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Wave5

Total anonymization is a powerful tool! It attracts money.Hiding monies, doing illegal stuff, cover up identity etc is something a signifcant amount of people wants to do. And what is the best financial tool to do so? That old horse Monero! Fundamental Maybe Monero isnt the best financial tool? There is a lot more anonymous coins out there, Zcash and Dash for example. Though it's not Dash's selling point anymore, it actually started out as Darkcoin and back then it was. It's my belif that Monero is the best, and my knowledge about the subject is probably higher than average, but many know much more so don't take my word on it. Research if interested :) What I am certain about though, is that Monero is the go to coin when you want to be 100% anonymous today. Monero has been around a long long time and still going amazing. That's what I believe will attract buyers. The fundamentals are good and people are using XMR. Cryptoland is on fire and getting money poured in, there is big reason to think that a large portion of that will go towards Monero. It's a coin you just need to have a portion of in a cryptoportfolio. Technical Right now I believe we are looking at the fifth wave, and that it can go as high as 430 USD. Though I don't like that last bit of risk outside of my pitchfork so looking to get out at 355 USD. There we have the 3.618 from wave 4. Including the edges from pitchfork. I've had Monero for a long time, but I think it's time to add a little bit more. 50% here at current prices (185 USD) and 50% if it gets back down to the support between the 3.618 from wave 2 and last ATH, let's say 150 USD. Stop Loss below 135 USD, should be good support there :) Numbers Buy - 185 & 150 USD Sell - 355 USD Stop Loss - Below 135 USD.
BITFINEX:XMRUSDLong
by Kryptokelly
48
DJT - Wave 5/ of 5 of V to cluster resistance near 10,756The Transportation index in now in wave 5/ of 5 of V and should ideally make it higher to the cluster resistance near 10,756. It's clear that a five wave rally can be counted from the March 2009 low of 2,134 and a five wave rally can also be counted from the January 2016 low of 6,403. Once this five way rally is complete a decline towards at least 6,403 should be expected. However, my preferred count shows that this five wave rally completes an impulse of one larger degree, which calls for a corrective decline all the way down to the March 2009 low at 2,134... It's no a question of "if", but "when" the DJT tops. So don't fall in love with Transportation and become overly bullish at this point.
DJ:DJTLong
by EWS
BTCUSD Perspective And Levels: How Low Can It Go?BTCUSD update: Price establishes lower high at 3808 and is poised to push lower, but the question is how low? I am going to present some possibilities based on Elliott Wave and Price Extensions. This chart further explains why I will not go long ETHUSD at current prices for a swing trade. In my previous report I talked about the double bottom on the 4 hour ETHUSD chart and price pushed back up above the 270 resistance. Some may wonder, why wouldn't I talk about that as a trading opportunity? The reason is, that particular price action does not fit within the criteria of my swing trading plan. That doesn't meant it can't be considered as a smaller time frame trade, like a day trade, but that is up to you. I do not write about day trade opportunities and setups because there is too much complexity and adjustments that have to be made for that type of trading especially to report in a timely manner. My goal here is to provide analysis that offers perspective and to help you make better decisions in general, but the emphasis is on swing trading. With that being said, I am waiting for a setup in ETHUSD that can get me in for a broader move, and since I am not shorting these markets at all, that means I can only wait for a long setup in the right environment. Since all the alt coins are following BTC, I am using this market to provide clues for timing such a trade. In terms of Elliott Wave, this market has established lower highs at 4120 (Wave 4 of C), and at 3808 which may be the beginning of Wave 5 of 5 which is likely to complete the corrective Wave C. A measurement of the current price structure reveals the 4.618 extension around the 2824 area which is located within the 3024 to 2497 support zone (.618 of the entire recent bullish swing). Also it is important to note that the 3003 level is the peak of the broader Wave 3 that was established in June of this year (see weekly chart). A retest to slightly lower levels makes sense and would be a convenient area for a completion of the corrective wave structure. (It would also be a very large double bottom relative to the 2980 low). This scenario can take a week or more to play out and will require a significant catalyst or series of catalysts to drive the required momentum. I will be watching for a break of the 3490 weekly low, which is the first sign that this extreme low scenario is more likely to unfold. So how is this information useful? For one, I will not buy anything at the current price levels. If price is going to build a bullish