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Qtum VS Bitcoin Rising To Form Double Top?Qtum managed to break above the descending channel and 200 Moving Average suggesting that is it ready to continue trending upwards. QTUM/BTC producing higher highs and higher lows while trading within the ascending channel. The overall trend is definitely bullish and Qtum should be moving higher to test 227.2% Fibonacci retracement level applied to the corrective wave after the descending channel breakout. This resistance is based at btc 0.0056 which is very close to the previously formed top in August last year. The btc 0.0056 is the very first strong resistance for Qtum and it would be interesting to see the price action around this level, which should provide more clues about the further direction of QTUM/BTC. At this point, Qtum could continue trading within the ascending channel and could even move back to test the 38.2% Fibonacci support, which in fact has been already rejected. In the worst case scenario price could drop towards the 200 Moving Average, but only break below it should invalidate bullish outlook.
Long
by CryptoPAMM
14
Bitcoin Double Top? Don't Bet On It.BTCUSD update: 17579 is a new high, but barely compared to 17171. This is the double top variation scenario that I wrote about in my previous report. Is the top in place? After watching the kind of vertical moves that have occurred in ETH and LTC, this appears to be an anything goes market so even though these conditions are rare and high risk, the strength is clear and must be acknowledged. This means the bearish signs that do appear do not carry as much weight. In the case of this market, I wrote about the double top variation which is what is unfolding at the moment. Price makes a new high, but not much higher within the reversal zone (below 18300). In a normal market this would be a sign of coming weakness and even offer potential short signals on smaller time frames. The problem is this is NOT a normal market. I realize there are a lot of people itching to short this market because reward/risk is attractive at these levels and even a relatively small move lower is worth a couple of thousand points. And if you have the risk tolerance and ability to put a short position on, this would be a better time to try compared to the previous price action. Just remember keep this in mind: Weak markets do not sit and consolidate near highs. They reject resistance fast which is not happening right now. This is why acknowledging the bigger picture is so important because it sets expectations that are more in line with the intent of the market. Newer traders see a bearish pattern and jump on it with high expectations while the position may offer some profit, but expectations should be limited until this market shows significant signs that a broader correction is more likely which it is not doing right now. Until this market breaks some significant support levels like 12400, it is more likely to consolidate and attempt to go higher. In this bullish environment, support levels are more likely to hold. As far as swing trades go, I want to see price retest the 12400 area (.382 of bullish structure measured from the 4k low) and then show reversal patterns for a retest of the high. Also the 14280 level is an interesting area because it is a .382 of the bullish structure measured from the 8821 low. IF the market retests these levels, it could be setting up a head and shoulders formation on a large time frame which would then imply a short term top is in place, but right now it is too early to tell while the broader structure still exhibits strength. If I am going to take swing trade I want to be in line with the bigger picture, not against it. In summary, a -500 or more day in a market that has the ability to move 2k is not much. Maybe the futures are beginning to have the effect that I have been writing about as far as bringing more of a balance. We can sit here and speculate about how and why, but again the market doesn't care what we think. As a price action trader, I am always comparing current price action to previous structure and history, and evaluating that information in light of the bigger picture which carries the most weight. So using what is available now to answer "is the top in place?" the answer is no, because there is not enough supporting evidence to make a strong argument. Remember making money in vertical markets does not require skill, but keeping that money is a different story. If the market is not coming to you, there is no need to put on a trade. Flat is a position too. Questions and comments welcome.
BITFINEX:BTCUSD
by MarcPMarkets
16
ETHUSD At Top Of its Tree in Near TermETHUSD At the top of its tree in near term Although ETH has struggled for a large part of the last 30 days, it has now doubled from a low at 313 to today's high at 626. Not bad for a straggler. But it's probably at its upside limits in the near term here and needs to consolidate some more below the upper parallel before it can go again. May well hammer out a small flag for the next few hours, especially if 617 keeps stopping the next advance. To clear the way for the next advance from hereETH would have to find enough power to beat the upper parallel and then to turn it into support on the next retest from above once broken through. Can either close out longs here and lock in profits and be ready to buy on a successful near term break above the upper parallel or potentially to buy again from lower down, from 577-551 range.
BITFINEX:ETHUSD
by sumastardon
I'm Already Out Looking to Re-enter BTC Perfect HThis is what I am betting is the SFB. Hopefully it retraces to the axis of the other perfection we have seen lately allowing me to re-enter bitcoin at a reasonable price thus pulling off a beginner's luck Holy Grail trade multiplying my BTC purse and my USD purse.. You gotta have goals in life ! haha.. Best of luck in the world to you Heartbeaters !! Dare trade the deadly Heartbeat "H" Of course be ready for this to just go strength to strength if my identification is wrong and this is really an ASH / WM i.e. bullish As !!
COINBASE:BTCUSDShort
by Benjamix
BTCUSD May See Resistance Around 12000BTCUSD is trading in a bullish impulse of a higher degree, labeled as black wave V. We see four of fives bullish waves completed from 11th of November, which indicate that a top can be near. Current rally that is now underway can be final wave 5 of V, that can see limited upside near the upper Elliott wave channel and near the Fibonacci ratios of 2.618 or 1.0 ; all three elements have a common thing, they offer resistance so be aware of a three-wave bearish reversal. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
BITSTAMP:BTCUSD
by ew-forecast
5