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Shoulder

Counterparty: bounce incoming!Counterparty has started to bounce off a horizontal supportline, that has been visited 4 times now on the daily candles. One could argue that this graph is also showing "the lately so often seen failed shoulder-head-shoulder" pattern that I was reffering to in my Zcash idea (www.tradingview.com), but I am not liking the shape of this one (especially the shape of the head). The previous three support-touches (on the green horizontal line) resulted in a lower RSI reading (3 red ovals). But the latest touch has given us a higher RSI-reading (green line in RSI), so we have some bullish divergence. I expect the bounce to go towards 0.004 region, with maybe some hesitation around 0.0032 area (two red horizontal resistance areas).
X
by yuri72
5
Gridcoin ready to jump higherGRC had a massive shoulder-head-shoulder on the charts, but it did not trigger a huge sell off. There was some sort of downward channel though, which has now been left on the upside (small green oval). GRC has been reasonable steady in recent BTC-turmoil. Still the old neckline forms serious resistance. The upperline of the old downward channel should now give support, keep your eye on GRC breaking the line (big green oval) this could trigger a nice rise!
G
by yuri72
1
IOTA switch from short to long!We had a great run with our Iota short idea () but now it is time to switch to longs. A supportline (green) which started mid july has pushed Iota out of the downward channel (green oval).. to add to its merit a same supportline is present within the RSI-indicator. There is a little danger of a shoulder-head-shoulder forming (red curves). But the right shoulder isn't there yet, also shoulders are quite small relative too the head, so even if the right shoulder forms (which happens if the mid-july supportline gets touched in the coming days) it is questionable if it results in a drop below the supportline. Expect Iota to charge horizontal resistance at 0.00016 and if succeful 0.00019 / 20 area will be targeted.
Long
by yuri72
BTCUSD H+S pattern, bearish div., 1 HR chartIf we look at this cart we see a couple of trends. Overall, we see an upward movement, to a peak around $4400. As we look at a volume indicator, the RSI, we notice the the very highest peak had lower volume than the peak before it, leading to what is called a bearish divergence, drawn by the red arrow over the bottom indicator. After this there was large volume sell off down to below 4000. This movement dropped below the MA 50 line. We now find a price hovering between MA 50 and MA 100. Looking on different charts, we see the bearish divergence on the 4HR chart, and the 1D chart. So we should expect the market to turn slightly. On the 1 hour chart, we start to see a head and shoulders formation, with this 3rd rise in price relating to the 2nd shoulder, after the head. The price went all the way down to the neck line, and rose back up again. With a bearish divergence already in place, this would seem to point to the possibility, that this 3rd rise could lead to a downtrend. If price reaches 3900, we must watch closely. 2 possibilities, the market could react and strong volume could prove resuming the bullish market (most likely). Or, the price does not bounce off this mark, which triggers a sell off. The amount of loss, will be the same amount of gain realized from the neck line to the top of the head *vertical arrow up" / vs the corresponding "vertical arrow down". Just a thought, the market has been unstoppable in the upward direction, and we might be in for a minor correction. Let me know your thoughts/ what you see!
BITFINEX:BTCUSDShort
by Shwayze