argument from here, it needs to take out the lower highs and establish a clear bullish structure. That means 3955 needs to be taken out, followed by a higher low. There may be fluctuations that offer opportunities on smaller time frames (like in ETHUSD), but until the market shows clear signs of resistance being taken out, on the swing trading time frame, this price action doesn't offer attractive reward/risk. In summary, make sure to separate your perspective by time horizon. Big picture and small picture can be very different and present relative opportunities along with their own degree of risks. As a swing trader, my risk parameters are clearly defined and if the market does not align with my requirements, I simply stay flat until it does. This market, the leader of all coins, still has room to test lows and the price structure to support that scenario. Using this information helps shed light on the fluctuations in the alt coins that may look more promising than they really are. If strength intends to come back to this market sooner, it will prove itself through the appropriate price structure and I can adjust from there. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
15
ETHUSD Perspective And Levels: Bearish Momentum And 260 Support.ETHUSD Update: The 271 level has been taken out as bearish momentum slowly works it's way back into the price action. If price takes out the 260 support (.382 of current bullish swing) then this market is more likely to retest the 237 to 219 support zone (.618 of current bullish swing). If price is going to get extreme, like I have been writing about in recent reports, a strong catalyst will be required to push price faster. I recently evaluated the BTCUSD and LTCUSD markets and the charts look the same. Momentum is bearish, and although the underlying bullish price structure has not been taken out yet (260 and 237 to 219 support areas in this market), any fundamental surprise will push these markets through these levels because the current resistance zone (271 to 291) is now a lower high. As we know by now, lower highs lead to lower lows which means there is less of the chance that the current support levels hold, and more of a chance they break. And a lower low within this context points to a Wave 5 of C which can take all these markets to retest the extremes (see LTC report). Now will this happen for sure? No one knows, and one scenario that will make for more of a bullish argument is if price can find support above 260 and then break back above the 278 level which is the .382 of the current minor bearish swing. Such a break would indicate the price is still range bound rather than bearish. If anything, buying at the current levels, and even the 260 support area carries more risk than is worth taking. The lower high that has been established in the 271 to 291 area means price needs to clearly break above the zone to open any possibility of seeing the mid to high 300s again. So in this market, I am only interested in buying in the following two scenarios: the extreme price scenario where the market retests the low 200s or lower. This is not a swing trade and does not have any stop, because risk will be managed through careful position sizing. (Just liked I explained in my LTC report). There is no setup for this, and no buying the bottom. IF price gets near the lows, especially quickly, I will start accumulating (core position for multi year hold.) The second scenario is the SWING TRADE setup within the 237 to 219 support zone. If I see a double bottom or higher low on a smaller time frame (30 Min) in that zone, I am willing to put on a long with a stop about 5 points below THE FIRST LOW of the SMALLER TIME FRAME reversal formation. The stop should not be more than 25 points of risk while my target will be in the mid 270s. Risk reward should be greater than 1:1. If price falls through the support zone with no setup, I will stay flat and watch for the first scenario. If this is confusing, just stay flat. You may wonder "Why anticipate a sharp bullish reversal off the 237 to 219 support when we are more likely in a bearish Wave 5 and supports are expected to break? The reason is there is an overlapping support zone. The 237 to 219 is within the broad 233 to 190 zone which has clearly attracted enough buyers to squeeze price back up to the 290s even in the face of extreme bearish momentum. I am simply looking for history to repeat itself. In summary, the coin markets in general looked poised to revisit lows and I am preparing for multiple scenarios by utilizing different strategies, Each strategy (position trade, swing trade) has it's own separate risk parameters and management style and it is important to understand this. If you don't then you will take risks that are not proportional to your account size. I try my best to explain my thought process to help you shape your own plan. This isn't a prediction or advice, it is a perspective. Also remember I am anticipating two scenarios out of limitless possibilities and I am NOT trying to be right, I am trying to be prepared, and most importantly FLEXIBLE by constantly adjusting to new information. Comments and questions welcome.
