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Will ETH continue to ride the logarithmic channel top?ETH looks to be rather bullish when taking a step back and looking at the long-term logarithmic chart over the past year. As you can see, ETH has a tendency to get near the top of the ascending channel that has been forming since July 2020 and largely just stay at the top for some time. If history were to repeat itself, and if Ethereum continues to stay near this channel top, then there are is a good potential that ETH could hit 3.6-3.7K in the short term and even up to near 4.6K (based on Fibonacci extensions) over the next few weeks. ETH recently surprised me over the past week and a half as it continued to rise despite continued divergence. Even now, I dare not even show the 4-hour chart due to the divergence I just can't unsee. But that being said, things are looking fairly bullish from a long-term perspective. As to how long ETH will stay this way before a larger retracement is anyone's guess. As always, this is not financial advice and is solely my opinion, but please like or comment if you agree or have any thoughts/opinions.
BITSTAMP:ETHUSD
by crypto_trends
DASH/BTC Cup & Handle Breakout!About a month ago, I mentioned how DASH had broken out of a descending wedge for DASH/BTC that had been forming since around the beginning of 2020. Now it looks as though a cup and handle pattern has been forming since Valentine's Day 2021 (how lovely) with the handle formation completed (nicely outside of the wedge) and an additional retracement back to the point of the breakout now completing as well. If the cup and handle pattern continues and does not break further below into the handle, there is a potential upside to near the length of the cup (dashed green line) based on the rules of the cup & handle pattern. However, as no pattern is guaranteed, there is of course the possibility that the trend could head further below the breakout, but at least so far the pattern looks fairly consistent with the appearance of a cup and handle pattern with potential upward in my opinion based on a continuation of the aforementioned descending wedge breakout as well. As always, this is solely my opinion and should not be taken as financial advice. But please like or comment if you agree or see anything differently.
Long
by crypto_trends
DASH vs LTC, will DASH ever retain its former glory?Over the past few days, DASH and LTC breakouts have surprised quite a few as the price of BTC has slipped back and forth after trying to recover back to its recent all-time-high. However, in my opinion the long-term logarithmic trend is the more interesting trend to watch between these two veteran cryptocurrencies. Over the past few years, a descending channel has formed in favor of Litecoin in the DASH/LTC relationship (as represented by the blue lines). However, Dash has been looking to challenge this trend consistently for the past year. Now it looks as though a long-term wedge (pennant?) may have formed as well after a steep downtrend occurred for DASH at the beginning of 2021, and it now appears as though Dash might be attempting a break out over the next few weeks/months. Whether DASH will successfully break out however is anyone's guess. I should note as well that although the price of LTC and DASH are nearly identical today, DASH at one point was nearly 27 times the price of LTC (this is the logarithmic chart after all)! Hence it should be interesting to see if DASH is able to compete in any way near its former glory. In the meantime it looks to be an interesting pair to watch to see if either a breakout occurs anytime soon for DASH or if LTC might takeover in the long-term relationship. As always, this is solely my opinion and should not be considered in any way as financial advice. But please like or comment if you agree or or have any opinions, especially if you are a Dash or Litecoin aficionado.
POLONIEX:DASHUSD
by crypto_trends
3
Can LINK/BAND predict BAND dips, then uptrend?Recently it was brought to my attention how well LINK and BAND have come to be closely been correlated over the past few months). However, I have begun to notice an interesting wedge that has some particular peculiarities. For those who have not heard of LINK and BAND, Chainlink (LINK) and the Band Protocol (BAND) were both created in 2017 and are the two of the most well-known blockchain based oracle providers. For those who do not know what a "blockchain based oracle provider" is, it is roughly a means for cryptocurrency smart contracts to come to consensus in order to securely use reliable external data via APIs (I recommend a quick google search for a more thorough explanation). Chainlink was the first major oracle network to launch and is more widely used, but Band Protocol is the second largest and has branded itself as a cheaper, faster competitor in this space. As for the chart, as one can see, when one charts out LINKUSD / BANDUSD , an interesting wedge appears to have formed. Of particular interest, whenever the price of LINK has extended upward out of the wedge in this relationship (particularly during downtrends for bitcoin ), it has often indicated a dip in BAND that later triggers a reversal uptrend. As to whether this relationship continues is anyone's guess. I should especially note that since this pattern has also formed an ascending triangle , there is also the possibility that LINK might be "winning" in this relationship and this is indeed a breakout. This could hold especially true as well since Chainlink is built upon the Ethereum blockchain (ETH) which has recently been seeing historical highs, whereas Band Protocol is built on top of the Cosmos blockchain (ATOM). Hence, there is a good possibility as well that this "BAND trend" may be coming to an end. As always, this is solely my opinion and not at all meant as financial advice, but an interesting pattern nonetheless so please like or comment if you agree or have any opinions/facts that differ from the above.
