Smoak

Smoak Updated 

As the chart shows, ethereum has made a nice inverse head and shoulder pattern and is trying to break the neckline. If it can break through we have a target at the 520 area.

Smoak

This is pretty neat. As you can see on the chart, Ethereum Classic bounced off a confluence of 3 major trendlines. There is a ton of support here so I don't think ETC falls below $14.00 even if bitcoin takes a dive down. As for the target, I took the angles of the past bull runs and, when averaged, ETC likes to spike at an 83 degree angle. Projecting that...

Smoak Updated 

Ethereum classic etched out an inverse head and shoulder pattern and has broken the neckline. If we get a pullback the neckline will be our new resistance and would be a good entry. Target of the pattern is $16.42

Smoak

This gives us a pretty cool picture. I've overlaid bitcoin on the bitcoin shorts chart and we see that short positions have peaked. This provides useful insight into market psychology and human behavior. Sometimes human nature leads us astray.

Smoak Updated 

Bitcoin has been in a state of indecision for the past week. we've seen or ups and our downs but in the end we have been moving sideways and this is the reason why. The green trendline is the the one that has been holding us. It has been there since October 18, 2017 and saw us up to our ATH. The blue trendline is another old one that has been with us March...

Smoak

I posted about a quick Dash trade earlier today and that will provide some additional info. Moving on, I've taken a better look at Dash now and it will soon test its all time highs against bitcoin. What I'm not clear about is how Dash will perform against the USD. Bitcoin is pretty neutral right now but the technicals are telling me it is poised to drop to...

Smoak

I'm on a low time frame so you can see how dramatic a drop Dash just had. With this drop, Dash just hit the daily support. The indicators show more drops to come; however, it is normally the bots that cause this movement and in looking back at the charts whenever Dash gets hit like this there has been a good relief spike afterwards. Might be risky as a...

Smoak

As the chart shows, we have a pretty good trade setup. The reason this is a good trade is because we could see a good bounce in this region. On the downside, we are safe if we put a stop at 6400 --- this is below the major trendline bitcoin has been holding. So, there is a potential of a good upside but the downside is small and we know that if we get stopped...

Smoak Updated 

I've closed out my trades and am expecting a fall now that we are hitting heavy resistance. We have established some support at the 172 level but if we break that I think we will probably drop to 167.

Smoak

We should drop down to this level now.

Smoak

Icinomi is starting to fire up again and should give really big profits over the next days. Great trade setup here and the fact that it is firing up is a very positive sign for bitcoin.

Smoak

Ethereum is starting to breach the neckline of the inverted head and shoulders pattern. This presents a strong buy signal and will get us back to the 420 level. If we can cross that level that gives us a second target of 520.

Smoak

We should see a big bounce pretty shortly. Personally, I'm stocking up on Dash, Litecoin, Ethereum since they have been hit so hard.

Smoak

I've posted a couple ideas with abnormal bot activity and while I haven't figured out the timing just yet, I do know that when the bots show their hand you know they will come through. When we get one of these crazy candles, the opposite of the candle happens for awhile. So, we have to go down for awhile...it could be hours, days, a week? I've linked the last...

Smoak Updated 

Ethereum wants to get higher and is headed toward the 420 area. After it gets its fix it should come back down.

Smoak

The consolidation we have seen over the past day confirms my suspicion that we will not bounce at 6k. We are gearing up for a much larger drop down. As shown on the chart, the 5460 area will provide a rest stop and will be an area to watch as we go down. As always, we could still break to the upside or move sideways for quite some time.

Smoak

I went back and drew more accurate lines at lower timeframes. You can see that the 6k bounce was due to us hitting the trendline. You can also see that we have now broken that same trendline. We may bounce at 6k and try to work our way back into the triangle but we will be rejected at our former trendline and drop down to 4k. 4k corresponds with a longer term...

Smoak

Everyone, including the top authors, is obsessed with the 6000 level. However, they aren't seeing the bigger picture. That is NOT the level you need to watch. The trendline that has held since July of last year is sitting at the 6400 level. If bitcoin breaks this then, yes, a bounce at the 6000 level is likely but any upside is going to be rejected once the...