A stunning analysis by our friends at OnePoint
https://www.tradingview.com/x/4BlekU1q/
Updated EW count for Bitcoin : WXY correction pattern?
Bitcoin is having a huge push toward the upside in small time frame where it has entering the $11000 area lately even we have seen some rejection as of now because it's an effect from the touched of the round number of $11000. For me, it's a normal correction if we see it from perspective in lower time frame. Currently the price is still trending inside of the contracting triangle which is holding well during this consolidation pattern as well.
Beside of the above explanation, I'm trying to identify on what waves right now will it be. From the perspective of the Elliot Wave, I think that current structure is the structure of correction as the effect of previous 5 waves up that has occurred since the bottome of this year on April 2020. Maybe we can see that the price has already formed an ABC structure which usually indicates the correction is over. But, we have to remember about the momentum of current market and the behavior of how the price has its bounce in lower time frame. I don't think that at current structure, it will be enough momentum to gain more wave to the upside to conclude that current correction wave has finished.
At current structure, if we assume the previous 5 wave structure between March until August 2020 as the first wave on higher structure, at current phase it will absolutely become the second wave of higher degree. And if you assume a 'going concern' principle which means the price will has a huge upside momentum in longer term/cycle, the 2nd wave won't be a simple zig zag correction. It will become more complicated and a lot of fake out movement occurs at this rate. That's why I'll assume current upside moves as the relief rally as the X structure in this degree. We may see a spike of this X toward the $12000 or the $12500 but it will ends up on the .382 fibonacci level as the point of interest in the next moves.
https://www.tradingview.com/x/4BlekU1q/
Updated EW count for Bitcoin : WXY correction pattern?
Bitcoin is having a huge push toward the upside in small time frame where it has entering the $11000 area lately even we have seen some rejection as of now because it's an effect from the touched of the round number of $11000. For me, it's a normal correction if we see it from perspective in lower time frame. Currently the price is still trending inside of the contracting triangle which is holding well during this consolidation pattern as well.
Beside of the above explanation, I'm trying to identify on what waves right now will it be. From the perspective of the Elliot Wave, I think that current structure is the structure of correction as the effect of previous 5 waves up that has occurred since the bottome of this year on April 2020. Maybe we can see that the price has already formed an ABC structure which usually indicates the correction is over. But, we have to remember about the momentum of current market and the behavior of how the price has its bounce in lower time frame. I don't think that at current structure, it will be enough momentum to gain more wave to the upside to conclude that current correction wave has finished.
At current structure, if we assume the previous 5 wave structure between March until August 2020 as the first wave on higher structure, at current phase it will absolutely become the second wave of higher degree. And if you assume a 'going concern' principle which means the price will has a huge upside momentum in longer term/cycle, the 2nd wave won't be a simple zig zag correction. It will become more complicated and a lot of fake out movement occurs at this rate. That's why I'll assume current upside moves as the relief rally as the X structure in this degree. We may see a spike of this X toward the $12000 or the $12500 but it will ends up on the .382 fibonacci level as the point of interest in the next moves.
Forwarded from Plutus Capital
This is the update on the 3-Day chart. We got our close above $10600 and we now tested $11100, almost at $11200.
Proce is stuck in an ascending triangle, a big one on the 3-day time frame and should break down soon as long as we're below the mid-line.
This is scary because a break down is not only going to end up at $9600 but as low as $7500. Until we get a daily or 3-Day close above $11300, it's recommended to gradually move into USD if you don't want to short the market.
https://www.tradingview.com/x/k7cRttnw/
Proce is stuck in an ascending triangle, a big one on the 3-day time frame and should break down soon as long as we're below the mid-line.
This is scary because a break down is not only going to end up at $9600 but as low as $7500. Until we get a daily or 3-Day close above $11300, it's recommended to gradually move into USD if you don't want to short the market.
https://www.tradingview.com/x/k7cRttnw/
Forwarded from Plutus Capital
Like we predicted in our September 7th post for ZIL/USD, price went up to the where we expected the curve to end and then started dropping again.
We've already entered shorts at $0.178 for the asset and expecting more price decline. We're looking at taking all profit finally at $0.08 and that's a -55% drop from our entry.
The whole market is shifting, seems this time we'll see huge drops in prices across all boards. Be cautious.
https://charts.cointrader.pro/snapshot/1dBQr
We've already entered shorts at $0.178 for the asset and expecting more price decline. We're looking at taking all profit finally at $0.08 and that's a -55% drop from our entry.
The whole market is shifting, seems this time we'll see huge drops in prices across all boards. Be cautious.
https://charts.cointrader.pro/snapshot/1dBQr
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Forwarded from Plutus Capital
LINK has broken and trading below the $10.6 daily support level. If we get a daily close below it today, we're going to see the green zone again and probably consolidate in it for a while.