BINANCE:LINKUSDLong
by crypto_trends
10
SKL short-term break downwardI few days ago I published how a potential breakout might be occurring soon with regard to SKL on the daily chart, but I just wanted to update that there is now a potential short-term break downward instead after revisiting the 4-hour chart. It looks like after the dip from what looks to be a fake out from the other day, a bearish ascending broadening wedge formed instead (red dotted lines) that now looks to be starting to break downward. There looks to be a bit of resistance at the base of the current descending wedge (bottom red dotted line), but there is potential for a bit more of a dip against BTC in the short term, particularly if further BTC drops persist. And of course, this is not meant as financial advice and is just my opinion, but please like or comment if you agree or see anything differently.
by crypto_trends
Is SKLBTC beginning a breakout?SKLBTC looks to be trending fairly positively over the past few days. On March 9th, 2021, both SKL and MATIC prices increased greatly as they were added to Coinbase. Now MATIC started a breakout a few days ago, is SKL next? A few weeks ago, it initially looked like this pattern would form a descending triangle and turn bearish , but instead with the latest bitcoin dip, a descending wedge has formed instead (red lines) and looks like a breakout may occur soon. Additionally, it looks like a bullish Gartley pattern also formed around the same time as the dip, further indicating a potential reversal (as indicated by the blue lines). These bullish scenarios look further confirmed by bullish reversal divergence on MACD as it begins to trend to the positive side (red dotted lines) . However, no pattern is guaranteed, and there is still a bit of confirmation needed, particularly with regard to volume , but it definitely looks to be a trend to keep an eye on. And as always, this is not meant as any type of financial advice and is solely my opinion. But as always, please like or comment if you agree or see anything that stands out differently.
Long
by crypto_trends
4
ETH Bearish AB=CD, divergence @ 3K!Ethereum has had an amazing run after Bitcoin's recent dips, increasing by nearly 50% of its total price after dips from only a few weeks ago! However, it looks like indicators are starting to show some weakness for ETH in the short term on the 4-hour chart. ETH now approaches its ascending channel's top (white line, note: linear is shown due to it being a short-term trend, but the trend looks similar on the longer-term logarithmic chart). As ETH approaches 3K, an almost perfect AB=CD pattern has formed indicating a potential bearish reversal for the short-term. This looks further confirmed by dwindling volume in addition to divergence forming against price on both MACD and OBV (red dashed lines). However, with 3K being such a huge target for many ETH followers, there is always the possibility that FOMO kicks in causing an unexpected catapult upward. But in my opinion, the trend if heading downward from what I can see. Hence, you should take the above solely as my opinion and not as financial advice. However, please also like or comment if you agree or see anything differently.