BITFINEX:ETHUSD
by MarcPMarkets
31
LTCUSD Perspective And Levels: Extreme Price Plan.LTCUSD Update: Same situation as the BTC market with consolidating price action just under the 55 resistance level (.382 of bearish swing). I am writing about this market to show what I am thinking for longer term positioning. This market has previously lagged the top coins, and seems to now be following the leader which in my opinion makes it more attractive for long term strategies compared to swing trading or day trading. Also the present price structure may offer a clearer hint as to what the leader (BTC) is more likely to do in the near future. First let's talk about the wave count. Just like BTC and ETH, this market is showing a 3 3 5 corrective formation with the current consolidation being a Wave 4 of C which means one more leg lower is likely and would be Wave 5. If this wave extends and revisits the low in any kind of dramatic sell off, it is possible to see price within the 37.50 to 22.50 range which is the .618 of the entire previous bullish structure (which it reached during the recent sell off). There is also a 1.618 extension at the 30.50 area which would be a convenient bottom area for a broad Wave 2 completion. Keep in mind I am not predicting that this market will reach these levels. At this point I know that price action favors bearish momentum which means lower prices are likely to follow but I do not know how low. If selling momentum asserts itself again, price may find support in the 41 to 38 area which is the .618 of the recent bullish swing (which would also put the possibility of an extreme Wave 5 into question.) Why not buy now? In order for it to revisit the extreme highs (like 80s and 90s), it first needs to push through the 70 to 80 resistance zone. Until that happens, price action will most likely be range bound and slow unless something fundamentally changes. This market is nowhere near that price zone, and instead hesitating just under the 55 resistance which I interpret as a more bearish sign. So the reason why I am writing about this market is this: Any retrace to lower support levels, followed by a reversal, offers a long term buying opportunity in my opinion. I want to be prepared before this happens so if price reaches these projected supports, I will know what to do instead of react or hesitate. My plan is long term and NOT a swing trade, which means my entry does not have to be precise and also means I am willing to take pain. There are two scenarios I am watching for. First is a retest and reversal back up off the 41 support zone. The second scenario is if price pushes extreme lows into the 30s or lower. In both situations, I will wait for the low candle to close, and then place an order to buy the break of the high of that low candle. TO BE CLEAR: This type of trading requires a solid plan and RISK management. I will not being using stops because it is a long term investment. So I manage risk through proportional position sizing instead. This means buying into it with an amount that allows me to take pain and still sleep at night. I can always add to the position on the way up. Again this is NOT swing trading, I must emphasize this because it has different risk parameters and management style. (No short term profit targets). In summary, this market is interesting in many ways and if it offers extreme prices again, would be one that I intend to build a position for the long term. Presently price action is slow, showing signs of bearish momentum and is following the BTC lead. There is nothing attractive about the current price levels. The goal of this analysis is to provide an idea of how I am planning to get into this market, but the market needs to provide the opportunity. The plan must be in place ahead of time because in the thick of extreme price action, emotion will often get in the way. As my former Forex colleague Todd Gordon says: Plan your trade and trade your plan. Comments and questions welcome.
BITFINEX:LTCUSD
by MarcPMarkets
25
BTCUSD Perspective And Levels: 3690 Pivotal Support.BTCUSD update: The key resistance is the 4203 to 4548 area which is the .618 of the recent bearish swing. If price fails off of this area, it will need to find support above 3690 in order to maintain the current bullish structure and a chance to push beyond the 4548 level. If 3690 breaks, that could be the beginning of a correction that can take price back to the 3000 level. As I wrote about in my previous BTCUSD report, this market appears to be in a C Wave and there are now 4 of 5 waves in place which means there is still a chance that Wave 5 unfolds. I am not predicting that it will, I am just going by the price structure that the market is showing at the moment. In order to add more weight to this scenario, the 3690 level (.382 of bullish swing) needs to be clearly taken out followed by a retrace to a lower high. On the 4 hour time frame, this process can take a day or two and will need a catalyst to ignite the required selling. In this scenario I would not expect support levels to hold, or only hold enough to generate a lower high followed by an eventual break of the 3227 level. If this price action materializes, I will be planning to invest at the extreme lows. Since all the coin markets are following this chart, you can buy any of them that suit your risk tolerance and affordability. Now to make sure what I just wrote is CLEAR: Buying at extreme lows is NOT a swing trade strategy and not short term in any way. It is also not technical and more of a sentiment play. It requires you have a well defined plan, understand sizing and can tolerate risk. If you are not sure what I am describing, then it is best to stay out all together because you will only get yourself into trouble. Buying into extreme lows requires the ability to handle the risk. And this is NOT advice, I am just sharing what I intend to do IF this market offers an extreme low opportunity again in the near future. A push to 3000 or lower would qualify as extreme for me. What if the market never retraces back to extremes? This is the other possibility where price pushes up into the current resistance zone, and pulls back into a significant support like the 3227 area without falling apart. I would categorize this price action as a range bound market which is not that unusual after the