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Elitetradinggroup

$TRX #TRXZ18 - Quick Bitmex TA - Day Trader ExplainsHello Lads and Ladies, Bitmex TA nr4 TRX is looking pretty good. It broke all levels it needed to break. Sitting at 380, also 61.8% retracement. Lets close 2h at or above 380 and it will go mooning again. It is not a sell or sell off but simply people taking profits and then dumping a little to get a nice entry :P As I am not guilty of that and don't have torn.. You can buy some and take profits on the way to 400. Most likely 400 will break and we will spike to 414 again.. be ready.. The steps are.. pump near resistance, take profits because it was able to pump that high, now dump to reload, then pump again, liquidate resistance and stops at that point cheers TJ
TLong
by KongTrading
1
$ETH #ETHUSD - Quick Bitmex TA - Day Trader ExplainsHello Lads and Ladies, Nr3 of Bitmex TA ETHUSD looking pretty solid, look at the TA, what a beautiful breakout of the bull flag. Had the 61.8% retracement, lets go above 220 now. Volume there, trend there, let XBT push and ETH will moon as well. Ultimately 250 is possible.. The wick on the left and the left one look like a double top, but it's not. We did not close up there and our new closes were above it. Stagger down to 198 just in case you get rich over night.. Cheers TJ
BITMEX:ETHUSD.PLong
by KongTrading
$VIA #VIABTC Extensive Technical Analysis - Day Trader ExplainsHello Lads and Ladies, Welcome back to the TJs Daily TA Session, today requested by the traders of the Elite Trading Group, we will be taking a look into the pretty amazing and hardly to analyse chart of VIA/BTC. This chart has been shared even around twitter and people mostly simply make fun of it. My goal is definitely to make crypto understandable and to teach TA, even on pretty harsh charts like these. I would say, if you first did not know what to do and at the end you know, you have to leave me a like :D Alright, lets begin. First, we had a pretty strong downtrend since the month of September. We have seen multiple touches in the green rectangle which symbolises our pretty string "buy-zone" and a strong support. Here I see a common mistake most people would do. The very first market structure looks like a head and shoulders at support and people would short it. I would give a normal head and shoulders formation a chance of 15% for a successful shorting position AT THE BOTTOM and AT SUPPORT. Please, keep in mind, HnS and iHnS are REVERSAL patterns and not continuation patterns. The next most eye-catching event after the failed HnS pump, is a huge wick upwards and this a so-called fake-out. This is not the first time something like this has happened, yet this time we have a very strong price increase as the continuation after it. This continuation is seen where the price consolidates with a channel, indicated in bright blue. in this channel it is taking a multiple ups and downs, yet strongly respecting the uptrend and its angle, even by having multiple tries to breakout. Inside of this channel we can see the "triple-valley" continuation pattern. Even at the end we had a very nice breakout.. Lets take a look a deeper look at the breakout after the triple valley continuation and what has followed. The interesting things start happening around here. This breakout had a beautiful increase of double digits, YET re-tested the previous resistance as a form of support. this support was holding and after this confirmation, it had its third push and continued rising. This retracement went to exactly the 78.6% line, which is not a very common, nor string number on and for cryptos. Anyhow, this does not matter for us because it pumped, so it successfully tested 78.6% and the previous resistance as support. Continuing with the second big push and the situation we have right now. We have had the next beautiful increase, YET need a retracement for being able to increase more. Therefore, we are using the fibonacci tool to see possible areas of retracement. Here normally the 61.8% play a major role AND would be at the previous very big support from where it has been broken down in September. The price point we are at right now is the price of the 50% retracement, which is as well a strong point for a bounce. ANYHOW, we have seen already that VIA/BTC is not very much respecting the 50 and 61.8% lines, rather bounced from 78.6%. This might be the case once again and it would basically mean for us a further safe stagger point. But TJ, why stagger there? And how much? we are using Fibs to see potential retracements without breaking the trend. Adding to it, we like having these points at some kind of support or resistance lines or trend lines from previous structures. Our 50% order is simply to have an entry. The 61.8% is strong previous support and would be touching the uptrend channel resistance. The 78.6% is possible, likely, maybe even expected because it would confirm the uptrend support of that channel once again, which has happened many time before and then simply continue rising more and more up. The LAST stagger would be at the orange line, which is has been a strong resistance while the triple valley has been forming and then it got confirmed as support. We MIGHT head down to test that support again, would double bottom there, have a perfect entry and make heaps of profits afterwards. Indicators are for me all pretty high, pretty overbought, pretty much calling a retrace. Now.. these are still so much up even with already a 50% retracement.. therefore 61.8% might not hold again and we will either re-test the channel OR the orange support. This is how I will make my trade VIA/BTC Binance BUY "x"1300 - 2"x" 1257 - 6"x"1197 - 18"x"1119 Targets (previous staggers) - 1370 - 1475 - 1570 - 1700 - 1850 Stop Loss CLOSE below 1099 (4h, Heikin Ashi) Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins. This is as always a delayed post, if you are interested in first hand news, feel free to join our group, Cheers, TJ
