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BTC:USD 4 hour chart DAILY UPDATE (day 75)This morning we broke out of my no trade zone. Unfortunately it was to the downside! Breaking through $9,000 support has changed me from bullish to neutral. Nevertheless I strongly expect a bounce in the next 12- 24 hours. We fell $400 (4.44%) in four hours and $700 (7.5%) in the last sixteen hours. Furthermore we have not see the price this far below the 12 & 26 day EMA’s since the $5900 bottom on 2-6. Being that far out of equilibrium could provide a good opportunity to take a scalp. I am long from $8,600 with a target of $8,950. If I was bullish then I would be looking for a higher target. Since my overall position is neutral I will be exiting at the first level of resistance. Happy trading and let’s go bulls!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 74)Yesterday I set a no trade zone from $8,800 - $9,500 and today I am happy to see us grinding towards the upper end of that range. I have been keeping a close eye on the moving averages to try and get an idea of where we are heading next. We have been getting resistance from the 50 day SMA (red) over the past twenty four hours. If we can break above that then $9,500 is very likely to follow. I expect a cross on the 12 (blue) and 26 day (orange) SMA’s within the next 24 hours. That is a strong buy signal for day traders and I am hoping it will give us the momentum needed to break through the areas of resistance mentioned above. Until then I will be focusing on alts. Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
2
BTC:USD 4 hour chart DAILY UPDATE (day 72)Yesterday I pointed out a support cluster from $9,000 - $9,200 and mentioned that it could be a good spot to build a long. I wanted to see the price to stay above the blue dotted trend line and then expected a good bounce from there. I was expecting to see support from the follow: Horizontal support from $9,000 - $9,200 Trend support (blue dotted line) Support from Ichimoku Cloud Multiple reversal dojis Instead the slow grind downward has continued and now we have broken down through the trend line, the Ichimoku Cloud and were unable to bounce off of the reversal dojis. The last line of defense for the bulls is the horizontal support from $9,000 - $9,200. If that breaks down then it is time to execute the stop loss. On the other hand it looks like we just completed an “A-B-C-D” correction and that is a good indication for an upcoming bounce. I am still holding onto my long from an average price of $9,645 and will be cautiously managing the stop. If not in a position it is probably a good idea to wait for the market to develop further. Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 71)Yesterday I was fully entered into my long at an average price of $9,645. I was expecting the price to support above $9,500 before breaking through $10,000 early this week. It didn’t worry me too much when we broke down through that level. I updated the daily post to say that: “I think there should be a lot of support from $9,000 - $9,200. Building a long in that area provides a very attractive risk:reward ratio.” This morning I feel the same way. If not in a position it could be a very good opportunity to build a long. Bullish Indicators Horizontal support from $9,000 - $9,200 Trend support (blue dotted line) Support from Ichimoku Cloud Multiple reversal dojis The current candle is about 20 minutes away from closing as I type this. If it were me I would wait for it to close above the blue dotted line, which would also form a nice dragonfly, and use that as my final confirmation for entry. As long as we stay above $9,000 I will be feeling good about breaking $10,000 sooner rather than later! Happy Trading and go bulls!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 70)I started building a long position on Saturday and that position has been fully entered as of this morning. I updated yesterday’s post after my $9,751 order was filled to say that I adjusted my last order to $9,455. I wanted to enter there because of of horizontal support, and the 26 day MA on the 6 hour chart. After waking up this morning I am happy to see that everything is still going according to plan! The price dipped down to $9,381 before getting a bounce. From here I expect the bulls to build momentum heading into Monday morning. I like how fast we pulled back over the previous 8 hours, losing 4% of value in that time. In my opinion that smells of a “shakeout before the breakout”. The price pulls back violently and scares the weak hands and skittish longs into closing out. It also entices bears to FOMO short sell. Then the price quickly reverses and liquidatations / buyer FOMO provide the rocket fuel needed to break through $10,000. My view will remain unchanged as long as the price remains above $9,000 - which is where the stop loss remains. If not in a position now could be a good time to build a long. There should be good support at $9,500. It will have horizontal support as well as the 26 day EMA (6 hour chart). I have found the 26 day EMA to be very useful because it is the default on GDAX and that is the order book many traders watch. Kindly note that I am working on cleaning up my chart. All of those dots appeared out of nowhere this morning. Before it was just my posts and now it seems like every post is putting a dot on my chart. I am still struggling to change it after a quick Google search, so if anyone knows how to help it would be greatly appreciated! Happy trading and smash that follow!