BITSTAMP:ETHUSDShort
by crypto_trends
5
BTC break out of fake out?Bitcoin looks to have temporarily broken out of its descending channel (red solid lines) over the past few hours. But many eyes are wondering if BTC will retain its positive trend. On the one hand, a normalization around a round number like $55K would be fairly common leading to a potential to jump out to near $56K before potentially retracing back to the trend line (as is common during breakouts) and hence solidify a breakout. On the other hand, volume is not strong and hidden bearish continuation divergence still exists on RSI, indicating that the price might head back into the channel and either continue downward (toward 40-44K) or form a more forgiving descending channel (dotted red lines) approaching near $47K. It is truly anyone's guess in my opinion as the daily chart shows fairly positive trends and may continue upward upon zooming out, but the bearish scenario definitely looks to be in play unless further price increases continue over the next day(s). But please don't take this as advice, particularly with all the volatility occurring, as this is not financial advice but solely my opinion. But definitely like or comment if you agree or have similar or different thoughts!
BITSTAMP:BTCUSD
by crypto_trends
1
Can BTC Reversals Be Predicted Using BTC.D and LTC?!I recently stumbled upon an interesting correlation regarding BTC.D and LTC. For those who are unfamiliar with these symbols, BTC.D (Bitcoin dominance) is the ratio of the total market cap of BTC versus the market cap of the entire cryptocurrency market and LTC (Litecoin) is one of the first altcoins to gain in popularity (often it is mistaken as the first altcoin, but that distinction technically goes to Namecoin). What is interesting is that when one maps out the inverse of the ratio of BTC.D to Litecoin, one gets an interesting horizontal parallel channel (represented by blue lines) that has predicted reversals fairly accurately for nearly the past 5 years. Note how when the ratio gets near near the top of the channel, a top is in for bitcoin indicating a reversal downward. What is also interesting is when the ratio gets near the bottom of the channel, a bottom is near for bitcoin indicating a reversal upward. Litecoin has commonly been considered to be in lockstep with Bitcoin since its creation, but the trend has actually been trending downward since Litecoin's inception causing this interesting relationship. What is concerning is the price has just recently reached near the bottom of the channel once again during the recent price drops. Will this trend continue is anyone's guess, but I figured it was interesting enough to point out and rather beautiful in its symmetry as well. What I do know is you should NOT take this as trading advice in any way whatsoever. This is not financial advice and is solely my opinion. But also, please like if you also find this idea interesting or comment with your thoughts as well.
CRYPTOCAP:BTC.D
by crypto_trends
76
BTC divergence/resistance at 54K FibonacciBTC looks to have reversed (at least temporarily) after demonstrating some reversal trends (see my previous posts). However, there is still a bit of resistance on the horizon in my opinion. For the current price action, BTC looks to have come close to the downside channel's top (red lines) near some strong Fibonacci resistance from the original 43K bottom retracement (which it looks like this current dip has greatly respected those Fibonacci levels). However, as BTC approaches the channel top, it is now showing some hidden bearish continuation divergence (yellow dotted line). Hence it looks like it is more likely to be rejected in the short term at or slightly above the current price. However, the daily trend is starting to turn positive for bitcoin, so it is quite possible that after a few dips, the price might continue out of the channel. However, if the reversal trend continues, there is still a bit of downward potential in the current descending channel down to near 40-44K. If the latter case occurs, there are some good potential patterns that can arise, such as a double bottom or a shark pattern, however, it is far too soon to tell if any of these might be the case. However, with weekly MACD crossing negatively, one shouldn't rule out these as possibilities. As always, consider this as just my opinion and not advice, but please like or comment if you agree or a see anything to the contrary.
BITSTAMP:BTCUSD
by crypto_trends
3
BTC Bullish Cypher w/ Bullish Divergence!!!There looks to be a nice bullish cypher pattern forming on the BTC daily chart indicating a potential reversal is in play. This looks further confirmed by hidden bullish divergence on both MACD and RSI indicating a continuation in the ascending channel (green dotted lines). If this plays out, I will add on additional details as to the rules of the cypher pattern for anyone looking for it in the future, but the harmony of the current pattern looks very promising. Note that although I have often seen some rules of the cypher pattern vary, particularly for the AC and BD retracements, I tried to make an extra emphasis where there is strong consistency for the numbers I pointed out. As always, no pattern is guaranteed, so a continuation in the current descending channel (red lines) is still possible with potential for the dip extending further as time progresses (from roughly 43-46K based on when a dip would occur if a dip does occur). However, currently price action has a potential to continue upward toward the Fibonacci retracement levels (as indicated on the right) if the cypher pattern holds. Although note to please not take any of this as advice, as I am just indicating what I see, not recommending any setups, particularly with the recent volatility. But please like or comment if you agree, see any mistakes, or have any counterarguments. Thanks!