We're still in profit and in our short for LINK and waiting for $4.5. We now have 2 scenarios in mind for LINK. If we head straight to the bottom part of the green support zone ($7), we'll wait to see if price will consolidate and close back above $8.65.
If we close above $8.65 after first hitting close to $7, we will close all position on LINK short and start buying slowly. However, if we move straight down to $7 and get a bearish structure inside the green zone, then we'll add more short or keep holding.
This is because we now have a descending channel on the daily, which should breakout eventually. It can happen at $7 - $8.5 or at $4.5. Time will tell.
https://www.tradingview.com/x/4OU0cyTE/
We're still in profit and in our short for LINK and waiting for $4.5. We now have 2 scenarios in mind for LINK. If we head straight to the bottom part of the green support zone ($7), we'll wait to see if price will consolidate and close back above $8.65.
If we close above $8.65 after first hitting close to $7, we will close all position on LINK short and start buying slowly. However, if we move straight down to $7 and get a bearish structure inside the green zone, then we'll add more short or keep holding.
This is because we now have a descending channel on the daily, which should breakout eventually. It can happen at $7 - $8.5 or at $4.5. Time will tell.
https://www.tradingview.com/x/4OU0cyTE/
Forwarded from Plutus Capital
Do your own technical analysis. Most people on twitter and telegram shilling RUNE just want you to buy to push price up a bit so they can sell because they are already in unrealized loss.
RUNE has been performing badly and it seems it may not end anytime soon. Unfortunately price couldn't hold above $0.55.
Price dipped lower to $0.46 and had a relief and bearish bounce to retest $0.55 as resistance. We've seen price reject and formed a head and shoulders pattern.
This means we're looking at price going back to $0.475. The only time RUNE should be considered low risk investment asset is if it closes 2H above $0.55. Until then, this will keep falling.
We're not sitting on support, we're under heavy resistance. Don't buy weak coins. A coins being down -50% doesn't mean it's good to buy. Buy strong coins that are able to drop but hold their supports.
https://www.tradingview.com/x/PPh7p1Pt/
RUNE has been performing badly and it seems it may not end anytime soon. Unfortunately price couldn't hold above $0.55.
Price dipped lower to $0.46 and had a relief and bearish bounce to retest $0.55 as resistance. We've seen price reject and formed a head and shoulders pattern.
This means we're looking at price going back to $0.475. The only time RUNE should be considered low risk investment asset is if it closes 2H above $0.55. Until then, this will keep falling.
We're not sitting on support, we're under heavy resistance. Don't buy weak coins. A coins being down -50% doesn't mean it's good to buy. Buy strong coins that are able to drop but hold their supports.
https://www.tradingview.com/x/PPh7p1Pt/
Forwarded from Plutus Capital
NEO's price has been skyrocketing constantly even as most of the marker plummets. This is because of the Flamingo Finance being launched on the NEO platform.
These things happen all the time and at the end of the day, price tends to reset back to its starting point. We think NEO is already priced in.
Looking at the weekly chart (left), we can see how RSI is positioned in relation to price. We have almost 2 days to weekly close and we expect NEO to have retraced back under $22.
After that we expect price to continue lower to $16.75 and eventually drop through support to $12.
On the 8H chart (right), we're seeing price in an ascending channel and price looks to be topped out. We'll be taking a low-medium risk short here.
For a much conservative short entry, you can wait for a close below $22. So far we think NEO will provide more profit in short as it has much more declining to do.
https://www.tradingview.com/x/4mnmoha7/
These things happen all the time and at the end of the day, price tends to reset back to its starting point. We think NEO is already priced in.
Looking at the weekly chart (left), we can see how RSI is positioned in relation to price. We have almost 2 days to weekly close and we expect NEO to have retraced back under $22.
After that we expect price to continue lower to $16.75 and eventually drop through support to $12.
On the 8H chart (right), we're seeing price in an ascending channel and price looks to be topped out. We'll be taking a low-medium risk short here.
For a much conservative short entry, you can wait for a close below $22. So far we think NEO will provide more profit in short as it has much more declining to do.
https://www.tradingview.com/x/4mnmoha7/
Forwarded from Plutus Capital
By now it should be clear that one of the most important thing about trading is risk management and there is nothing wonderful than to have a setup that has a good risk/reward ratio. We have 2 setups for BTC short. Both go into effect after 4H closes and not before.
In the first setup, we have BTC right under 4H resistance of $11000 and above 4H support of $10700. This is a much aggressive short entry but we are only risking less than 1% and aiming for a potential of 9% profit.
Price broke down from the rising wedge, and then did a bearish retest at $11000. We're expecting at least $10700 to be touched.
