JamesRennie

JamesRennie

I expect there will be one more Bitcoin Bull wave. Being Wave 5 that will be less than 18 weeks long. Currently, Bitcoin appears to be in Eliot Wave 4 and alts starting their wave 3. Wave 4 is the hardest to predict as such I'll just HODL through it. TA is about probability I like it when the odds are in my favor. This alt cycle will also be less than 18...

JamesRennie

Looking for major ETH/BTC break out on the weekly chart.

JamesRennie

I called this one way early if you look at my previous posts. I am watching to see if this can break the previous trend line.

JamesRennie

If ENJ is able to take back ground it has lost against Bitcoin previous ATH was 10x where it is now. First target is 20 MA and 2nd is 0.236 Fib. The 2nd target is almost a 3x.

JamesRennie

Last week was local bottom with really back into channel. Looking at BB and FIb in relation to channel the next target seem likely to be 0.04285. Is it possible that ETH tests it's all time high against BTC. As the $ all time high gets closer and closer it's really not clear by how much ETH will out perform BTC.

JamesRennie

Right now ETH is about 10X from it's bottom. In a traditional market that sounds amazing. On an asset that saw a 95% drop before that it's terrible. It's important to look at long charts and look for the averages to really be moving up in exponential terms. I'm not saying ETH always goes up or down. Rather that it is volatile beyond which most people...

JamesRennie

On the hourly chart there is a wedge forming it could break either way but I think down is more likely. If it breaks down we see Bitcoin go sideways while alt coins rally. Then I expect Bitcoin to break down to 21 weekly EMA. Before we see Bitcoin's next rally.

JamesRennie

Ok there is a lot going on with this chart but I'll try and explain it clearly. If you look carefully you can see the blue marker showing price change 35%. What I did was add a 21 weekly Exponential Moving Average(EMA) to the chart. Then measure the difference in price between the moving average and current price. You can see at that time it was 35%...

JamesRennie

On the weekly chart we see a breakout though the week is still not over yet. Now if you look at a shorter 4H time frame you see something different. Clear divergence and a possible head and shoulders patter. Also ratios make this definitely not in favor of Bitcoin. For example for ETH to double in price it has to reach close to it's previous all time...

JamesRennie

I have outline a few indicators on the daily chart that gold might be returning. To me the best two indicators are bounce above 200 daily MA and bearish sentiment. This market still seems full of fearful people.

JamesRennie

Bitcoin is showing it's normal flat characteristics going into an alt coin market. I expect this will be stable on the weekly for 4 to 8 weeks. Then reversion to mean to retest 21 MA.

JamesRennie

Looking at the chart for the post I have added 200 EMA and 200 MA. Not looking to time the bottom but capture most of the downwards movement. Looking to buy at 22.20. Stop loss at 19.50. Also take profit at 30. Actually looking to sell closer to 50 with trailing stop loss. $30 take profit target is more for risk reward calculation. Looking at the weekly...

JamesRennie

To be clear I am not looking to day trade. I am using weekly charts to capture changing market cycles in crypto. Short term fiat values go up and down but when done right each new cycle you should have more of each coin bull or bear market. 6 Weeks ago I moved to alts some are doing amazing and others still struggling. I am looking for down side target around...

JamesRennie

Not enough chart information. On USLVF to really chart it well but it's roughly 3X Silver then fees. I have linked my Silver chart below. During the previous Bull run in Silver I sold a couple weeks before the top at 119. Due to being leveraged I was trying to get 3X on the less risk part of the Silver time line. I started to notice people wanting to buy...

JamesRennie

Watching this chart for an entry point into Silver. After posting about Silver for months on a 3X leveraged trade I sold. The easier position to take on Silver if none leveraged would be buy and hold to about $75 that's my longer trend upper target.

JamesRennie

Still have not past 2.618 fib level. The direction forward depends on a break down of this channel. It's very possible that Bitcoin does not correct till altcoins are rising. My BTC.D charts show alts will out perform Bitcoin in coming weeks.

JamesRennie

Trend line resistance is holding up and Bitcoin is starting to loose ground to alt coins. My downside target is 55-52 currently. I'll update in a future post. I linked 2 previous posts below.

JamesRennie

If you look at all the images below you see that Bitcoin has not been able to exceed 8 green weekly candles in a row since 2013. It seems unlikely based on the number of times it has failed to do so that odds are not in favor of a green week next week. It's not impossible though and I have included the longer term trends in 2013 in images below.