OMGBTC double-bottom, wedge challenge?OMGBTC recently had a near breakout from a double bottom w-pattern a few days ago (blue dotted lines).
It has since started to retrace (as is common with a double-bottom breakout), however, if it does in fact continue to break upward again, there is some interesting resistance right around the corner.
Since 2018, a descending falling wedge has been forming for OMGBTC that has forms a vertex right around the beginning of 2022. Hence there is a possibility for a rise up out from a double bottom breakout to reach up to this wedge in the short term. From there either another push back downward or a breakout can be expected, but it should be interesting which occurs with how soon is the date for the apex of the wedge.
It looks like OMGBTC might be a few weeks away from this point, but the direction change to challenge this wedge looks like it may occur in the next few days (if the trend does in fact head upward, as BTC Dominance has recently shown that BTC could also take over in this relationship soon, see my other post for details). Either way it looks to be another point to keep an eye on.
Opinionswelcome
BTC dominance pushback soon?!Bitcoin has been dominated recently by a huge influx of alt price increases while the price of BTC has steadied. However, it looks like a pushback is right around the corner in the next few days based on the current trends.
On the one hand, there is a horizontal parallel channel that has continued since the beginning of 2019 (blue dashed lines)!
On the other hand however, if support breaks, there is another parallel channel of roughly equal size that started in 2020 and solidified itself in 2021 (red dashed lines)!
It looks like both channels have a fairly solid chance of taking over, but since we are approaching their crossing, it looks like that bitcoin will take over in the short term.
This leaves me with two questions:
1. Will bitcoin take over in the in the relationship after the bounce for the next few months?
2. Will a short term bounce occur (and potentially continue) because BTC increases at a faster rate or due to a drop that takes every alt with it?
Please like if you agree and leave a comment with your thoughts/theories! It looks like we shall likely find out which way the trend heads over the next few days, but definitely something of which to be aware!
COMP Inverse H&S BreakoutCompound looks to be another alt that is experiencing a neckline breakout from an inverse head and shoulders pattern.
It looks like a slight retracement is now occurring which has the potential to break down below the neckline still, however, assuming the trend continues, it has a bit of potential upward as indicated by the head to neckline length extended after the breakout (dashed blue line).
There is a similar breakout occurring against COMPBTC, so it looks like there is some potential to outpace BTC over the next few days as well if the breakout continues. I suppose we shall see soon if the breakout becomes more definitive in the next day(s) or so.
ATOMBTC inverse H&S neckline breakAn inverse head and shoulders pattern looks to have been forming on the daily chart for ATOMBTC. It looks like the neckline has finally broken today.
If the rules of the head and shoulder pattern hold (as of course, no pattern is guaranteed), it looks like there are still some potential returns possible if bitcoin continues its upward trend (as indicated by the dotted blue lines).
LTCBTC year long wedge breaks upwardsIt looks like LTCBTC has managed to break resistance of a wedge that has been forming since 2019 (blue dashed line zoomed in, see my previous posts for details about this resistance level).
There is still a bit of resistance above the current ascending channel (dotted yellow line), but the target now looks to be a much longer "years-long" wedge that has been forming for quite a while. Due to the distance between these wedges, there is still quite a bit of potential for LTC to continue its push against its older sibling BTC over the next few months, so it definitely looks like a good trend to watch for anyone following LTC.
BTC possible road to $67K, $70KBitcoin looks to have broken the ascending triangle (dashed blue lines) I mentioned yesterday. However, I missed an additional bullish sign with a short term inverse head and shoulders forming on the 4-hour chart (green triangles) that also had a neckline break earlier today (dashed green line).
When the length of this pattern is extended at the breakout (dotted green lines), it extends to $67K USD. This coincides with a Fibonacci extension from the $43K dip nicely so is a price for which to keep an eye out in my opinion, particularly if the upward channel continues (dashed blue lines). However, the larger head and shoulders neckline break (dotted yellow line) looks to extend to higher around $70K.
If the trend continues, I anticipate some resistance at $64K (due to longer-term inverse head and shoulder shoulder lengths), but it should be interesting if BTC is able to approach any of these higher resistance levels as well as what that might mean for ALTs if the trend continues over the next few weeks.
BAND Cup and HandleBANDUSD looks to be setting up a fairly textbook cup and handle pattern over the past few days.