In the second short setup, short will be entered after a 4H close below the green support zone ($10670 - $10720). After that a short will be entered with eyes on $9950. We will be risking 1.2% and aiming for a potential of 6.8% profit.
In addition, RSI has started a downtrend and if this is maintained, the drop should be aggressive. Shorts are only entered after 4H closes. We could still go up a bit to $11200 so only enter short after 4H closes.
https://www.tradingview.com/x/XjS8zEWC/
In the first setup, we have BTC right under 4H resistance of $11000 and above 4H support of $10700. This is a much aggressive short entry but we are only risking less than 1% and aiming for a potential of 9% profit.
Price broke down from the rising wedge, and then did a bearish retest at $11000. We're expecting at least $10700 to be touched.
In the second short setup, short will be entered after a 4H close below the green support zone ($10670 - $10720). After that a short will be entered with eyes on $9950. We will be risking 1.2% and aiming for a potential of 6.8% profit.
In addition, RSI has started a downtrend and if this is maintained, the drop should be aggressive. Shorts are only entered after 4H closes. We could still go up a bit to $11200 so only enter short after 4H closes.
https://www.tradingview.com/x/XjS8zEWC/
Forwarded from Plutus Capital
Similar setup with ETH on the 4H chart. We will be risking less for more. Once again, shorts should be entered only after 4H closes below the indicated levels.
In the first setup, we're seeing price breakdown after deviating above $383.20. If we get a 4H close again below here, we can make an aggressive entry with stop loss at $386.15 (-1.44%). We have eyes on a potential +12.18% profit if the setup plays out.
With the conservative short setup, we only enter short after 4H closes below $374.45 with stop loss at $383.75 (-2.48%). And then we will be having eyes on a potential +10.72% profit if the setup plays out.
Once again, it's all about maximising profit and minimizing risk. ETH also has a bearish divergence on the 4H, however, these can be invalidated easily, hence why we need to wait for the 4H closes.
https://www.tradingview.com/x/ZImkjzIX/
In the first setup, we're seeing price breakdown after deviating above $383.20. If we get a 4H close again below here, we can make an aggressive entry with stop loss at $386.15 (-1.44%). We have eyes on a potential +12.18% profit if the setup plays out.
With the conservative short setup, we only enter short after 4H closes below $374.45 with stop loss at $383.75 (-2.48%). And then we will be having eyes on a potential +10.72% profit if the setup plays out.
Once again, it's all about maximising profit and minimizing risk. ETH also has a bearish divergence on the 4H, however, these can be invalidated easily, hence why we need to wait for the 4H closes.
https://www.tradingview.com/x/ZImkjzIX/
Forwarded from Plutus Capital
We haven't looked at an alt paired against BTC in a while now. Today we look at ETH/BTC. We think this one has some very nice bullish potential, but it comes with some about -25% drop first.
ETH/BTC has been doing very well in the past few weeks but it looks very well like bulls are exhausted and a much deeper correction is to happen.
The last time we hit weekly resistance at 0.037 on ETH/BTC was February of 2019, we tested the weekly support at 0.027 and drop through. This time it's possible we will hold thereby forming an inverse head and shoulders pattern.
We're at resistance again and seeing the unsuccessful attempts to break the resistance and how RSI has started heading down, we expect the pair to fall soon back to support before finally coming back up to break resistance.
Clearly some assets are still good investment options. We'll be shorting ETH/BTC down to support and probably look to long any strength back up to 0.055
https://www.tradingview.com/x/auaTKEYt/
ETH/BTC has been doing very well in the past few weeks but it looks very well like bulls are exhausted and a much deeper correction is to happen.
The last time we hit weekly resistance at 0.037 on ETH/BTC was February of 2019, we tested the weekly support at 0.027 and drop through. This time it's possible we will hold thereby forming an inverse head and shoulders pattern.
We're at resistance again and seeing the unsuccessful attempts to break the resistance and how RSI has started heading down, we expect the pair to fall soon back to support before finally coming back up to break resistance.
Clearly some assets are still good investment options. We'll be shorting ETH/BTC down to support and probably look to long any strength back up to 0.055
https://www.tradingview.com/x/auaTKEYt/
Forwarded from Plutus Capital
ETH is still in the ascending channel but it looks like the breakdown can happen at anytime from now.
We might see price drop to $360 first, before a follow-up drop to $320. We're still at resistance and it looks like we can't breakthrough.
https://www.tradingview.com/x/yt5xn4EF/
We might see price drop to $360 first, before a follow-up drop to $320. We're still at resistance and it looks like we can't breakthrough.
https://www.tradingview.com/x/yt5xn4EF/
Forwarded from Plutus Capital
LINK facing another resistance on the 8H. Considering how curved up the RSI is, it's possible we go up a bit to $11 before dropping into our green box at $7 - $8.