degree of recent selling momentum. In order for a market to get back to building bullish structure and pushing highs again, it needs to stabilize and build a base. A range bound market or consolidation is just that. This type of condition will offer trading opportunities, but they will have very conservative targets. Any swing trades that I take will be in the ETHUSD market while I use this market for further reference. In summary, the market will choose a scenario, and the best we can do is be prepared for which ever one unfolds. Using elements like support/resistance and Elliott Wave can help us figure out what to look for and prepare. I realize many new participants think that this is a game of "outsmarting" the market or predicting what it will do next like a weather report. Analysis is not like that at all because all financial markets possess an element of randomness that we cannot control. The best we can do is evaluate price action, find clues and use them to anticipate what the market may do, and if our scenario unfolds, we simply execute our plan instead of reacting emotionally. If price cannot break the overhead resistance zone, and starts breaking supports instead, that will signal to me to stay out of any swing trades and only look for investment opportunities at extremes. If the extremes never happen, then the plan will be to look for swing trades within a range bound market. I have my plan, now the market needs to choose which way it will go. And if the market chooses a completely different scenario, I simply reevaluate and adjust to the new information. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
30
BTCUSD Perspective And Levels: Room For Lows.BTCUSD Update: Since this market is leading the entire coin world, it is a good idea to gain some perspective on where this market can go in order to better evaluate the risk of your positioning in the alt coins. Let's begin with the current momentum since the recent price spike may have some people confused. The push back up to 3875 is just barely above the 3723 resistance (.382 of the bearish swing), and now price is retracing. A retrace to test the low is not unusual and can possibly offer a buying opportunity. The key support area for this scenario is 3319 to 3171. If price can reverse in this area, then a broader higher low structure will be in place and offer a short term (swing trade) opportunity with a conservative target. If this scenario unfolds, I expect the alt coins to follow. Reversal formations within the support area are the key requirement in order to define risk. What happens if price falls through? Great question I'm glad you asked. If price pushes below 3171, then it is likely to retest the 2980 low. If that breaks, then that opens the door to a retrace that can revisit the 2497 level which is the bottom of the zone. This support zone is the .618 of the entire previous bullish swing and would be a convenient level for a broad Wave 2 to bottom. More on Elliott Wave in a moment. If this market presents the scenario where this support zone breaks, the next support is 1930. Yes it sounds a little extreme, but it is the 2.618 extension projected from the 5000 high. I am NOT saying that the market will test this low, but IF it presents this scenario, then there will be some great investment opportunities in the alt coins in my opinion. In terms of Elliott Wave, this appears to be a 3 3 5 correction with the current spike being 4 of C which means there is a greater chance that Wave 5 of C unfolds and as we have seen , Wave 5s have a tendency to extend. That is why I mention 1930 as a possibility. 1930 also happens to be the bottom of the previous Wave 4 when the market was still in the bullish structure if you look further back on the chart. Within this bearish context, it is very important to wait for confirmations and have conservative short term targets for swing trades. Investing, as I have emphasized before is a different strategy that contains different risk parameters. If you are investing for the long term, then you must understand the risks, and see new lows as an opportunity and not have to worry so much about precise entries. I am using this chart as a reference point for both swing trading and investing. As a swing trader, I am waiting to see if this market can stabilize somewhere within the 3319 to 3171 area I and will be watching cheaper coins like ETH and LTC for short term trades with conservative targets. As an investor, I am just watching to see if this market pushes lows so that I can purchase some lower priced coins for the long run which means I am buying to hold. It is a completely different strategy compared to the short term trades that I write about. In summary, BTC is clearly leading the alt coins as evidenced by the similar chart structures across the board. If you are not trading BTC outright, in a sense you are still exposed to its price action by purchasing any alt coin, so it doesn't hurt to have some perspective on this market. Being that we are in a corrective C Wave, this market is more likely to retest the current low, if not push into lower territory before the bearish momentum exhausts itself. If a higher low forms, there may be a short term buying opportunity, but as far as going back to 5000, that is not happening until this market builds more of a base. In my opinion, this correction is a broad Wave 2 and when the bottoming process is complete (which can take weeks) that will eventually be the beginning of large Wave 3 and those of you who have been reading my analysis consistently should know what that means by now. Questions and comments welcome.
BITFINEX:BTCUSD
by MarcPMarkets
28
Target zone for wave 5, comment on Sheba Jafari & Goldman Sachs If the corrective wave 4 is concluded, and it looks like it is, the target for BTCUSD is minimum $6000. If the correction is not over, then what is wave 4 for now, will become wave A, and we'll see wave C going below $3000, then wave 5 will proceed with slightly lower target. The structure of BTC movement during last years is perfect, textbook Elliott Wave. Wave 5, that Sheba Jafari of Goldman Sachs was referring to was only the internal wave of wave 3 visible above. CNBC also reported on her analysis on Mon, 14 Aug 2017. You can check it out. Here I present the bigger picture of what she was talking about.