BITSTAMP:BTCUSDLong
by crypto_trends
2
BTC ascending triangle forming?BTC has continued to show its resistance from a further plummet for about a day now. From what I can tell in my opinion (as always, never advice), BTC price looks to potentially be forming a bullish ascending triangle in the short term (solid green lines) right around a Fibonacci resistance level from the last dip. If the trend continues with a candlestick close above around 51.177K, that would also give a nice dragonfly doji on the daily chart, potentially indicating a reversal for at least a few days. There has also been some bullish reversal divergence (green line on MACD), so this too could continue indicating a reversal. Nothing is guaranteed however, and a breakdown from the current support (green line) could easily break downward toward 44-46K (as indicated by the red channel support trend line). And even if a breakout upward does occur, there are still quite a few layers of resisting trend lines around 52.5K (near the dotted yellow trend line) and strongly near 54K (near the red line representing upper descending channel's resistance). It should be interesting how it turns out, but please like if you agree or leave me a comment if you see any mistakes or see anything to the contrary as your opinion is always welcome.
BITSTAMP:BTCUSDLong
by crypto_trends
OMG bounce with bullish divergence?OMG looks to be approaching a good opportunity for a bounce off of a previous trend line right around the long term 61.8% Fibonacci retracement area. This looks like it might be confirmed by hidden bullish divergence on both RSI and MACD for a continuation of the bullish trend. I recently published as well how there was a double bottom for OMGBTC that looks to still be possible for a breakout with strong potential resistance afterward. If indeed there is a bounce and potential breakout, it could be some fairly positive news for OMG over the next few weeks. However, if the support fails for that trend line, particularly if BTCUSD drastically drops, then OMGUSD could likely follow with a rather precipitous drop as well. However, there are still lots of bearish thoughts going around right now for BTC, so please like if you agree or comment or see anything differently, as I would love to hear any counterthoughts as well.
OLong
by crypto_trends
5
BTC short-term bullish divergenceBitcoin took quite a wallop in the past 24 hours hitting near the expectations near 46-48K I had mentioned last time, but it now looks to be showing some signs of relief at least in the short term. The downtrend channel looks to be solidifying itself more from what I can tell (red lines on price) and looks to be demonstrating a slight bounce based on bullish divergence showing on RSI (red line on RSI). If this continues, a slight retracement should be expected to above 50K. As to how far beyond still remains to be seen. Daily RSI and MACD are telling a different story with a negative trend forming with a potential for further downtrends expected, but I don't think any conclusion can be determined just yet until the current retracement completes. It is unlikely the price will surpass the current channel tops beyond 55-57K in the next few days, but it seems more likely that the price enters sideways movement for a week to near 52K and also likely that a few more dips are possible in the short term (with the potential to dance around 45-48K or later to near 43-45K if the retracement only lasts a few hours/days). It should be interesting if the current channel holds for the next week, but if the bearish trend continues, it looks like there are still some downward possibilities if the price heads sideways here in the next few days, potentially forming a double bottom or beyond if the downward trend extends beyond next week. At least for now though, support looks to be strong around the 46-48K prices, so it should be interesting to see how long that might be the case. Please like if you agree or comment with your thoughts as I'd love to hear them!
BITSTAMP:BTCUSD
by crypto_trends
BCH descending triangle formingBitcoin cash had a great run last week but ultimately caved to the BTCUSD downward trend over the past few days. Although there have been a few recoveries here and there, BCHBTC instead looks to be forming a descending triangle rather than any positive trends over the next few days. Confirmation is still needed, but if a triangle does form and breaks downward, it could take a recovery slightly longer before any positive trend occurs. It looks like a trend to watch out for if you are one to keep an eye on BCH trends.