If not and the selling pressure is too much, we can just start falling from here without reaching $11. All the same, LINK is still bearish until we get at least daily close above $11.
https://www.tradingview.com/x/RGyrGjh9/
If not and the selling pressure is too much, we can just start falling from here without reaching $11. All the same, LINK is still bearish until we get at least daily close above $11.
https://www.tradingview.com/x/RGyrGjh9/
Forwarded from Plutus Capital
YFII is not looking all too bad. It's at a critical point. Price is in a falling wedge which is mostly a bullish pattern.
If price is able to manage a breakout and close above $4160, then we can expect price to continue up to $5000.
However, in the event where price continues sideways under $4160 thereby moving out of the falling wedge, then price will likely drop and break $3593 support with eyes on $3230.
https://www.tradingview.com/x/o9PZOQ8x/
If price is able to manage a breakout and close above $4160, then we can expect price to continue up to $5000.
However, in the event where price continues sideways under $4160 thereby moving out of the falling wedge, then price will likely drop and break $3593 support with eyes on $3230.
https://www.tradingview.com/x/o9PZOQ8x/
#LTCUSD
Here is the newest EW count for Litecoin. White resistance trend line is the key resistance here. As long as the price is still trending at current range and below the white resistance trend line, it's not the time to enter the market. But breaking out of this resistance trend line, will gain a momentum to test $56 range as well.
Here is the newest EW count for Litecoin. White resistance trend line is the key resistance here. As long as the price is still trending at current range and below the white resistance trend line, it's not the time to enter the market. But breaking out of this resistance trend line, will gain a momentum to test $56 range as well.
I very interesting though by RoseCrypto (@rosecryptochannel)
2017 - 2020 Same patterns - Bitcoin - ETH - Defi - ICO
History repeats itself
✳️ Green stage: ETH growth, DEFI craze, ICO craze, BTC sideway. BTC dominance drops, Altcoin season (especially for Defi/Ico projects)
🔴 Red stage: BTC bullrun, ETH correction, ICO/DEFI crash, BTC dominance going up.
At this stage:
BTC pump, Alts down
BTC dump, Alts down
Except for Few old projects.
🚺 Pink stage:
BTC top out
A new altcoins season happen.
2017 - 2020 Same patterns - Bitcoin - ETH - Defi - ICO
History repeats itself
✳️ Green stage: ETH growth, DEFI craze, ICO craze, BTC sideway. BTC dominance drops, Altcoin season (especially for Defi/Ico projects)
🔴 Red stage: BTC bullrun, ETH correction, ICO/DEFI crash, BTC dominance going up.
At this stage:
BTC pump, Alts down
BTC dump, Alts down
Except for Few old projects.
🚺 Pink stage:
BTC top out
A new altcoins season happen.
Forwarded from Plutus Capital
Here is RUNE and as expected the head and shoulders pattern played out.
Price broke the neckline of the head and shoulders pattern (HS), tapped the $0.475 support level, went back up to test the HS neckline as resistance and then finally broke below $0.475.
It's not about we being bearish, it's about what the chart is saying. As a technical analyst you need to not be attached to any asset in any direction. That way you'll be objective.
RUNE like many assets on the market has made a new low and until we close above $0.55, this is a high risk investment asset.
https://www.tradingview.com/x/UTgDRFM1/
Price broke the neckline of the head and shoulders pattern (HS), tapped the $0.475 support level, went back up to test the HS neckline as resistance and then finally broke below $0.475.
It's not about we being bearish, it's about what the chart is saying. As a technical analyst you need to not be attached to any asset in any direction. That way you'll be objective.
RUNE like many assets on the market has made a new low and until we close above $0.55, this is a high risk investment asset.
https://www.tradingview.com/x/UTgDRFM1/
Forwarded from Plutus Capital
Still going as planned for ETH. We finally broke down from the rising channel. What we want to see is a touch of the green support.
After the green support we want to see price test $365 as resistance and then fall through to $330.
https://www.tradingview.com/x/pzEgFmGN/
After the green support we want to see price test $365 as resistance and then fall through to $330.
https://www.tradingview.com/x/pzEgFmGN/
Forwarded from Plutus Capital
Seems like HOT/USD is fond of these head and shoulders patterns. Early this year we formed one that led to a -70% dump.
We've formed a similar pattern here and looks like we're headed back to 0.00035. We're looking at a -35% drop.
https://www.tradingview.com/x/k61soBgX/
We've formed a similar pattern here and looks like we're headed back to 0.00035. We're looking at a -35% drop.
https://www.tradingview.com/x/k61soBgX/