BITSTAMP:BTCUSDLong
by Sawcruhteez
3
BTC:USD 4 hour chart DAILY UPDATE (day 68)Yesterday I was very happy to see Bitcoin break out of the triangle in convincing fashion. I updated the post in the afternoon and said that I expected resistance from $9,700 - $9,800 where the 0.618 fib line was waiting. I exited my margin long and am currently looking to re enter. I just drew the blue dotted trendline, and that illustrates one of the two options that I am planning for. The most bullish would be continued support above $9,500 and a sideways move towards the blue dotted line. The slightly less bullish option would be a healthy pullback to $9,200. That would retest the triangle that we broke out of as well as turning prior resistance into support. I have orders set to buy in both of those areas and will be sticking with a stop loss just shy of $9,000. If we breakthrough $9,800 before drawing down to the target entries then buying the breakout is valid. That would confirm the longer term cup & handle and/or inverse head and shoulders that has been forming since March. Price target for c&h is $12,825. Happy trading and smash the follow...it’s free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 65)Yesterday was back to the drawing board after getting stopped out of my BTC:USD long. It didn’t take me long to find another position, however it was not into BTC (take a look at the c&h on ETH combined with potential TK crossover). This morning we find ourselves at another crucial area for the Bitcoin price. We were met with resistance from the 50 day SMA but were able to finally support above $9,000. We are coming off a dragonfly doji and it looks like we are going to re explore the previous shadow. If we can hold above $9,000 for the next 12-24 hours then we should be primed for a $10,000 retest. If we do dip below the low of the prior candle ($9,002) then I expect us to create a new low and head down to $8,400. We have been trading within a triangle for the past week. I am considering BTC in a no trade zone until that triangle breaks one way or the other. Until then I will be focusing on the alts, and sharing that TA on Twitter (same sn). Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 62)Yesterday I was waiting further confirmation before looking for an entry. My ideal scenario was a $9,650 retest and then a higher low around $9,300 - $9,500. The price didn’t quite get to the $9,650 area but it did create a higher high. Now it appears to be forming a higher low. The last two candles have a bullish shadow and I like the hammer that just closed. I have started to build my position and am using $8,838 as my stop loss. It wouldn’t surprise me if we continued to pull back to $9,000 where horizontal and trend support will be waiting along with the 50 day SMA. I have only entered 50% of my position and would add the other half from $9,000 - $9,150. Happy trading and keep in mind that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 61)On April 26th I drew the dotted line down to $9,000 and explained that I need that area to prove itself as support before I would consider entering another long. Yesterday we saw the price dip down to $8,900 before quickly reversing. At that point I saw two options: Range for 3-5 days from $8,900 - $9,300 Create a higher high, and go for a $9,650 retest We are currently breaking through resistance and are on track for option B. That is great news and has put me on red alert for the next entry. Right now my gameplan is to wait and see how this rally plays out.I would like to see us break through $9,300 in a convincing manner and then create another higher low. I expect the current rally to take us back up to $9,650 - $9,750 where resistance will be waiting and then I expect a pullback. If that pullback finds support above prior resistance and creates a higher low then it will be time to build a long. If all goes according to plan then I will be entering from $9,300 to $9,500. With the price currently trading at $9,300 you may be wondering why not enter right now… My trading style is not concerned with getting the best price, all that matters to me is taking on the least amount of risk. More confirmations and patience almost always add up to less risk. Comment if you have something to say. Smash the like if this was helpful and definitely finger that follow!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 60)I have been waiting on the sidelines over the last 48 hours waiting for further confirmation before re entering. Last night I expected a small pullback from $9,300 - $9,000. I wanted to see the price hold above that level of support before looking to build a long position. Instead it gained support at $9,150 and formed a bull flag, which is currently uncompleted. Resistance came in at $9,375 and that pushed us down for a $9,150 retest. It was bearish that we couldn’t complete the flag, however the push back does not seem to have much steam at all. . The hammer doji that just closed should give the momentum back to the bulls. From here I expect the price to grind upwards for a $9,650 retest. It still feels too choppy to build a position. I will continue to sit on my hands and wait for a cleaner entry. If not currently in a position the I would recommend doing the same. Happy trading and remember that following is free!