I have been noticing a few cup and handle patterns forming that have become rather profitable over the past few days with alts (e.g., OXTUSD and KNCUSD). Hence, it looks to be a fairly profitable pattern for which to lookout for anyone looking for ALT patterns that might be profitable as bitcoin reaches its new ATH. No pattern is guaranteed of course, but it looks like BAND might be a good alt to keep an eye on to see how it plays out.
BTC ascending triangle during H&S fightAs I mentioned a few days ago, BTC looks to be continuing a slight dip after a neckline break (yellow dotted line) for an inverse head and shoulders pattern (green triangles) but now looks to be forming a bullish ascending triangle pattern on the 4-hour chart (green dotted lines). If resistance breaks upward, potential targets could be up to around 70K (green dotted line upward) as indicated by the length of the inverse head and shoulders pattern's length.
However, a key point to watch is around 59K if the ascending triangle breaks. If such a breakdown of support were to occur past 56K, the price of bitcoin could be propelled downward toward a longer term trend line support (orange line) further due to an opposing head and shoulders pattern (pink triangles). Hence a break past the all-time high would be a positive invalidation for this possibility.
So far trends look to be trending well for BTCUSD, but there are still some risks for which to watch out as bitcoin is still fairly close to the supporting trend line (white line). However, feel free to let me know if you agree or see something differently in the comments.
UMABTC rounding bottom riseUMABTC could potentially be forming a rounding bottom and on the rise part of the U-shape. This looks fairly nicely confirmed by MACD as well so far.
It is still a little early to be certain, but support looks to have been holding quite nicely a few days now. From what I am seeing, if the pattern holds, there could be some potential large jumps for UMA if BTC continues to jump as well.
SKL ascending triangle potentialSKL looks to be continuing an ascending triangle pattern as I mentioned before.
If the pattern continues, it looks like the next few days should be something to keep an eye out for a breakout potential around .85 with some resistance around the 38.2% Fibonacci retracement level. If that resistance does break (dashed red line), it looks like there is good potential toward the all-time high for SKL and potentially beyond over the next weeks/months.
There is still some potential for a few dips here and there, but support so far has been strong (red bottom line). Looks like a fairly solid pattern to keep an eye on at least.
BTC Inverse H&S neckline breakIt looks like the inverse head and shoulders pattern I was mentioning a couple of days ago has completed and the neckline has started to break upwards. The head and right shoulder also look to have followed the upward channel trend support (white lines) fairly well, so although there is still some leeway for some slight downward dips, the potential is not great.
This looks to be a good trend for BTC and potentially alts to follow afterward. If the current trend holds, it should be able to bring the price to 70K and above. There is additionally a larger, longer-term ascending triangle formation that could lead the price even higher.
It should be interesting to see if the price holds above the neckline as well as if a slight dip might occur before it continues upward, but either way, it looks to be positive news for bitcoin. I would also love read any evidence to the contrary if anyone sees anything, as your opinions are welcome. The closest I can see is the continuing downward trend on RSI which has the potential for a bearish trend if it does not break as price climbs. There is additionally potential for issues from the Pi Indicator crossing. Neither of those trends look to stand out fully as an indication of a reversal, but definitely something to keep an eye out for.
LTC w-pattern double-bottom entryWith the w-pattern (double bottom) forming on LTC, in my opinion it looks like litecoin is currently riding the downward trend from its breakout (red line) before a potential break upward that might occur over the next few days.
I mentioned before some long-term trends to keep an eye out for LTCBTC, but there might be some upward potential for LTCUSD in next few days. As to whether BTC follows I imagine should help guide the direction of LTCBTC in the short term.
There of course are still possibilities of a fake out and returning into the wedge to break downward if BTC is to head significantly downward, but so far trends are looking up for LTC from what I am seeing.
Potential Inverse H&S forming on BTCBTC has broken downward into a descending channel (red dotted lines) as I had mentioned was a likely scenario in previous posts (NOTE: Channels have been adjusted just slightly upward to match the trend).
As I had mentioned before, this is the likely "good" case scenario for BTC as it sets up a slight retracement upward (as is occurring right now) then sets up an opportunity (but not a guarantee) to head down again to around 54.5K-56K to create a nice inverse head & shoulders pattern (as diagrammed, assuming the current right shoulder has not already set) signaling a likely (but not guaranteed) continuation upward for bitcoin.
However, there is still a bit of time to confirm any descending trend, and additionally there is still a bit of resistance downward to be met (as indicated by the white trend line that has been forming since February), but either way I just wanted to point out the trending channel and resistance in case anyone missed the trend change.
