have mine very generously. Tip: Buy as soon as the falling wedge breaks out. Throwback "may" happen but it will hit the support zone and I think it's pretty much safe.
Long
by raizumaraiz
1
CLOAK/BTC Triple bottom & following BTC + Binance Listing soon!Hey all, CLOAK might be a good one to watch while BTC -0.34% is on it's way up. It is closely following BTC/USD movements currently so could be some nice gains here. Not to mention the rumours of it being listed on Binance this week which could take this to the moon. -Broke out of down trend (green) will still need to close above to confirm trade though. -Triple bottomed and is bouncing of the 78.6 Fibs line which seems to be a strong support there which is a good signal. -MACD looks like it is about to cross over. -RSI is sitting around 60 so there still room to move upward from here. -Volume also coming in Lots of bullish signals here Have added in my targets also :)
CLong
by Mayhem88
Possible Triple Bottom Reversal BTC vs Bearish MACDWe have a possible triple bottom forming around the 8400 mark, with a bearish MACD cross happening as we speak iwe could fall through this support and head down to the next support around 7550. However, there is a small chance we could bounce off the triple bottom support and start a reversal pattern, as you can see BTC is very over sold at this point and we could see a bounce in the bulls favour. *8400 is a very important moment for BTC
BITFINEX:BTCUSD
by AstonCWP
2
BTC forming another H&S? Be educated.Well possibly anyway. Dependant on wether or not another head and shoulders is realised on the hourly chart, it is looking fairly likely but we will have to wait and see. The left shoulder is usually formed at the end of an extensive move during which volume is noticeably high. Once the high of the left shoulder is formed, there is a subsequent reaction and prices slide down to a level which generally occurs on low volume. The prices then will rally up to form the head with normal or heavy volume and subsequent reaction downward is accompanied with lesser volume. The right shoulder is formed when prices move up again but remain below the central peak called the Head and can fall down nearly equal to the first valley between the left shoulder and the head . Volume is usually smaller with the right shoulder formation compared to the left shoulder and the head formation, from here with the right shoulder being denied, when retesting the last high, we generally have a large fall. This fall tends to be the distance from the high of the head to the neckline. This does not always happen, if volume comes back in from larger bids it can stop the slide. This seems to be more prevalent in Crypto too. The opposite is said to be true for inverse head and shoulder formations. Also if the head is lower than the shoulders, this is generally referred to as a triple top or bottom, it good to remember if you see a triple form and a rally to a fourth top is underway, it usually is a sign that it will continue to a new high or low. Good luck and Happy Trading
BITFINEX:BTCUSDEducation
by TroyByrne
ETHUSD: Major Support Zone Ahead Of The Hearings?ETHUSD update: Judging by the bigger picture, this market has not sold off as dramatically as the others. In fact, price has rejected the 872 to 739 support zone twice, leaving behind long wicks in both instances. Although this market can retest lower prices, it is in a relatively better position to rally. In this report I will highlight the possibilities both bullish and bearish. First of all, these markets are extremely emotional. The majority of participants in my opinion are not institutional or professional which means when the sentiment is bullish, it is very bullish, and when bearish, it is very bearish. It also means that these markets are highly susceptible to news and drama. Right now the big problem on the horizon is the Senate hearings this week. The heads of the SEC and CFTC are most likely not going to say anything positive about these markets, but no matter what, they are not going to stop the changes that are taking place from an economic and technological perspective. Governments are in place to control, especially the money supply. The U.S. government is infamous for devaluing the dollar for a whole host of reasons that are often at the expense of the little guy. One of the main reasons BTC was created was to give back some control to the little guy. With that being said, events such as the hearing, and other regulatory actions only serve to scare the market temporarily, not drive it to become obsolete. If anything, regulation will bring stability to this market over the long run. Stability is good for long term investors and institutions, but minimizes opportunities for short term speculators, especially inexperienced ones. I do not write about market philosophy often, because it is more of a matter of opinion, but in this case I think it helps to shed light on why I choose to be generally bullish in the face of bearish momentum. This is big picture positioning, not day trading. In the case of this market, price is now testing the 872 to 739 support zone which is the .618 area of the recent bullish structure. Price has rejected this zone twice which adds to its significance as a large magnitude support. Currently there is also an inside bar (previous candle) which can serve as a long trigger if the high 999 is taken out. Generally in an area like this I am looking for bullish reversal patterns. They can come in many forms with the higher low and failed low being the more obvious. IF a reversal patterns appears, it is a good place to consider swing trade or position trade longs. The bullish perspective is in anticipation of a reversal, and not reacting when price is on the move higher. What about the bearish momentum that is still in play? IF I was day trading these markets, and was able to short, I would be looking to capitalize on lower prices, but since I am not, I can only offer an idea of how extreme price can get before momentum becomes exhausted. Current bearish momentum can take prices as low as 670 which is the lower boundary of the reversal zone measured from the 770 low. IF this market is going to fail at the lows, that is the highest probability area where this fake can occur. In summary, your trade strategy begins with a perspective which is a function of the time horizon you choose. There is no one size fits all way to trade, it all depends on what what kind of risks you are willing to take, and how much capital you are working with. Reacting to short term movements without any consideration of where price action is occurring in terms of the bigger picture sets you up to be on the wrong side when the bigger picture reasserts itself. The current area in this market is a high probability reversal area, and one where I look for a larger magnitude reversal rather than a high risk short. I look to buy supports and sell resistances, not the other way around, and we are in a support area. It is just a matter of waiting for the right pattern to appear. Questions and comments welcome.