BITFINEX:BTCUSDLong
by Petros
4
USD/CAD - Wave 1/ is expected to complete near 1.1925USD/CAD has seen a nice impulsive decline from the May high at 1.3794. This impulsive decline is coming to an end near 1.1925 and marks the end of wave 1/ of 3. Once this wave 1/ decline is complete a corrective rally towards the top of wave iv of one lessor degree at 1.2778 is expected. A rally back to the top of wave four of one lessor degree is a very common corrective target. That doesn't mean that the correction in wave 2/ can't break above here, but more often than not the top of wave four of one lessor degree caps the correction in wave 2/. Stay positive towards the Loonie, but don't fall in love with it just now.
by EWS
ETHUSD Perspective And Levels: New Highs And New Supports.ETHUSD Update: New highs provide for a clearer wave count, new levels to watch for and further strength but there is also an increased risk. Finally a decisive breakout to a the 368 high and almost reaching my previously written about 374 target. Higher highs obviously signal strength and that support levels are more likely to hold on any subsequent retracements, Many traders have asked me about buying back into this market at lower levels, but I could not justify the risk and I still can't. For those of you who could, nice trade so far. This breakout generates new structure to consider going forward. In terms of new support levels, 316 (.618 of current bullish move), 336 (.382 of current bullish move) and 349 (inversion) are the new levels I will be watching for a retrace to eventually when this market pulls back. The next resistance is the 374 level followed by 392. Which are structural resistances that date back to the market highs put in on 6/12 and 6/18 of this year. 392 is also worth noting because it is a 1.618 extension that is relative to Wave 1 of this current 5 wave structure that we are in. Extensions tend to be levels where waves complete. On that note, the current breakout allows for new labeling of the recent price action structure. Subdegree Wave 3 now has 5 subwaves and is nearing completion. Can it extend to reach the 392 resistance? Sure. The problem is when I see 5 wave structures, there is an increased chance for a market correction. I have been very cautious as this market was inching higher, and the higher it goes without any retracement, the more cautious and conservative I get when it comes to taking any new positions. In terms of retrace, IF the market pulls back to 350 or 336, I will consider a position depending on the price action at the time. Right now, this is generally a slow up market and there is really no sign of immediate weakness. The reason why I call this market risky is because I do not buy highs, especially after being able to count a 5 wave structure. I also won't buy at any random price just because I "feel" like is going higher. That is impulsive behavior that I rid myself of years ago. The market is a harsh teacher. In summary, the upside break out is certainly a bullish sign and implies further strength. It also generates an updated wave count and support structures that provide levels to consider in the near future. At the moment, I cannot justify the risks involved with buying at these prices and prefer to stick to my plan which is to adjust my levels to watch for and wait. If the market continues to the 374 and 392 resistance levels without me, I am fine with that. Remember it is all about the risk you are willing to take and my trading plan is structured to direct me to buy lows, not highs. You don't have to follow my plan, you need to have one of your own and I hope my analysis helps you within that context. Comments and questions welcome.
BITFINEX:ETHUSD
by MarcPMarkets
33
ETHBTC Perspective And Levels:Clear Wave Count Implies Strength.ETHBTC Update: In terms of BTC, this market has a clearer wave count that points to one more upswing before a broader correction unfolds. The high .089s to the low .090s area is a reasonable zone to expect a Wave 5 completion which sheds light on the potential of the upcoming ETH upswing. I have been covering the ETHUSD market very closely, and since not much has changed since my previous report, now would be a good time to explore it from another perspective. Many participants buy and sell in terms of BTC, and because of this, there is an additional layer of complexity that can cause confusion when evaluating these markets against the USD. Before I get into the levels, I want to mention that when you buy ETH against BTC, you are essentially shorting BTC. Just like when you buy the EUR against the USD, you are long EUR / short USD. Compared to BTC, fiat is extremely stable. In the fiat markets we are using leverage to take advantage of fluctuations worth fractions of a penny, while BTC climbs dollars per minute. It is possible for ETH and BTC to go up at the same time, but then the focus becomes about the rate of change. ETH must rise faster than BTC and this pair will go up. If both are rising at an equal rate, this pair will show no progress. And if BTC is rising faster, ETH will decline. And this is why I prefer to buy against the USD. USD is generally weak to begin with, and even if there is any buying, it is fractional compared to the price action in ETH. So let's talk about levels and what this chart tells us about ETH. First it is important to note that .060 to .079 BTC is a very broad support zone that is relative to the .618 of the larger bullish swing if you look back at the price history. And at the moment, bullish price structure is working it's way back up and away from this area which is a bullish sign. There is also a support zone at the .07014 area to the .07376 which needs to be maintained in order for ETH to go higher. As far as resistance, there is zone from .08306 to .08781 which is relative to the .618 of the recent broader bearish swing. A price push through this area can lead to a retest of the low .090's which is not unreasonable when we observe the current wave count. In terms of Elliott Wave, there is a clear impulse structure in place that meets all the requirements. The current bottom of Wave 4 does not overlap into the area of Wave 1 and this market is in the early part of a Wave 5. And since Wave 5's have more of a tendency to extend, reaching into the low .090's to complete Wave 5 is within reason. In summary, observing these markets from different perspectives can provide additional clues about what to expect in the near term. This chart, just like ETHUSD, is full of bullish structures and implies that if anything, ETH should rise at a faster rate than BTC. Since I buy ETH in terms of USD, I use this chart to give me additional insight, and not for buy and sell signals. Comments and questions welcome.
