This was more of a fun chart I did not alot of Technical Analysis the way I usually do but I decided to join the hype and chart it:
- After its crazy parabolic move it looks to be pumping around 100-120% then retracing 30-40%
-It has repected trend based fibs pretty well as you can see candle rejection and holding at alot of levels.
-Based on this assumption if...
I am still bullish on BTC overall.
Looking at a short term short trade which is approx 4:1 risk reward.
For me to take this trade i need the following to happen:
-LH or Triple top with good sign of rejection
-Break of 1hr trend line
-Break of support line and retest to confirm its resistance
only if these three things happen I will take the trade as this is...
Looking at btc on the daily from pivot low to pivot high we are currently on the .5 fib as support.
IF we see the channel of the bull flag we may see another leg down to the 6.18 level or bounce again off the .5 fib level and then head up.\
If we use the lentgh of the pole for approx next targets we are looking at approx 50k
Dot has been on a bullish run looking for potential short:
-LH has been formed and testing trend line, first confirmation is a break in this trendline.
-Break in buying support and neckline will get us ready for short entry.
-wait for retest of new resistance(old support) to show buyers no longer hold that zone then enter short to next structure.
This trade is...
Looking at AAVE BTC for correction as I am anticipating a push from BTC.
AAVE has also moved over 280% over the last 20 days and i am looking at a potential correction
Confirmation will be Right shoulder to form as a LH and break in support and trend
Confirmation for short entry will come on the retest to confirm this is the new resistance
RR is approx 3:1
Looking for two potential setups on LTCUSD out of this descending triangle
short play: breakdown of support (4hr) wait for retest of this support to confirm new resistance and Lower High Markert structure then short to next level.
long play: breakup of triangle resistance with two levels to look at taking profit/managing trade.
Looking at two potential trades with ADA BTC
Short option: Looking at breakdown of ascending triangle with confrimation of LH to short to demand zone
Long option: Looking at break to the upside wait for retest and hold of new support with target at tops just before 1000.
Looking at two potential outcomes for BCH USD
Short option is formation of h&s pattern with neckline at approx 400
Long option is trade out of ascending triangle
These moves will weigh heavily on BTC decides to do.