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 59)I just returned from my trip and am feeling refreshed after seeing a concert and playing two rounds of golf! The golf was subpar but the music was awesome! I am also very happy to see Bitcoin bouncing after a strong pullback. Over the last couple days I was watching $9,000 - $9,200 as a potential area of support and expected the price to reverse from there. I mentioned that it could provide a good entry for a long and suggested a stop loss in the area of $8,750 - $8,850. I was long from $8,100 and had my trailing stop set at $8,750. That trade has been stopped out in the green and now it is back to the drawing board. In the meantime I am going to be staying on the sidelines awaiting further development. If not currently in a position I would recommend doing the same. I am very, very happy to see us trading above $9,000 and viewed it as a very bad sign for the bulls when we failed to support it. The quick reversal back to the upside has me leaning tentatively bullish. I need to see $9,000 backtested and turned into support before looking for another long entry. I expect the backtest to occur in the next 12-24 hours. If we can hold then it is time to get into a long! Although I expect a pullback in the next day, my overall position is neutral and I am not recommending a short! Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 58)Yesterday I updated my post to say that everything was still looking good for building a long from $9,000 - $9,200. If you followed that advice then your bags are likely already packed. Today I am really wanting to see us support above $9,000. That price provided significant resistance on the rebound and if we fall below for a significant amount of time it wouldn’t be good. Setting a stop loss from $8,750 - $8,850 makes a lot of sense and also provides a great risk:reward ratio. I am leaving town this morning for a concert and golf trip. I will do my best to make an update while I am out of town but may not be able to get to it. Happy trading and go bulls!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 57)Yesterday I laid out a bullish and a bearish scenario after the price broke through the trend line. As it turns out that was only a bear trap and the price has quickly reversed to the upside! Way to go bulls! I drew the $9,475 horizontal line on the 22nd and expected that to be the next significant resistance after we broke through $9,000. That is based on the previous resistance/support that the $9,500 area has provided. From here I expect a healthy pullback to $9,000 - $9,200. If not currently in a position then wait for that before building one. Even though I am expecting a pullback I would not recommend shorting. The market has turned bullish and it is time to look for long entries. I am still long from $8,000 - $8,129 and haved moved the stop up to $8,549. Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
2
BTC:USD 4 hour chart DAILY UPDATE (day 56)As we consolidated over the past 48 hours I remained confident that we would trend toward $10,000. Today we have seen the price fall below the trend line and now I am less certain about an upcoming pump. The range has tightened to the point that we are going to see a significant move one way or the other very soon. If we breakdown then I expect us to retest the 0.382 FIB for support. The 50 day moving average should be waiting around that area as well. If support holds then that would be a good area to build a long position. On the other hand if we do manage to maintain support above $8,800 then we should be in position to continue the trend up to $10,000. Happy trading and go bulls!
BITSTAMP:BTCUSD
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 55)Yesterday I expected the price to meander back towards the maroon trend line and mentioned that it could provide a good entry for a long. The last candle came within a hair of that trend line before the bulls quickly pushed the price back over $8,900. Support has continued to move up after supporting the large sell volume from the 20th. That is a very good sign and tells me that we are ready for the next pump. I expect to see $9,500 in the next 12 - 24 hours. If not in a position then entering a long in the $8,000’s could be a good option. If we breakout above $9,000 then it’s too late and I would not advise chasing. Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 54)Yesterday I was very happy to see us break the the 0.382 FIB resistance as well as the log trend line! In daily update I also mentioned that $8,900 - $9,000 would be the next area of resistance and that's where we pulled back today. From here I expect it to be smooth sailing for the next week. This is when it is very easy to get complacent and/or greedy. Stay focused and stick to the plan. Manage stop losses and always stay on your toes! Talking to myself as much as anyone else. Keep an eye on the trend line we supported from the 17th - 20th. I expect us to retest that over the weekend. That could be a good area to build a position. These are 4 hour candles and there should be plenty of time to enter. I have drawn three dotted lines to show how I think the next 7 days will go. They are based on support & resistance levels as well the daily trend of the previous few days. This is how I was able to draw the trend line on the 17th after seeing the golden cross, well before the it had been established as support! I have a very hard time predicting the intra day moves and I rarely day trade. That is why those lines are dotted, I would only use them as a way to plan for entering a long and/or taking profit, not as individual trades themselves. We also supported big selling volume two candles ago without closing below $8,700. I view that as a good sign that this pull back will be short lived. We might blow right through my trend line and go for a FIB retest, but I wouldn't necessarily plan on it. If not in a position $8,400 - $8,700 should be a good place to build a long. There will be resistance waiting at $9,400 - $9,500 but I don’t think we will have a problem get to $10,000 and that is where my first profit target is set. Stop loss is at $8,119 and will be moved up each time we breakthrough resistance.