Long
by MarcPMarkets
14
Ethereum buy signal in 1 hour chart! I am long.My entry: $280 My tight stop loss: $266 (≈5% loss). Target: 1. $325 (RR ≈3.2) / 2. $340 (RR ≈4.3) / 3. $360 (RR ≈5.7) Facts: • We had a higher high at §319. • Volume increased after the weekend. • Rebounced at $272 support zone (.5 of bearish swing). • We should be in wave 5 which can bring us into the $360+ area. This is no recommendation. It´s just my personal result of my analysis. Do your own research. Comments / opinions most welcome!
Long
by r2d2One
4
ETHUSD Perspective And Levels: Minor Retrace Next Bullish Swing.ETHUSD Update: 306 resistance taken out, but 315 still holds. Is this a giant head and shoulders reversal? I've mentioned this before and I will address it again. In terms of Elliott Wave, I am evaluating this current bullish swing as a subwave 1 of the larger degree 5. Let's begin with the head and shoulders. I keep getting questions about it, and my evaluation is this: Within the context of the BIG picture, counter trend chart patterns carry little weight. I didn't learn this lesson from a book. If you lost as much money as I have shorting strong markets on these types of patterns, then you would have a better understanding. The underlying structure of this market is bullish. To add to that argument, the head and shoulders has appeared within a broader Wave 4 which means there is a higher likelihood for a Wave 5 to unfold which can take this market into the 350s. Now in terms of wave counts, I am labeling this move as a subwave 1 of the larger 5. This means a subwave 2 is likely to follow which can lead price back to the mid 280s. This is NOT a prediction, just a possibility based on the proportion of this up swing. As long as price does not fall below the 270s, this market will remain poised to break the 315 resistance, even if a minor retracement gets in the way. That is why I see no reason to adjust my current long position. In summary, do not be distracted by chart patterns and/or opinions of others if they are not in line with the bigger picture. In order to PROVE a "head and shoulders" is in place, support levels need to be broken and so far they hold. Also the bullish structures that are in place, continue to be untested, which implies strength. Remember financial markets are fractal in nature and this means not all information is weighted equally. In the context of a strong market, bearish reversals or signals on smaller time frames carry less weight. Price will have to make some serious moves lower in order to prove that a real change is taking place. Listen to the market. Questions and comments welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
21
ETHUSD Perspective And Levels: 279 Double Bottom And Wave 5.ETHUSD Update: There is a double bottom off of the 279 support and a 5 wave triangle completion. Based on this structure, I believe we are in the beginning of the larger degree Wave 5 that can take this to at least the 350 area over the next week. In my previous report, I posted an update about an hour ago with my trade entry at 294.76. I immediately received a PM asking me why I changed my mind so fast. When things line up, I adjust, and to compensate for the additional risk I took a smaller position (50% of usual size). My stop is at 276 and my target is 340. Risking 18 pts to make 46. That's more than 2:1. Posting trades on this platform in a timely fashion is very difficult for me, especially since trade setups do not always appear around the time that I can write a report or update a previous report. I have been waiting for the retest of the 263 support, but the market has firmed up sooner. The 279 double bottom is very significant and the initial push off that level is a bullish sign. The best entry price was in the mid 280s. I have been highlighting the 279 support level for while now (see previous reports). The other major signal for me is the fact that 5 corrective waves can be counted within the Wave 4 triangle. Typically when you can count 5 waves in these formations, they are more likely to break out and coupled with the double bottom is very compelling. Wave 5's are the most predictable wave in my opinion because they require 4 previous wave structures in place, which takes a lot of time and effort for the market to build. The next levels that will signal this Wave 5 is likely to continue toward the 350 area would be breaks of the 306 and 320 resistances. My target is at 340 because it is just under the 350 to 380 resistance zone which would be a convenient area for this wave to complete. The BTC relationship has been causing concern and why I have been hesitant to enter this market until now, but there is something we must realize: the relationships between these markets is not fixed. Meaning just because BTC goes up 400 points, ETH must go up a fixed % of that. I wrote about the relative strength because I am always trying to detect it and use it as a guide. If it is there, great, but if the BTC lead/altcoin follow relationship lessens, I'm not going to spend a lot of time figuring out why. As long as my market has signals and presents attractive reward to risk according to the criteria of my plan, I will take positions. I'm flexible. In summary, this market is showing technical signs that a Wave 5 up is in progress and I am willing to participate with a lower risk position. The double bottom off of the 279 key support and the Wave 4 completion are adequate signs. I'm curious to see if any additional profit taking in BTC or some of the other "bubble" alt coins contribute to a new high in this market. Comments and questions welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