BITFINEX:ETHUSD
by MarcPMarkets
19
Could USDJPY be swinging back up?Could USDJPY be headed to the upside? Technicals may be leaning bullish on USDJPY and here’s why: - Triple bottom formation currently forming (possible indicator of a reversal). - Using bullish bias on the daily chart, price is currently hovering on the 50 level of the Fibonacci indicator, which can be used as high indication for bullish swings. - Lastly, EURUSD has recently double topped (possible indication of reversal to the downside) which is known to oppositely correlate with USDJPY. If USDJPY fails to hold this key area, we could see a tumble to the mid 110 zone before any robust evidence of upcoming bullish events. Thoughts?
Long
by jgardere
BTCUSD: Momentum Reversal In Play.BTCUSD update: Within the triple bottom formation that is now established in this market, there is a particular sequence of price action that often leads to a momentum reversal. The confirmation of this infrequent pattern is a retest and higher low of the 12350 support area. Price has broken the 13500 resistance level and if it continues at this rate, will most likely close above. My limit order that I placed yesterday at 13150 (Coinbase) was filled quickly and is now in my favor (this is a long term trade as explained in my previous report. No stops, no targets, no margin). Even though price action is slightly bullish at the moment, it is still not out of the clear. Is this the beginning of the next leg up? The 13520 level is the .382 of the recent bearish structure. Often, when this level is taken out, it signals a change in momentum which in this case is bullish. The confirmation comes in the form of a higher low formation which would be most attractive around the 12483 to 12139 minor support zone which is the .618 area relevant to this current bullish swing. If price chooses to retest the minor support, this would be an attractive area to add to long term positions, or initiate new ones. Since this level would also confirm a short term pattern reversal, it will serve as an attractive area for a swing trade long as well. Risk can be defined by 11600 low, or the low of the current structure at the time of the retest. What about lower prices? Like I always write: anything is possible because things change fast in these markets. IF for whatever reason, price falls through 12139 and retests 11600, it would then be much more likely to revisit the 10700 or lower. IF the market decides to retest these levels, 9683 would not be unreasonable since it is the lower boundary of the reversal zone (projection measured from 10700 low). What makes that bearish scenario less likely is the price action that is occurring now. The next retrace, whether it is shallow (way above 12483) or into the minor support will provide a much clearer view of what the market's intentions are. What is unfolding now is certainly bullish, but that does not mean the market will return to the vertical exaggeration that we saw 2 weeks ago. A change in momentum along with supportive structure can take this market back up to the 16350 to 17876 resistance area which is the short term target for any swing trades established near or below current levels. In summary, there are NOW signs in place that short term price momentum is shifting back to bullish. As you can see, it took a couple of days, not hours or minutes. This is what carries weight on a short term trading basis and why so much patience is required. The next retrace will more than likely offer entry opportunities that will have clearly defined risk. IF the price action makes sense I will not only add to my position trade, but also put on a swing trade with a short term target. The key is to watch for reversal patterns near or within the minor support zone. Taking a position sooner is up to your trading plan and risk tolerance, because it is still possible for price to attempt a retest of the lows, just a lower probability at this point. Either way stay flexible and listen to the market, not your own feelings or opinions. Comments and questions welcome. Also I would like to wish the Tradingview community a Happy, Healthy and Prosperous New Year! Thank you all for your support and encouragement. Let's learn from our mistakes and hit the ground running, and start the new year strong.