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 53)Over the past 24 hours I have been watching closely for Bitcoin to break through the 0.382 FIB retracement level. I am very happy to see the slow grind upward continue to break through major resistance. It leaves us well positioned without being over extended, which is very important for a recovery. Support has continued to move up and that is crucial in order to keep the momentum going. As we keep receiving more, and more confirmation that this bear market is over we should continue to see significant amounts of fiat deployed from the sidelines. There is currently a bull flag forming that is pointing to $8,750. The next major area of resistance should be $8,900 - $9,000. I am still sticking with the $9,949 profit target. Stop losses have been moved up to $8,044 which is just a hair under break even from my initial buy recommendation. If you are not in a position then now could be a good time to enter long. $8,400 - $8,500 is the accumulation zone. If the price falls out of that area then it is time to re evaluate. Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 52)I am happy to see the price nicely following the arrow I drew on the 17th. The slow grind upwards is exactly what we want to see. That allows the pressure to build while resistance is being eaten away. I expect that to give us the momentum needed to break through $8,400 and the 0.382 FIB level. That will likely be a key level for a lot of traders who are still waiting on the sidelines and it should also cause a lot of bears to give up. On the other hand I do expect to see heavy resistance at $8,400. If looking to enter a position then try to enter under $8,300. If you enter long above that price then you are buying resistance. If we break through $8,400 then the next major area of resistance is $9,000. I have still have my first profit target set at $9,950 and stop lost at $7,714 Thank you to everyone who likes this post and keep in mind that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
BTC:USD 4 hour chart DAILY UPDATE (day 51)About 8 hours ago we got the golden cross and that provided the final confirmation for entry. I stayed up late to make sure that I didn’t miss it. There was good volume behind the pump and I expected us to breakthrough $8,200 while I was sleeping. Unfortunately the price has pulled back for another $8,000 retest. The bulls mounted a good defense right before the last candle closed. Now we are looking at a bullish wick that should provide some momentum to the upside. If so then it will form a small cup & handle or inverse h&s. If looking to enter a long then this could be a good opportunity. Stop loss is set just under $7,750 and the profit targets are $9,950 and $12,450. Happy trading and remember that following is free!
BITSTAMP:BTCUSDLong
by Sawcruhteez
2
GBPUSD 4HR BREAKOUT FAIL SHORT Fundas: Despite an improved unemployment rate Average earnings fell over the period. With the CPI tmrw I am slightly ahead of the game but anticipate this action is showing how timid traders are at this level for any more short term upside. Techs: Price firmly rejected an upside breakout on the 4hr chart at 1.4375, showing some lvl of supply in conjunction with the daily. I started in short at 1.4325 with a stop above the high (1.4430) in the event the market tries to spook out shorts. My target area is 1.4200 and will add to winners as the market gives direction. Establish your system, be patient for your setups and act without hesitation. Follow along with us in our live chat for live trade calls and analysis Happy trading
Short
by StellarCraig
The Daily Show: LTC (4HR)Still very much in bull mode. I personally took a little profit as I have been burned before by not managing my risk. I just want to emphasize that we will be do for a correction when the wave completes. When and how much is anyone's guess. I am not a pro at Elliot Waves. Just to much guess work and really easy to get wrong without experience. So, I am not even attempting. My next take profit will only be at the for sure sign of a correction. Then I will be accumulating. I still think we are setting up for a major move later this year. Just my opinion, not trading advice.
COINBASE:LTCUSD
by croleyjon