36
The Bitcoin Rally LONG Continues #2In my opinion, Bitcoin seems to be completing a Wave 4 Triangle formation and will soon breakout of structure to start wave 5 LONG. It seems Wave 3 has already been completed and provided another base Resistance level. Wave 5 target range would be largely due to the impending Aug1 SegWit, as information was provided on my previous analysis here: which it explains the impending August 1st SegWit upgrade and the market entering panic stage (wrongfully because of too many amateur traders), which most likely will result in a deep ABC or possibly a very lengthy double combo WXY Wave combination, until the market settles and things return back to normal. In my analysis, I have added 2 paths which I believe are highly probable to take place, one primary and one secondary. TDI suggests the RSI is not yet quite reached the overbought position, therefore, we can expect an additional upward move, which in my opinion confirms again the possible wave count. I have already entered 3 times since price action had reached the Gartley entry point on the 16th of this month and I shall be holding on to BTC long-term, as I believe once the upgrades have been completed and the panic by the amateur traders has subsided, BTC is surely set to reach above $4,000, possibly more in the next few months. It is also possible to trade the breakout of structure from the triangle formation, however, TP must be at the next Resistance level SL (Stop Loss) must go to BE (Break Even). ---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out. .....::::: If you like this chart, please click on the THUMBS UP ! :::::..... ----------------------------------------------------------------------------------------------------------------------------------------------------------
BITSTAMP:BTCUSDLong
by UnknownUnicorn661419
The Bitcoin Rally LONG Continues !After my previous analysis here: Where the Harmonic Bullish Gartley was confirmed as well as a Head-And-Shoulders Pattern noticed (Thanks VitalyKaminsky) and a breakout of the structure/channel upwards in a bullish trend. An Elliott Wave count seems to be in progress, where a Wave 1, 2 and 3 have just been completed (Caution - Possible extension on Wave 3 - Patience), and it seems Wave 4 is now progressing. Once wave 4 has completed, we should see another Impulse move pushing price upwards to around the $3000 ~ $3100 area, according to my calculations, using Fibonacci extension. Once this price has reached, I shall make another analysis, where I believe the ABC Corrective waves may possibly last for a considerable time, thus pushing the market sideways, until the Segwit2x, UASF and the Possible Fork issues are resolved/completed and all testing has confirmed there are no issues. Here is what the Segwit2x, UASF and Possible Fork issues mean: 99bitcoins.com And an additional follow up here: 99bitcoins.com In my opinion, now is a reasonable time to buy Bitcoin whilst you can still get in (although you are a little late), if you haven't already, especially once price action hits wave 4. I do not see any reason for concern to panic sell the coin, as once the Segwit2x, UASF and the Possible Fork issues are resolved or during the ABC corrective waves, which thereafter, we should see a huge increase in price, well above the $3000 USD mark and it wouldn't surprise me if price action surpasses the $4000 mark or greater, after the 1st~6th August time frame. ---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out. .....::::: If you like this chart, please click on the THUMBS UP ! :::::..... ----------------------------------------------------------------------------------------------------------------------------------------------------------
BITSTAMP:BTCUSDLong
by UnknownUnicorn661419
2