VLong
by KongTrading
$NANO #NANOBTC Extensive Technical Analysis- Day Trader ExplainsHello Lads and Ladies, Welcome back to the TJs Daily TA Session, today requested by Verified Crypto News, we will be looking into NANO/BTC on the 12h timeframe to see what happened and where we are heading too. Anyone whoremebers my NANO/BTC calls from a few months back, it has been one of my best ones with multiple hundred % and almost a perfect accuracy. Now, I have something special in store and want to continue my NANO/BTC registry to be clean. Lets start off with a falling/wedge that had a perfect breakout after many months of a pretty string downtrend. It broke out with multiple 100% which is why I say mostly the longer it takes to pop, the bigger the pop will be. We are taking this "pop" as our main point of view and consider it here as reference and a starting point of the net moves. Why? Simply because this push showed us a strong support of NANO/BTC and that we are now consolidating before the next move, since the strong downtrend has been ended and now we the next phase of the NANO/BTC or even "alt coin cycle". This cycle is mostly -> Downtrend, accumulation, pops, uptrend, mania/exponential increase. We have completed the downtrend and seem to be at the end of the accumulation phase. You can see this on the fact that after the pop we had a 61.8% retracement and are staying there pretty much flat while everything else is indicating that people are buying a.k.a. accumulating. One more, pretty obvious indication is that we are going sideways for so long without breaking down but also without a bounce, meaning there is a high interest of not breaking the uptrend and buying NANO/BTC around its intermediate support zone. Now, lets take a look at the tilted rectangle which shows us the path of accumulation and keeps pretty much all of this action inside. These are mostly buy LIMIT orders getting filled and just some market orders by normal market participants. This rectangle contains at the top a pretty strong descending trend line which when broken, indicates the next pop or the net uptrend. We are also seeing that we have a curved purple line, acting as well as support and maybe even indicating us the next path of NANO/BTC. HERE comes the most interesting part about todays session, which I have never explained detailed before on my dailies and will go over in my live sessions with all of my students. The question is, how do you allocate your curved purple line so it is accurate? The shorter answer would be math and measures. The longer answer is that you should take a look at the lowest point of the last "uptrend" and see that its "exit angle" fits almost with its "entry angle". So, in this case you would first measure the angle of the red downtrend (150), subtract it then from 180 (180-150=30) and get the "perfect" "exit angle" of your uptrend (30). Now, you have to see where this uptrend fits to the market structure and apply it as a "ray" to see where this might take you. This ray is most likely going to be your resistance if the entry trend was a support, also works the other way around. After finding your "perfect" uptrend, you want to apply here a line of 90 degrees, which goes out of this ray. This line is your indicator when broken that you are in an uptrend. In this case the line aligns with the tilted rectangle and based on that point you can place your curved line. This method is very affective when done correctly, yet it is hard to understand and you will have to practise it multiple times. If you read it only once and think that you understood it, you most likely didn't and I suggest reading it and comparing it to the chart again. Now, lets take a look at the indicators. FOMO is on a sell, which sets us in a nice position to turn into green soon and then start a push. RSI is flatter as the flat earth theorist brains and ready to make a move to the overbought area again, since it has not been there for quite a long time. Take a look at the yellow circles.. next time we touch the overbought area, we will have a strong push (most likely to our uptrend resistance :wink: ) StochRSI is indecisive, yet LOW and seeming to make a crossing. Which again means, uptrend, push, close above the tilted rectangle and close above the right angle green line originating from our "perfect uptrend". So, what might happen you ask me? If you still don't know then, you should read a little closer. Yet, for the lazy readers here.. Basically, some more accumulation in the rectangle, best case test of the 61.8% again and then up, out of the rectangle and close above green line, then push to the dotted line. This @here is how I will make my trade: NANO/BTC Binance BUY 3000 - 2900 - 2675 - 2577 Targets - 3300 - 3625 - 4250 - 4656 - 5585 - (8000-9000 touch of the dotted line) Stop Loss 2550 (close below)