Short
by crypto_trends
BTC bearish divergence, will wedge break downward?BTC has been forming a wedge after the dip occurred a few days ago. As the wedge has continued to form, hidden bearish continuation divergence has also appeared on RSI giving confirmation that further downward trends may continue as the wedge has begun to break downward. There are still a few bullish patterns that are possible, for example, this could be the beginning of an inverse head and shoulders formation or the wedge could really look like an ascending triangle, but from what I can tell, most trends look bearish. If a dip does occur, a new descending channel may be forming that looks to trend toward $50K in the short term toward longer term support, however, stronger support looks to be around 46-48K where there are stronger Fibonacci support levels. Please like if you agree or leave a comment as to what you see, as I would love to hear your thoughts.
BITSTAMP:BTCUSDShort
by crypto_trends
1
COIN bearish pennant breakoutI am usually not much of one to talk about stocks as much as cryptocurrencies (as my username indicates), although I feel like it would be an injustice not to mention the current breakout of a bearish pennant for coinbase. It started to form a wedge yesterday, but looks like it has broken downward today. As with most IPOs it is often tricky to determine trends immediately, but it looks like COIN is perhaps starting off heading downward first. As to whether BTC's current downtrend will have any effect on COIN or vice-versa should be interesting to keep an eye on, as the correlation might begin to show itself over the next few weeks/months.
NASDAQ:COINShort
by crypto_trends
Is DOGE in a "bubble"?Despite what many may say negatively in the past few days as DOGE is one of the few alts to rise, DOGE at least has had quite a showing for bringing in some positive sentiment during a BTC drop as well as introducing many folks to cryptocurrency in the past few months. That being said, for anyone curious about the "bubble" possibilities of DOGE, I just wanted to mention a few key points about the current price action as it relates to a typical bubble formation (as it looks very familiar, at least in my opinion, to many BTC chart setups from the "bubble" years): 1) DOGE was showing some expected bearish divergence before capitulating to a drop 2) The initial drop was almost precisely near the 61.8% Fibonacci level 3) Upon retracement back upward, it is nearing once again the 61.8% Fibonacci level if it is to reach near .365 USD then drop afterward Although the above can be "bubble-like" conditions can be stated for many alts, I just wanted to mention that if DOGE is not able to continue upward, this indeed could become a bubble situation, after which there is a possibility of a retracement to near 85% for the longer term trend. These moments usually drag on with lots of hope and denial (googling "crypto bubble chart" brings up many of these examples). I suppose time will tell if this is the current case for DOGE to be finishing a bubble or if Elon's twitter will continue to propel the price to further levels. I for one am at least am hoping that .365 USD might be a year long end (see what I did there?) to how noisy the news and trolling in chat has been lately about DOGE, but I suppose we shall see. But as to all those who "raked it in" during the jump, good for you all! In the meantime, you stay classy dogecoin!
BITTREX:DOGEUSDShort
by crypto_trends
UMAUSD Bearish DivergenceIt looks like UMA has had a great run against BTC as the price has begun to head downward for the latter. I rarely put the "USD" in the title of my posts as rarely is it significant, but I just want to call out a few things about UMA. 1) UMA is trending well against BTC, with a potential to keep up this trend and fall less drastically if BTC continues to drop (I posted about this previously if you are interested about details) 2) UMAUSD did just have a (slight) breakout, so it is possible to still bounce on the trend line (green dashed line) if the persistence continues against BTC (NOTE: They arrows are more an indication and likely drawn too spread out; if BTC falls, it is very likely to drop sooner and more violently in a shorter amount of time) Either way, UMA looks interestingly to be one of the few cryptocurrencies that seem to have held up against the latest BTC drop (other than DOGE of course, which is quite possibly in its own "bubble" right now). As to whether it continues is anyone's guess, but it looks like one of the potential "underdog" trends to watch for at the very least entertainment value in the short term if the Bitcoin downward trend continues.
