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Covesting

Contributor
Ethereum/Dollar ETHUSD


ETH_SYMME.PNG



PAIR:ETHUSD

A downward move back to the low in March 2018. With a lot of supports on its way to the down side ETH chart is forming a pattern call the symmetrical triangle. After maintaining a strong support at 367usd back in March 2018 and moving up back to gain 127%, ETH has lost -62% and aiming back to its support level.

On the daily time frame, price dropped to 493usd but closed at 511usd. To determine if the bullish trend will set in or the bearish trend will continue the following will be used:

- Williams alligator

- chart pattern

THE WILLIAMS ALLIGATOR

This indicator is very easy to use and understand, the three EMAs which are green, blue and red( LIPS,JAW and TEETH respectively) plays a vital role. The green is considere to be the fastest EMA among the three and indicates when there is a bearish move or the move is about to change. When the green EMA crosses the two EMAs from up moving down( known as ALLIGATOR SLEEPING), this gives a signal to exit tht position until an upward crossing is achieved.

This is clearly shown below, as the green EMA crossed the other two EMAs moving down. More bearish signal comes in when the three EMAs are strenched apart from each other and moving lower, this is called ALLIGATOR IS EATING WITH WIDE MOUTH OPEN indicating that price will see more down side.

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THE SYMMETRICAL TRIANGLE

As mentioned above, alot of support holding price up and probably would bounce back up. The first thing you need to know about triangles is that they are a form of support and resistance.
The trendlines of the symmetrical triangle is two which are DESCENDING TOP TRENDLINE AND ASCENDING BOTTOM TRENDLINE.
These two trendline, price must touch these line at least a number of 2 to 3 times as it gets completed. Currently is has completed the second touch of the top trendline and going to the third on at the bottom as volume as well has decreased.
Technicals suggest that price will likely touch the green zone as it moves down as the triangle is almost completed before a stong bullish move will be made between 475usd down to 300usd.



Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

 

Covesting

Contributor
POLYBTC (Polymath/Bitcoin)

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After being listed on UPBIT, price moved up to breakout from the pennant flag pattern.

On the daily time frame, price is clearly making a new move to the upside as the chart contains little data with few information.

The pennant flag pattern is acontinuation pattern formed by a large move in price( this large move is called the POLE). Price has brokenout of the flag and currently consolidating between the 0.618fib and 0.786fib. The oscilator( STOCHASTICRSI) is fully oversold and is gradually crossing the 20 oversold area. The height of the pole should always be the height at which the target is pegged at. AS SHOWN BELOW:

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The BULLISH HIDDEN DIVERENCE
When price is spotted making a HIGHER LOWS and oscilator is spotted making a LOWER LOWS, this is signalling that price will about reverse to move to the up side and suggesting that a position should be take at its current level.
Technicals suggests that POLYBTC chart is looking bullish with little consolidation at its current price range.

VERDICT:
BUY : 0.00010928sats down to 0.00010098sats
SELL: 0.00016000sats up to 0.00018000sats
STOP LOSS: 0.00009198sats


Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.




 

Covesting

Contributor
BitcoinPlus/Bitcoin XBCBTC
XBC_NUMBER_1.PNG


PAIRR: XBCBTC

After 173% profit was made with a spike in price to 0.011btc, price has dropped down back to it initial support level which it has been maintaining for some time now. Currently forming a falling wedge.

An opportunity calls to take a position as it the strong support level. Price still ranging within the price in the green box, a breakout down will move price to reach the strong support level as the wedge gets completed.

On the daily chart, a bearish move down as the upper band is following the lower band as it moves down with a signal to stay out of the market until a support is found.

Technicals suggests that price is still bearish looking at it current move, with a strong support zone at 0.0039912sats.

VERDICT:

BUY: from its current price (0.00442713sats) down to 0.003991243sats

SELL:0.0113sats

STOP LOSS: 0.0031826

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

 