NLong
by KongTrading
$ENG #ENGBTC Extensive Technical Analysis -Day Trader ExplainsHello Lads and Ladies, Welcome back to TJs Daily TA session, this time requested by the Elite Trading Group, we will be looking at ENGBTC on the daily timeframe. As you see with the last TAs we are on a GEM-HUNT and getting all coins that are pretty bottomed out together and posting them here with nice targets so some lazy readers can simply follow it now and learn how to do it themselves. The first thing that comes immediately in my eyes is that we have here very string trend angles which have been respected multiple times. As you can see the uptrend support lines have all a strong angle that is being respected. This angle indicates that Bulls of ENG are string and not really jumping on and off. As soon as they are there, everything goes up in the same angle and momentum. Pretty easy to follow, right? As in most coins before we can see here very clearly almost the same structure of an exponential increase, a retracement, a bear flag and then even stringer downtrend which has ended at a strong level of support and is now flat with and increasing buy volume and momentum. We are in an accumulation zone where traders like us see the obvious opportunity and simply start accumulating more and more as the time proceeds since once again the longer we take to "pop" the higher and bigger will our "pop" be. This time we will be taking the Fibonacci Tool and looking for potential targets instead of using only horizontal supports and resistances. It is applied at the top of the bear flag with 100% and at the bottom of the strong downtrend 0%. Once again here, we need to break the 61.8% retracement line to confirm an uptrend. Anything before that is "simply" a retracement. YET, as you see, even inside this retracement you have a 200%+ opportunity. Now taking a look at the art, that we have created here on the chart. If you want a perfect example of a falling wedge and its breakout look at the very first one on the chart. Could not be better. Back to where we are right now - support. We can see the purple curved line which indicates a support as well. This MIGHT be the path ENGBTC will take in the next months. While having the horizontal supports as "backup". We also see two small orange lines pretty much at the bottom. These lines have different meanings and can be used as follows. The first case would be - Stagger down to support and take profits at the two small orange lines (for a short-term trade). The second case would be - A close above the first orange line indicates that you can start buying and staggering down. The close above the second orange line is the last and full indication of a breakout and will most likely continue to the indicated targets. Now, lets take a look at our indicators. FOMO - is a clear buy signal, which might continue for quite a bit more. Trendline - is green, confirming the direction and indicating an uptrend. RSI - with 66 points is pretty high, yet up trending as well and has not seen a really straight move upwards. StochRSI - Is with 100;99 very high, yet after such a big downtrend it is quite normal. What I would like to see? I think, a re-test of the curved uptrend line with a small wick below would be perfect. Simply to re-set some indicators and fill up my orders. Speaking of orders, he is how I will do my trade: ENG/BTC Binance BUY 10000 - 9500 - 9120 - 8750 - 8250 TARGETS 13140 - 14816 - 18913 - 22224 - 25535 - 36255 Stop Loss CLOSE below 7777 Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins. This is as always a delayed post, if you are interested in first hand news, feel free to join our group, Cheers, TJ
ELong
by KongTrading
1
$BTG #BTGBTC Triple Valley Structure - Day Trader ExplainsHello everyone, BTGBTC looks pretty juicy for a quick trade for me. I just saw that we had a triple valley pattern, its breakout and this breakout is now on a retrace of 61.8% and basically getting ready to make a push. The triple valley continuation pattern is a bullish pattern, creating three touches on the uptrend line and touching a horizontal resistance while so. The breakout is then after the third valley is completed and a buy opportunity evolves after the break of the horizontal resistance. After the horizontal resistance has now turned into a support, it gets ready for a second push and new market structure. The trade here would be BTG/BTC Binance Buy at 4140 Stagger 1 -> 4100 Stagger 2 -> 4050 Long Term TPs TP1 -> 4543 TP2 -> 5743 TP3 -> 6546 Stop Loss -> 4025 Cheers TJ
BLong
by KongTrading