COINBASE:UMAUSD
by crypto_trends
BTC down, but not out!A rather drastic drop just occurred for BTC with potential (probable) drops to continue (after possible short-term retracement). The long-term linear trend just took a rather harsh hit as the price dipped below the support around 58K and subsequently plummeted to around 51.5K USD. However, this doesn't look like the bull market is done just yet. Whenever I see a dip without a flash crash from the beginning uptrend, I tend to look to the logarithmic chart for what trends to observe (NOTE: the current crash was to the 61.8% Fibonacci for the dip since 43K and around 23.6% Fibonacci of the dip since 29K). Additionally, the current logarithmic trend looks to have started fairly earlier and more conclusively than the linear trend, so I feel it can be better trusted for longer-term trend expectations. From the daily logarithmic chart, the uptrend definitely looks to be continuing (as indicated by the yellow trend line which I drew quite some time ago which some may have seen sneak into some of my previous charts), but one can definitely see there is a bit more possible dip to occur (to near around 47K, which is around the 38.2% Fibonacci level since the 29K dip). I anticipate this level is likely to occur with the current downtrend, but not necessarily after some retracement occurs (and potentially propelling a few alts back upward slightly in the short term). Hence I am currently keeping an eye on the long-term daily upward support to see if it continues to hold. If it does, a retracement like that which is currently occurring definitely has the potential to be a healthy retreat before a longer uptrend within the next year. However, if support falters, it can definitely lead to a year(s) long reversal. Either way, the aforementioned levels seem to be some key points for which to watch out in the short-term to determine the rest of the long-term trend. Please like if you agree or leave a comment if you see some different trends/concerns that I am missing as I would love to hear your thoughts!
BITSTAMP:BTCUSD
by crypto_trends
1
BTC bounce soon at crucial support?BTC is currently holding at some rather crucial support from the long term trend (white line). On the positive side, support has not definitively broken on price nor RSI, so very well might bounce (although it is right at the precipice, so there is understandable concern here). There is also still the possibility that this is still just retracement at the 61.8% Fibonacci level from the latest uptrend. Additionally, if a bounce occurs here, there is a possibility it could head upward into an inverse head and shoulders (green triangles) and further head upward. On the less positive side, since this is the 61.8% Fibonacci retracement, even an increase upward has the potential to hit a new all-time high but looks very close to a three-drive bearish pattern as well. Additionally, MACD is heading the negative direction as well so it well might continue. And of course, this support line is so crucial such that such a break could easily send the price into a longer term bearish trend that can last for some time now. There are possibilities that this could be a result of the PI Indicator or ALT season causing FOMO at max pain (for example, thanks to DOGE), but I would be somewhat surprised that the fall here would come without as many heavy handed indicators into oversold territory as well as the fact that this is not a flash crash, but it is quite possible that such a crash could occur soon (particularly if stops soon trigger). Although things looks fairly scary right now, I feel there are so many positive trends needing to continue on alts that this very well could possibly be a retracement and bounce soon (until the trend shows otherwise). However, I would still suggest to never take my opinion as advice (both now or ever) as I could easily be wrong. But if you strongly feel otherwise, I would love to hear your thoughts, so please like this article if you agree or leave a comment as to why if you don't. Either way, this looks like a very crucial point to watch if a downward trend continues from here, as it might take a while to recover if that is the case and might propel the price near crash levels.
BITSTAMP:BTCUSDLong
by crypto_trends
1
DASHBTC falling wedge breakout! 🚀DASHBTC looks like it is breaking a falling wedge that has formed since 2020 (green lines). Although DASHBTC originally formed and broke out of a smaller wedge during the explosion that happened in February (yellow line), it looks like volume still is not near the higher breakout levels for DASHBTC. Although this could mean a potential fake out, it also could mean there is still a bit of potential for growth if history is any indication of the potential for how far the breakout might extend. Please leave a comment if you see anything different or like if you agree, but in my opinion, things look to still have potential (although no guarantee) for DASHBTC.
Long
by crypto_trends