So far I am still waiting further confirmation by any other oscillators, but also as always, I am interested to discuss any confirmations or opinions to the opposite trend, so if you have any thoughts, please leave a comment!
LTCBTC nears year-long wedge top againIn the past week, LTCBTC broke out of the wedge of which I have been speaking for a while now, but now looks to be heading toward strong resistance as it hits near a wedge that has been forming over the past year (dashed blue lines). The wedge itself has the potential to go until either summer of 2021 or even into the end of 2021 (e.g., if the small, solid-yellow trend line breaks, which some have claimed looks like a potential descending triangle pattern), but I figure it good to bring to anyone's attention who watches litecoin.
If this wedge were to break (and again, it is just an opportunity, as the wedge has potential to continue for months), the next point to watch is the long term trend which has been forming a wedge for many years. If that level ever does break upward, the potential for LTCBTC could be rather large.
The current likeliest scenario that appears supported by hidden bearish divergence on RSI (white line) looks to be in favor of LTCBTC staying in the downward trend either continuing in the wedge (dashed blue lines) or potentially continuing into the descending channel (yellow dotted lines), but the current point of resistance definitely looks to be a point of interest for anyone looking for LTC breakout possibilities.
A lot of the direction will likely dependend on the price of BTC, as a steep drop or a drastic reversal for BTC easily has the potential to sway LTCBTC in the downward direction.
Short-term moment of truth for BTCIt looks like a short-term "moment of truth" is happening right now for bitcoin as it starts to approach the "channel cross" of which I mentioned in previous writings.
One option looks like the price is hitting the top of the descending channel (dashed red lines) and it is then going to continue downward between 54.5K and 57K (a break near 57.5K would be better confirmation).
Another option is that the price will head to 60K, staying in the ascending channel (dashed blue lines), and either continuing upward in the channel up to near the ATH (or beyond) or be rejected at 60K, which is the current neckline (dashed yellow line) of what looks like an inverse head and shoulders pattern starting.
The pattern that looks the most appealing in my opinion would be a dip to form a more solidified inverse head and shoulders pattern, but with other ALTs breaking out, it is quite possible that a breakout could occur from here as well.
It should be interesting to see where BTC goes from here as this looks to be right around the crossroads for a short-term direction. If you see anything indicating a more solidified direction, please leave a note in the comments as I would love to hear what you think.
Two BTC channels possibilitiiesThe dip I mentioned before looks to have started. However, it is interesting how there are two potential channels forming.
The ascending channel (blue dashed lines) looks to have support a little below the current price, so it should give a bit of support in the case that a rise and further dip occurs over the next day.
However, over the next few days there is still a good chance that bitcoin could fall into the descending channel (red dotted and dashed lines) and dip down further to near 54.5K after which bitcoin looks like it might find strong support (based on the Fibonacci retracement).
There appears to be some support for the first scenario as seen by the continuation bullish divergence (yellow dotted lines). However it is still rather early in the dip, and lots possible to happen over the next few days to confirm otherwise, particularly with trends related to ALTs in similar downward directions.
Either way, confirmation should be expected over the next few days, so it should be interesting to see which way it turns out. However, if you feel you see anything that looks to indicate one way vs. another, please feel free to leave a comment as well, as I would love to discuss.
LTC potential bullish dipLTC looks like it might possibly dip over the next few days setting up a potential bullish bounce from what I am seeing.
Bullish continuation divergence for the previous upward trend looks to be presenting itself as Litecoin looks to consistently be fighting higher lows while RSI continues to dip. If the support holds between $175 and $190 forming a wedge, and if RSI continues to drop around these price ranges (particularly to around 37), this looks like it could set up a good potential for a bounce upward (as shown on my previous logarithmic chart).
There is still a potential break downward if a price drop below $175 were to occur, but if this is avoided, this might spell some really good news for Litecoin over the next couple of weeks. It is definitely something to keep an eye out for at the very least.
ALGO channel top once againAlgorand looks to be testing the top of an ascending channel (red dashed lines) once again similarly to how it did at the end of March.
A break here could be a great sign for ALGO as it could signal a new ATH , but there is also bearish divergence forming both on the 4-hour chart (blue lines) as well as on the daily chart . If resistance holds here, it could send the price sub-$1.20 if the bottom of the channel gets tested next. Additionally if channel support fails, it could send the price sub $1.