Covesting

Contributor
Zilliqa/Bitcoin ZILBTC
zilbtc_new.PNG


PAIR:ZILBTC

A price descending channel is a continuation pattern that slopes up or down and is bound by an upper and lower trend line.
The upper trend line marks resistance and the lower trend line marks support.The upper line trendline tht slopes down is also referred to as upper reaction and the support trendline is called lowr reaction to price holding price in a falling channel.
Bears struggled to push it through a short-term descending channel formation on the 4hours charts. This will remain within its channel consolidating more and more as a strong support level has been maintained.
The oscilator is indicating that price is fully overbought, supported by a BEARISH ENGULFING CANDLE STICK. 0.5fibonacci retracement level, price always finds its way back to this respected zone.
When price breaksout and close outside the channel, this is a signal to take a position in the market.
Guidelines:
The price trend leading to the channel can be from any direction.
The two trendlines should be parallel or nearly so. Both should tilt upward or both should tilt downward.
Price should touch each trendline at least twice as distinct peaks or valleys.
Price should cross the pattern from trendline to trendline, nearly filling the available space.
Breakout Occurs when price closes outside the trendline boundary and can be in any direction.

Technical suggest that price is still a little bit bearish as it is still inside the channel, but a likely breakout in price might happen as the support level is maintained.

VERDICT:
BUY: 0.00001576sats
SELL:0.00001891sats up to 0.00002235sats
STOP LOSS:0.00001310sats
 

Covesting

Contributor
NEOBTC
headand_shoulders.PNG


PAIR:NEOBTC

As the markets looks like it is slightly back, with some coins reversing to the upside, NEOBTC chart is also spotted with a chart pattern called THE INVERTED HEAD&SHOULDERS.

The inverted head and shoulders formation is one of the most popular and reliable formations used by most traders.
When the pattern has fully formed it means the prior downtrend is over, and an uptrend is underway. This is why the inverse head and shoulders is called a reversal pattern. Inverted head and shoulders occur in all markets(bullish&bearish) and on all time frames.
The head and shoulders pattern is a reversal pattern that signals a downtrend is over.the inverse head and shoulders pattern occurs after an extended move down. It represents a possible exhaustion point in the market, where traders can begin to look to take a position as the market establishes a bottom and starts to climb higher.
One area where a lot of traders go wrong is thinking that the pattern is confirmed as soon as the second shoulder forms. Although the pattern begins taking shape at this stage, it isn’t confirmed until the price closes above neckline which is the resistance(the green zone).
The inverse head and shoulders pattern occurs during an downtrend and marks its end. The chart pattern is composed of three lows, with two retracements in between.
Price trend Downward leading to the pattern, The pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow).
Neckline Joins the two armpits.The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes upward.

Technicals suggests that price is currently consolidating between the 0.786fib and 0.618fibonacci retracement level, which is holding up to breakout from the neckline. The chart looks more bullish based on the bullish chart pattern.

VERDICT:

BUY: 0.00710534sats

SELL:0.00756595sats

STOP LOSS: 0.00699359

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
 

Covesting

Contributor
BTCUSD (Bitcoin/Dollar)
btcusd_new_get.PNG


PAIR:BTCUSD
With its current 40.22% dominance, price will likely see a down side again.
QUICK REVIEW:
Age 9yrs 5mos
Marketcap (current) $128.9B
Price (USD) $7,547
24hr Change (%) -2.13%
24hr Trade Volume $4.9B
All Time High $20,089
All Time High Date 2017-12-17
% down from ATH 62.43%
BITCOIN ROI:
1 week 4%
1 month -23%
3 months -32%
1 year 193%
5 years 6,101%

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TECHNICAL ANALYSIS:

Rising wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have unacceptably high failure rates and small post breakout declines.
Also, pullbacks occur almost two-thirds of the time and throwbacks happen almost three-quarters of the time.
PREVIOUS MARKET RESULTS ON RISING WEDGE:
Break even failure rate for up/down breakouts: 8%; 24%
Average rise/decline: 28%; 14%
Throwback/pullback rate: 73%, 63%
Percentage meeting price target for up/down breakouts: 58%, 46%
TRADERS GUIDELINES:
Price trend Can be any direction leading to the pattern.
The Shape looks like a narrowing and rising triangle shape.
Has two Trendlines which Price bounces between two up-sloping and converging trendlines.
Touches Price should touch each trendline at least five times to outline a good pattern. That's 3 touches of one trendline and 2 of the opposite.
Volume Trends downward at least 74% of the time until the breakout.
Breakout Can be in any direction but is downward 69% of the time(downward about to be confirmed).
The pattern confirms as a valid one when price closes outside one of the trendlines.
Repeating the rising wedge from the left side.
Technicals suggests that the bears are pulling price down, but the downward move will be confirmed only when price close below the wedge.
Price targets should be between $7079, $6474 and probably $6163.

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
 
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