ETH LTC BCC NEO - Trade Ideas
ETHUSD
daily
Ethereum on the daily had a bull flag breakout followed by a steep pullback, i believ this was a back test of the move, an opportunity to add.
4 hour
We are watching the Stochastic RSI for continued bullish momentum. Notice Eth caught support at the 30ema 4hour but selling pressure came in when it tried again for the $320's
1 hour
While the 1 hour time frame is showing a double top on that surge the stochastic RSI is ready to complete another full cycle.
The longer Ethereum maintains this range the stronger it gets. We are looking for volume to drrive the next leg higher. I am bullish ETHUSD. Not ETH has found support on the 30ema on both the 1 hour and 4 hour time frames.
TRADE: Enter here, set sell stop at approximately $303 (bull flag support) or 1-2 % lower depending on risk tolerance.
ALTERNATIVE: Wait for volume to drive a clear break out pulling the 1 hour stochastic out of oversold and back towards uptrend. Ride it for a scalp.
OPTIONAL: Add on breakout.
LTCUSD
daily
LTCUSD is in a tightening range off of an uptrend where a wedge is forming. Support is found on the 30ema. Not the series of higher lows that have consistently been forming. Look for continuation of this pattern. We need to start seeing higher highs which will occur on a breakout from the wedge pattern.
4 hour
On the 4 hour chart a double bottom has occured driving the price back above the 30ema and 68 ema while the stochastic RSI has headed towards uptrend.
1 hour
A small bull flag has formed with a stochastic RSI ready to full cycle
TRADE: Enter here, set sell stop below 30ema 4 hour, approximately $45.73 -- for the more risk tolerant set a sell stop below the uptrend line, approximately $43.50.
ALTERNATIVE: Wait for a breakout about the wedge resistance, approximately $48, buy on volume, go for a ride.
OPTIONAL: Add on breakout.
BCCUSD
daily
Not much data to go off of, however it is clear the resistance is at $740 and support is approximately $600
4 hour
Basing on the 30ema 4 hour is condusive to postive price action, this is known as price consolidation, this is the range we prefer to hang onto as the consolidation continues. Not the curling MACD and Stochastic RSI are showing us a slight bearish divergence, but volume hasn't shown us dumping, merely a slowing of velocity in price action. To be expected after a 224% rally.
1 hour
A W bottom has formed and is currently backtesting. We need a bounce here for continued price progression. Support was found here at a pivot point as the MACD is curling towards a bull cross.
5 minute
Viewing the 5 minute chart we are observing further basing. Ideally volume comes into push the price for another test of $740, ideally it breaks above and we consolidate on that resistance or go for another run!
TRADE: Enter here, set sell stop at approximately $628 or 1-2% below entry
ALTERNATIVE: Wait for a break above $740 and volume to come in to drive another bull run.
If I was investing I would add here.
I have opted not to chart NEO this time around, though I remain bullish on it, after its significant surge, it could take time for the Chart to finish its consolidation cycle and show us a direction.
Previous Articles:
Trading Vs. Investing
Bitcoin
Weekly Overview
ETHUSD
bullish setups
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