Ultimately any price changes in BTC could easily influence the direction over the next day, so there is much uncertainty here, but also much potential for the trend to change in either direction. ALGO looks to be interesting to keep an eye on either way over the next few hours/days.
Litecoin bounce or breakout?With regard to the bigger picture on the logarithmic chart for LTC, it looks like it is either time to jump past resistance (red line) or to bounce back into a wedge (between the red line and bottom white line). As always with litecoin, it is likely to follow the direction of its older sibling bitcoin in the short term. Either way, assuming that support holds in the ascending channel (white trend lines), it looks likely to be a positive trend for litecoin in April with a potential to shoot upward.
The part I always like about litecoin is how it is one of the few cryptocurrencies that has more solid and defined patterns than most. However, that also means that a break out of the white line's support could easily lead to a breakdown and a bearish trend, so that too is definitely something for which to keep an eye out. Either way, I am very interested to see how litecoin looks at the end of April.
As always, I am also curious if anyone sees any obvious trend for which to lookout with regard to the "bounce or breakout" situation. If so, please leave a comment as I would love to discuss.
BTC breaks resistance aiming for top of wedgeBTC just broke some key resistance (at red and yellow dotted lines) and is now heading to the top of an ascending wedge (around 60.5K at the dashed blue line). If indeed it is able to break this resistance, it looks like it could be headed to surpass the ATH in the blue channel upward.
There is still some resistance at 60K and still a possibility that a pushback at 60.5K could cause a reversal, particularly since the daily chart ended with a double doji which could easily indicate a reversal. However, if 60.5K were to break, it looks like this could be the beginning of a continuation of the trend upward to a new ATH.
Either way, it should be interesting to see what happens over the next day if indeed 60K and subsequently 60.5K will break or not.
ETH looks to be running out of momentumETH looks to be hitting a bit of divergence in the short term (red dotted lines on price, volume, and oscillators) as things start to taper off as ETH continues in its upward short-term ascending channel (red dotted lines on price). However, this looks fairly good for ETH in the long term, as a retracement to the Fibonacci levels near 1.7K for the current uptrend could propel the price upward past the ATH after the next week.
Everything looks pretty promising in the long-term from what I can tell for ETH particularly if the uptrend holds (white line), so it should be interesting if indeed any dip occurs before a continuation upward.
However, if anyone else sees any other indicators that seem to trigger the opposite or a more defined confirmation, I would love to hear your thoughts, (particularly as ethereum could continue in this channel over the next few days to near 2K), so please feel free to leave a comment with what you think.
PLTR - General Strategy Discussion
To be clear, this is a chart for PLTR but the general conversation could apply to any swing trade. Also, I'm not looking for advice on my PLTR play, just curious to hear other peoples perspectives and strategies.
My double bottom PLTR play is looking like it could be heading in the right direction (still couldn't fall apart...). If the price hits the neckline, I'd be at a 30% gain. That's a damn good return for a few weeks in a swing play. BUT... if the neck line breaks and the W finishes... I could be looking anywhere from 60-70% gains.
What do you all do when you're in a situation where your play isn't finished, but you already have a very good return. Getting greedy can be dangerous... but sticking to your gut on a call isn't a bad thing either. Just looking for personal opinions and strategies (again not specific to PLTR or my play).
BTC bearish divergence on the 4-hour chartBitcoin headed downward and broke upward support (blue line) slightly about 12 hours ago as I discussed yesterday to near 56.5K and has since retraced back upward. However, on the way up, it looks like some bearish divergence has formed (yellow dotted lines on price and RSI) indicating a potential reversal.
However, what I find especially interesting is how well the support from the top of the previous descending channel (red dashed lines) has held as well during the brief trend line break. Then, as I move this line upward, it looks now to potentially be resistance (red dotted line), although time a few more touches on this line would be nice for confirmation. This has now formed what looks to be a downward channel that could potentially head to 54.5K over the week.
There is still quite a bit of time needed for confirmation, but the reason I really like this is that it jives so well with the upward trend bitcoin has seen on the daily chart. This trend then gives the potential for an inverse head and shoulders pattern, it gives the potential for a bounce off the upward trend line (white line), and it gives momentum upward as it would express a break from the bear flag I described yesterday by then create a bull flag downward.
Maybe I am too lost with the possibilities that the patterns are aligning with this change, but it would be interesting if there is a head downward for a few days then bounce upward. Curious if others see an error in my reasoning (as of course there are still countless other possibilities) as well as any other validation that I am just blatantly missing. If so, please drop a comment as I would love to discuss.
