Breaking Bitcoin 10-9: Triangles Broken?
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BTC/USD
We have broken out of the descending triangle pattern that we have been charting for quite awhile now at this point. We did break out on high volume relative to price action during the sideways consolidation we experienced over the tail end of last week into the weekend. Of course, this sideways consolidation led to an explosion in alt-coin price, as it has a tendency to do when Bitcoin price is sideways.
After breaking out of the triangle, we passed our previous resistance level at 6640 to meet new resistance at 6680. These are our potential targets for a bullish movement in price. We will look to where price previously found resistance if we enter into the bullish trade, and we will also look at these points for areas of reversal to take the bearish trade.
After finding the resistance at 6640 price reversed in a shooting star pattern evening formation, before reversing this morning on a hammer candle/morning star that closed right above our .236 Fib retracement, and wicked down perfectly to our Kijun line of the Ichimoku.
This was a good sign for a bullish entry into Bitcoin, especially because of the volume on that hammer candle relative to current price action. Even though it was a bearish candle, the ammount of volume that poured into that buy position was impressive, and should lead to a temporary uptick in price as we can allready see playing out before us.
Current targets for the Bullish position entered at current price are 6640 and 6680.
Current support for current price action, or current targets for the bearish position are the .382 Fib at 6544, or the .618 at 6498 which corresponds perfectly with the upper trend line of the previous descending triangle, which price is likely to back test and flirt with as resistance turned support before a more impressive movement.
Trade safely, and don't go crazy with leverage. There will be plenty of time to catch the movement either way we move from here.
ETH/USD
Price has not yet broken out of the triangle. Price is nearing the zenith of it's volatility contraction, with range smaller than it has ever been in recent price action. I do not see a trade on the table, as patience is necessary to ascertain which direction we will break. There will be plenty of time for the trade once this contraction is over with. Remember, when currencies are range-bound, that is where most individuals trade poorly. Take a look at the Rekt threads on Twitter. They start lighting up whenever price is range-bound and individuals feel the desire to over-trade in a situation where they have lost the competitive advantage. It's akin to having an over-powered weapon in any video game, defeating powerful opponents. Then your powerful weapon breaks and you're left with a spork, and the wise thing to do is to head back to town, heal, flirt with the cute tavern wenches (or wenchmen if you're a lady), fix your sword, and head back well rested when you have the advantage again. Instead, you lunge at the level 90 Frost Dragon with your spork in hand yelling "For the Horde!" RIP, we'll see you on the Rekt thread.
It's times like these, on ETH anyways, that I kick back, vape calmly, and put my effort into studying and improving my strategy. Not stuck addicted to the trade, and making poor decisions because of my foolish decisions.
XRP/USD
Ripple seems to have broken out of the descending wedge pattern that we had established earlier during the weekend. Price broke out last night and has now retraced to wick off the upper resistance trend line of that wedge, turning into new support. This is further strengthened by the hammer candlestick that completed this touch.
We have an Aggressive 13 on the current candle, which strengthens the bullish sentiment. Volume was not very strong on the breakout, so volume does not confirm these bullish traits.
DMI has not reversed, there is still more bearish momentum than bullish momentum, however there is an opportunity for a short-term bullish trade on the table if one desires. It would be safer to wait for more volume, and for more bullish candles to signal more clearly that the bulls are moving in. All we have at the moment is an opportunity for the bulls to come in, that doesn't necessarily mean they always will. Purple targets charted for the long.
Sincerely,
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