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Wick

Strong Wick Very Bearish On Week ChartI am trading intraday with a bullish bias. However the week candle has now printed an incredibly huge rejection wick. This means BTC is not yet in a place where a long term bull trade is justifiable. That rejection wick is going to take a lot of buying pressure to get past which means tests to the bottom of the range are still very likely. Probably not a good idea to hold longs to the 4200 resistance region, at least not until something changes in a big way such as the weekly coppock curve popping above 50. The long term bear target of $1k to $2k is still possible if this recent triangle congestion does not hold. I am looking to buy at the bottom of ranges that form in the POC region at around 3600. If those trades do not work I will start to trade with a bear bias again.
by mljones
Short term price consolidation on BTCNice run! Finally! With bull volume! But we are getting overbought on the short time frame and therefore need to see a steady pull back in price with low bear volume before another leg up. Wick on Daily bar insinuates a pivot point in current trend. J on KDJ (yellow) shows short term overbought. 100ema smacking bitcoin as price resistance with 200ema right overhead. However, RSI is building strength for more and KD on KDJ shows room for a bit more push up. MACD shows room for more divergence. Best setup would be pull back for 2-3 days and then another leg up making possibly the 4-5 leg.
COINBASE:BTCUSDLong
by Artemizios
ETHUSD Perspective And Levels: Points Away From Extension.ETHUSD Update: 390 high has been reached followed by immediate selling back to 365 as bullish momentum continues to flow in this market. The current candle is showing possible signs of a bearish wick, and I am watching this price action carefully. Momentum and trend are two separate variables when it comes to price action. It is possible to have bearish price momentum within a bullish trend and is essential for a price retrace whether it is major or minor. I don't talk about candle sticks much in my evaluations because often there isn't much to say since the price action is often obvious, but on the 4 hour chart, there is a shooting star that took price back to 365. That may just be noise, but if similar price action appears on this daily chart, then that would be a sign of an oncoming retrace. The key to observing this is waiting for the candle to close. In this broader time frame, that will be 20:00 or 8 PM EST (UTC -4). At the close, IF the long wick is present, then watch the low of the candle which at the moment is 365. If that breaks, that will indicate bearish momentum and the beginning of a retrace. The first support level I am watching for is 351 which really isn't that far. If price falls through that then 326 is the next area to watch. The wave count also shows 5 waves and this market came within 2 points of the 1.618 extension of the Wave 1 of this structure. These extensions are often completion points and the confirmation of a bearish candle near this level just adds to the argument. If no bearish candle forms, and price pushes through 392, then this market is more likely to see the 400s, which is great for people that are still long. Keep in mind, I am not bearish on this market, or trying to fight the trend and especially NOT looking to get short. I buy into weakness and sell into strength (assuming a bullish trend) and for me, highs are places to take profit and not buy. I am just waiting for an opportunity that makes sense to ME, and I am sharing my thoughts. You don't have to agree, or wait it out like me. That is up to you and your trading plan. In summary, strength continues in this market but we may be closer to a retrace as per the choppy price action from 390 to 365. The wave count and 392 target also adds to the argument. As the market pushes higher, the chance of a retrace increases and I want to stack probabilities in my favor, so I wait. Waiting is not easy, especially with all the noise and hype that is around us at all times. This is why having a trading plan and following it is more important than "catching all the moves". Comments and questions welcome.
BITFINEX:ETHUSD
by MarcPMarkets
25
EJ Short based on weekly PA (wicks)PA has struggled on the weekly leaving some nice wicks. Looking at the Daily time frame it's easy to see some levels. I'd prefer to see the shooting star from 2 weeks ago get tapped on the inside (as often happens) then go short but if wicks are your thing and it works for you then go short now. I've then got my eyes on the level that has acted like a magnet for the last 6 months as a target but there is the nearer level on the way down I'd be keeping an eye on to see a break and test before going down to our targets.
Short
by CromerKing
1