Crypto Traders
It's time for plan B!
02/03/2021
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19/02/2021
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18/02/2021
18/02/2021
18/02/2021
17/02/2021
The illustration below is a textbook head and shoulders pattern. However, you will find it in many different forms.
In order to trade it accordingly, you have to decipher the message of this pattern. Ask yourselves questions in order to find answers.
The very first component of the pattern is the uptrend before the left shoulder is forming. The longer the uptrend lasts, the more substantial the reversal is likely to be.
That leads to an overextended market which makes people vulnerable to profit taking. A higher high is formed, the left shoulder of the pattern, suspending the uptrend because of the lack of “fuel”.
People recognize that and will take profits instinctively, creating more and more selling pressure as the price retraces.
A higher low (the first support area of the neckline) is formed where more bulls approach the scene to continue the prior trend. Within those bulls can be those who took profits earlier and many people who don’t want to miss out. The buying pressure drives the price to a higher high, forming the head.
However, despite the bullish rally, the bears show their claws and drive the price to a new bottom, forming the neckline by connecting the new low to the previous one. We have to wait for the right shoulder to form.
Consequently, the price makes a bounce from the neckline, the loyal bulls desperately trying to make a higher high. The lack of power and loss of momentum signals that the buyers are tiring. The market may be gearing up for a reversal, should this be the case.
The only thing they get is a lower high, the right shoulder specifically, which shows the bears are in control.
Once the right shoulder is formed, we can start plotting the neckline. We have to see it as a rough draft rather than a final version.
The neckline will become the key component as a breakdown will most likely validate the pattern. Think of it as the last fight between the bulls and the bears.
The whole message of this pattern is that buyers are tiring and you’d best prepare for a reversal.
Once it closes below the neckline, you can start thinking about a short position.
➜ DXY is bouncing with a long green candlestick. It is quite early to say how far it will go, but we may see the dollar pumping a little bit.
➜ Stocks S&P500 is relatively bullish, but the Dollar Index is pushing them back. Most probably the chart will show side movement today.
➜ Bitcoin isn't bullish as it tries to recover from the 21st of January dump. Momentarily, both the pumping and the dumping are distant scenarios.
➜ The dominance is bouncing back, but is still within a strong stable downtrend. The trend will not let the dominance to push higher, but once the bounce occurs, alts will behave cautiously, especially in USDT pairs as DXY is growing.
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20/01/2021
First target done!
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19/01/2021
Our advice is to exit your positions gradually at this level because we will have some Bitcoin price movement in the near future.
The price will either breakout and retest the resistance level at 40-42K or reject from the current level and test the 34K support.
If the 34K support is not strong enough, the next target for Bitcoin is most likely the 24-27K level (see the price levels on the following link: https://www.tradingview.com/x/SnWVe1qk/)
The BTC dominance is in a steady regression which means it will test the 64-65 support on the daily chart.
At that level, we have 2 moving averages which act as support (MA600 and EMA200).
In case Bitcoin has an aggressive move, we will have a MA600 rejection, with a bullish tendency towards 67-70 BTC dominance.
In case both the moving averages fail as support, the altcoin rally will continue which means we’ll officially be in .
(Check out the dominance graph here: https://www.tradingview.com/x/qPYpWWk0/)
15/01/2021
Accumulation Zone.
It could explode very soon.
Key levels: $1.47 - $1.75
Breakout zone: $1.85-2$
Target: $2.5 - $3.2
https://www.tradingview.com/x/hBt8nnQT/
15/01/2021
Exchange: Binance
TF: 12h
Link: https://www.tradingview.com/x/JNEJYw7W/
Buy zone: $2.95 | $2.65 | 2.45
Targets: $3.9 | $4.4 | $5 | $6.15
Info:
Price: $3.38 | ⚡️ 0.00008735 BTC
📈 Cap: $469M (61)
📊 Vol: $291M
❌MOM: Bearish Momentum
🟢ADI: +DI >DI BULLISH
❌MACD: Bearish
🟢PSAR: Bullish
🐻RSI: bearish divergence
Support and Resistance
S: $3
Resistance: $3.5
13/01/2021
Exchange: Binance
TF: 4h
Link: https://www.tradingview.com/x/5hmQIJ4r/
Buy zone: $0.058 | $0.05
Targets: $0.067 | $0.078 | $0.084
Info
Price: $0.061427 | 0.00000177 BTC
📈 Cap: $42.3M (224)
📊 Vol: $4.46M
⚪️MOM: No Momentum
❌ADI: -DI > +DI Bearish
✅MACD: Bullish
✅PSAR: Bullis
⚪️RSI:No divergences
Support and Resistance:
S: $0.05
R: $0.068
13/01/2021
Exchange: Binance
TF: 4h
Link: https://www.tradingview.com/x/F47NzPJz/
Buy zone: $0.58 | $0.5
Targets: $0.83 | $0.95 | $1.4
Info
Price: $0.6546 | 0.00001888 BTC
📈 Cap: $120M (119)
📊 Vol: $63.3M
✔MOM: Bullish Momentum
✔ADI: +DI >DI BULLISH
✔MACD: Bullish
✔PSAR: Bullish
🐻RSI: Bearish divergence
Support and Resistance:
S: $0.55
R: $0.85✔
08/01/2021
08/01/2021