Pillarstric

Pillarstric Updated 

1 hour Bitcoin chart currently at significant support level (~11,680). Easy to think it's a good bounce play for a long, however stoch RSI at highs, price diverging from OBV, MACD losing momentum; all signs of a slowing trend. This support level lines up perfectly with the 4 hour and 6 hours 100 MA levels (yellow), which I may link to this post. These should all...

Pillarstric

Bitcoin has had an incredible recovery from the liquidation cascade/fire-sale back on March 12 which drove the price from 9150 to 3850 in a matter of days. From the lows, we pumped over 160% - insane. But now that everyone is super bullish, a slow bleed downwards wouldn't surprise me, especially considering that the trend seems well and truly over-extended at this...

Pillarstric Updated 

Scaling into some Bitcoin shorts here. Very heavy moving average resistance, 0.618 level, losing momentum at key range level, exhaustion. If Bitcoin breaks above 8k convincingly I will look to reassess my plan, but so far, so weak. Expecting a break down from the rising wedge, then a visit to mid 6k region eventually. From there, if everything looks good, I'll...

Pillarstric

The trade is simple. - We have a nasty rejection wick on the 4hr. - We are printing out a potential double top formation. - We are pushing against 100EMA If we can get a convincing close below the 100EMA we are off and running for a nice short. If we bounce here, I will look for longs on the 15m and 1hr (PA and a break in structure). For now I wait to see...

Pillarstric

As you can see on the chart, Moving Averages and Exponential Moving Averages can play a significant role in determining support and resistance areas. This is multiplied further when there are two or more MA/EMAs at the same price level, and these can make for great validation levels; "If price closes above these 3 MAs, look for long entries on lower timeframes"...

Pillarstric

The best (most interactive) MA/EMA's can be great confluence factors for picking high R areas of interest for taking or exiting positions. When more than one MA occupies a specific price point/zone (particularly higher MA's), there is a lot more liquidity due to the congruence of different strategy traders and bots taking positions around both (or more) of the...

Pillarstric

That was it folks. Thanks for playing. After that incredible pump from $7,400 to $10,600, we were guaranteed a nice big pullback to enter for the next leg up. As it happens, Bitcoin has just wicked down to the candle-body highs of the previous range, along with the 0.618 confluence of the bullish move from the $7400 lows. I have increased my long position from...

Pillarstric

*Take your time looking at the chart as you read, since there is a lot to visually take in* In my last analysis, I outlined how Bitcoin needed to retake the 'key level' at $10,900 for there to be any chance for a meaningful long. Fortunately this hopeful scenario was quickly made redundant, and as expected, once we lost the 'last hope' support, we experienced a...

Pillarstric Updated 

Basically we either bounce off the "Last Hope" level and create a new recent higher high (then moon), or visit the lows of the descending triangle again; which then has a very high chance of failing after so much pressure over the last few months. I am long off this "Last Hope" support, with a stop just under the same support level. *Even though it is a...

Pillarstric

On the 1 hour chart, Bitcoin has pushed higher out of the ascending triangle and proceeded to stall in what I see as a bull flag. I expect price to reach the high TF downward sloping resistance of the descending triangle and will close longs and flip short around there on my leveraged account. - RSI also overbought on this TF - Idea invalidated on a close below 10.5k

Pillarstric

Basically I see this as a descending triangle, with a technical target possibly below 5k (yikes!). This bearish triangle looks more complete on the daily or 4hr chart but I also wanted to show you that this also looks like a massive bull flag (in pink) on the weekly time-frame LOL. Target for the bull flag would be at the 20k resistance level, and I will enter a...

Pillarstric Updated 

After bouncing off the bottom of its long term channel on 30 April and breaking above the resistance at 157, Ethereum has continued on to test the top of the same channel for the third time, reaching a new recent high of 207. While I am not looking to play ETH at the moment, this development must be analysed to assess future potential price entries and stay up to...

Pillarstric Updated 

What a week. Since the beginning of the week at May 6, XBT/USD has increased over 36%. Some say it is manipulation, others say that the bull run is in full effect and there is no looking back. While I don't personally disagree with either of those opinions (of course the crypto space is manipulated), we must still pay attention to long term trends! Last bull run,...

Pillarstric

In this ETHUSD chart based on the Bitmex perpetual swap we can see ETH has been moving in a clear channel for months now. After being rejected at R1, price has trended to test the channel support and forcing it to make a decision. IF ETH confirms a break below the channel support, I am looking to short to the lower blue rectangle (R2) acting as price...

Pillarstric

BCH has printed a double top formation suggesting that a short-term high is in and signalling a short-term bear-trend. After breaking below the first blue rectangle on the chart, price action confirmed bearish pressure and brought the price to rest just above the second blue rectangle. If price breaks below this support/resistance zone I will feel very comfortable...

Pillarstric

In the chart you can clearly see that BTC is holding the support of the rising wedge for the moment. At the same time it has reached what has been a long-term support and resistance level to watch out for to gauge price reaction. Additionally we have achieved what many people call the "Golden Crossover" were the 200EMA (black) and the 50EMA (yellow) cross to...

Pillarstric

This is a rectangle chart; outlook doesn't look too good

Pillarstric

Rising wedge looks pretty good