BITFINEX:BTCUSD
by MarcPMarkets
37
BTCUSD: Triple Bottom But Facing Bearish Momentum.BTCUSD update: Triangle and minor support broken as bearish momentum carries this market to retest the 11600 low. Price is now hesitating at what could develop into a triple bottom support. Buying now is still attractive for longer time horizon positions. In my previous BTC report, I highlighted the lower high and what possibilities it implied. The market chose the bearish scenario which now offers more attractive prices for longer term investing. Like I have explained previously, buying fractional positions on lows does not require precision, only the acceptance of the risk. The 10988 to 8656 area is the .618 of the broader bullish structure that I have written about previously. A retest of this zone may be fast since it now offers a reversal zone extension boundary of 9683. I am not a fan of placing and leaving limit orders in the market because of the random nature of such a tactic, but this price area offers one of those rare exceptions. As long as you have a defined investment size, and you are fractionally building a position, leaving a limit order below the market allows you to capture prices that may only be available for a very limited time. The fractional size is what keeps your risk under control, and not a stop order since there is no reference structure at the moment. The most important thing to keep in mind is this: you must be able to accept the possibility that price can go much lower than expected. Bottom picking is random, and is not in our control, but the amount of risk that we take is. The averaging technique is for longer time horizons, and a positive long term outlook on your part. This same tactic can lead to wiping out your account if done on margin or irresponsibly. So, on that note, I have placed a limit order to buy a fractional amount at 13150 (Coinbase). It is long term. No stop or target. (You must make your own adjustments based on which ever exchange you use.) What about the triple bottom at the 11600 area? Price is attempting to reject the support, BUT there is no relevant confirmation of a price reversal. The only attractive factor in this situation is that price has dramatically rejected this area twice before. Again buying into a small increment does not require precision, but if you are looking for a short term trade, waiting for the close of a reversal candle such as a pin bar or inside bar at least offers price stability. Don't forget there is significant short term bearish structure in place that can still lead to lower prices. The lower high at 16350, the lower high at the 15131 and the 13520 resistance level which is now the .382 of the current bearish structure measured from the 16350 high. If price is going to recover, a break of the 13520 level will be the first relevant sign to look for. Buying below this price is not a bad idea for an investment rather than a trade, but lower prices are likely until this change in momentum materializes. (10700 or lower is realistic). In summary, there is no question this market is now in a more attractive price area when it comes to a longer term investment horizon. The market is a harsh teacher. 6 weeks of constant new highs reinforces bad habits and extremely warped expectations, especially from newer participants who have no reference point for what a realistic market is. Now is when the herd of buyers from 18K who expected 30K get shaken out and donate to the traders who have a stronger understanding of financial markets. It's not "different" this time. Euphoric markets are especially driven by the same factors every time: Greed and fear. Those who were not sucked into the euphoria can now capitalize on the fear. Buying a low doesn't guarantee you are buying the bottom because bearish momentum can take prices even lower. Having a process for managing risk and making decisions based on the market's intent is what will facilitate long term trading and investment success. Not "gut" instinct. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
43
ICNETH Kraken 09Nov2017 – RSI Bullish divergenceICN broke out falling wedge against ETH on 3rd November. After consolidation on support line RSI divergence can be seen on 4 H chart and expecting upward movement. ICN is at its all time bottom and on the 4 H chart it looks as a triple-bottom as well in the past days. I expect upward movement – I am already in with approx. 1300 ICNs. Based on Fibonacci levels and previous support/resistance I expect the TP levels – TP1: 0.382 of recent upswing – approx. 0.0045 TP2: 0.618 of recent upswing – approx. 00.55 TP3: 1 of recent upswing – approx. 0.007 However based on patterns develop at these TP levels either a portion of ICN may be kept for longer term and/or with seeking for day trade opportunity at around these levels ICN portfolio may be increased by shorting and by re-buying.
ILong
by drgorogbalazs
3