Litecoin on Triangle completion to wave 5 impulse?It seems litecoin (LTC) has completed a Wave E (in a triangle) and has now started to progress through a Wave 5 Impulse towards the upside. Price action is above all 5 EMAs, including the Ketchup (5 EMA). Interestingly, TDI shows the start of a possible shark fin move, however, due to the fact we are at the 0 Position with RSI, I am unable to predict the next move based on TDI. I've also used Resistance and Support areas (including trendlines) to predict the next moves for Wave 5 Impulse, as well as Waves A, B and C. In my opinion, a good time to purchase this Cryptocurrency (LONG it) on the BREAKOUT of structure for Wave 5 impulse. This would validate the wave count and also provide additional confirmation of the upward move. There is also a possibility that my wave count may be invalidated, should price action rebound off the upper trendline of the Triangle, downward and through to the lower support ranges. Therefore caution is always important before placing a trade (or in this instance when purchasing cryptocurrency coins). ---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out. .....::::: If you like this chart, please click on the THUMBS UP ! :::::..... ----------------------------------------------------------------------------------------------------------------------------------------------------------
Long
by UnknownUnicorn661419
6
High Probability SHORT on the Daily for a Bullish Butterfly ConfIt seems we have a good setup here for 2 trades. The first is a SHORT and the second is a LONG, after the harmonic pattern confirmation. This seems to be a very high probability trade on the Daily for Twitter Inc, where price action has reached a significant resistance area and point in the structure, at the top of the channel/trendline, where a very high probability of a retracement will occur and a good signal for entry to a SHORT at the breakout of structure. My elliott wave count currently shows a Wave 5 in progress on the Intermediate period, where Wave 5 exit/target would be at around $9.64. Current position of Wave 5 seems to around the 30% mark, so there is significant profit to be made by SHORTING this stock once the breakout signal is shown by the Price action. TDI not only shows massively Overbought position, but we have what is no doubt a Sharkfin out of the water with blood around it, signaling a very high probability of a SHORT as well. In my opinion, there is a good opportunity to Enter into a SHORT on this stock and trade it to the bottom of the Wave 5 Intermediate. Once that is reached, we should have confirmed a Bullish Butterfly Harmonic Pattern, which would then provide a good signal for a LONG entry to trade the Corrective ABC waves. ---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out. .....::::: If you like this chart, please click on the THUMBS UP ! :::::..... ----------------------------------------------------------------------------------------------------------------------------------------------------------
NYSE:TWTRShort
by UnknownUnicorn661419
Great LONG opportunity on breakout of corrective structureIt seems we have a great opportunity for a LONG trade on the breakout of the corrective structure. EMAs show price action has hit the Mayo on the reversal and has also just hit the Water with a wick at the bottom of the candle. In my opinion, on the breakout of the corrective structure, a great setup will have been confirmed to trade the entire Wave 5 Impulse wave. Note: There are about 5 Cypher patterns possible in the Hourly chart, however too many mixed signals for Harmonic patterns to be used in this particular chart at this particular point in time, I've preferred to stick with a pattern breakout of corrective structure. ---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out. .....::::: If you like this chart, please click on the THUMBS UP ! :::::..... ----------------------------------------------------------------------------------------------------------------------------------------------------------
ASX:RIOLong
by UnknownUnicorn661419
Comcast Approaching Wave 4 on Minor Period for a wave 5 LONGComcast Corp New seems to be approaching the completion of a Wave 4 on the Minor period before continuing upwards for a Wave 5 to the upper structured trendline. Stochastic seems to be approaching overbought position whilst RSI seems to indicate downwards movement to oversold position, as well as MACD suggests continued downwards movement for a confirmation of wave 4 on minor period. Structure suggests that we have already broken out of wave 3 Minor (confirmed) and needs to complete wave 4 before starting wave 5, which should be a great trade. Once price action reaches the top structured trendline, we can take a massive SHORT to trade the correction/consolidation of the chart for some really great profits ! My gut feeling is that this stock will drop substantially, possibly below the lower trendline but we shall wait for now to see which way investors view the continuous dubious practices which have landed Comcast the largest ever FCC cable fine ($2.3 Million) which suggests upper management panic due to possible poor subscriber numbers, together with CNN's continuous engagement into fake news announcements and leftist rhetoric and poorly executed journalism, resulting in very low viewer audience which may possibly affect investor confidence over the next year. ---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out. .....::::: If you like this chart, please click on the THUMBS UP ! :::::..... ----------------------------------------------------------------------------------------------------------------------------------------------------------
NASDAQ:CMCSALong
by UnknownUnicorn661419