$QTUM #QTUMBTC Extensive Technical Analysis- Day Trader ExplainsHello Lads and Ladies, Welcome back to TJs Daily TA session. Today, we will be looking at the trading pair of QTUM/BTC, requested by the Traders of School of Sparta. This trading pair has been making people a lot of money in the last year and it seems like that it will do it again very soon. I will tell you what I see, how I will make my own trade and explain how this might play out in a long term and in a short-term set up. To start off we need to identify where we are in the market and what happened before, so we can understand where we are headed and what we might see in the future. We are using the daily chart because only here we are able to correctly see and identify the trend. The reasoning behind this is that we do not want to trade against the trend and actually be able to get with the directional momentum of the chart. Looking at QTUMBTC we can immediately see that we had a very strong and continuous downtrend form many months up until we came to a form of support and confirmed it after bounces, then broke the trend with a nice double bottom structure indicated in the yellow circle. Yet, as we know the crypto has not moved a lot in the last few months and is lacking of the correct volume and volatility. Therefore some coins and charts have a rather sideways going chart and action, here we see the same example again with QTUMBTC. Sure, a sideway action could be short-lived and just "small stop" in the chart, yet it is holding itself for quite a long time there and keeping its support while everything else is going up, especially its oscillators and indicators. Therefore we can say with a 80% certainty that it has bottomed out and is now in an accumulation of all of the coins that got sold over the huuuge downtrend. We have seen sudden pumps and continuations of the pumps, yet nothing really significant yet. Which leaves us with the most likely possibility that people are buying a lot of it, yet not pumping it high enough to gain attention and have a really big breakout due to FOMOers and unexperienced traders. Opportunities like these are not there very often and only traders with experience get to trade it and fill their pockets with a lot of BTC when the accumulation ends and the price starts moving upwards. A view behind the scenes - "unfilled expanse" When looking at a chart, the market structure and its movement creates an expanse on the chart of which you can actually calculate its surface. Now, the bigger the expanse is above the chart, the higher you have a "pull" of the chart, connected with a high buy pressure. On the other hand, the bigger the expanse is below the chart, the higher is the pull down which is connected to a higher sell pressure. Looking at these areas can help a lot while understanding the look behind the scenes. This works on small as on bigger timeframes and will be a topic in one of my next live-sessions. From a rookie look, one could simply look how many possible targets above are there and how many possible targets are below. With QTUMBTC we see that the targets above are many and wide spread, where we see here as we saw in NEOBTC as well, that there is only one target left below and breaking it would mean a complete breakdown of the market. THE THING IS, with each day and week moving sideways, we have higher and higher expanse which then at some point in time will have a TOO STRONG pull and the chart will break out and start moving upwards, while doing so gain momentum and maybe even enter an exponential phase. As a small side note, after the last bigger push, we have now had a 61.8% retracement and are basically in the perfect position to see the next impulse move, which might or might not be the first move to break down the downtrending structure. Funnily enough this 61,8% retrace is at the exact price of 0.000618... Based on all of the above I will make my trade like follows QTUMBTC / Binance BUY 618 - 575 - 550 - 520 - 500 Targets 800 - 950 - 1275 - 1400 - 1750 - 1850 - 2000 - 2200 - 2400 - 2700 Stop Loss Close Below 450 Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins. This is as always a delayed post, if you are interested in first hand news, feel free to join our group. Cheers, TJ
Long
by KongTrading
$NEO #NEOBTC Technical Analysis - Day Trader ExplainsHello Lads and ladies, Today we will be looking at NEOBTC, requested by myself this time, since I saw this amazing opportunity on NEOBTC, I thought I have to let everyone know and follow it myself. So to start off, today TA is not very hard to do and should be obvious from the second you look at it, therefore we will immediately start with it. Looking at NEOBTC we see a big downtrend channel, respecting both downtrend resistance and downtrend support even with the exact angle. Now finally like many other coins NEOBTC has come down to its very bottom. Nevertheless, we see that it is going extremely flat and confining its support very very clearly. Which in this case would mean that we have a strong support and the price is at this support. Having this type of trade set up provides one with almost the BEST Risk Reward Ratio because the trade would be invalid if NEOBTC breaks its support, yet the losses compared to the possible earnings are very very small since the price is at the very bottom. The NEOBTC chart here is even on the daily chart and seeing such a flat movement on the support means most of the time a big accumulation and then being followed by a very nice breakout and pump. This increase in buying can also be seen while looking at the increasing RSI,yer really flat chart. This once again means a bullish divergence with an increasing chance of a breakout. Based on the pretty obvious TA above here is how I will make my own trade. NEO/BTC Bitfinex BUY 2570 - 2550 - 2525 - 2500 - 2495 - 2375 Targets 3369 - 4510 - 5722 - 6706 - 7904 - 8845 STOP LOSS CLOSE below 1800
Long
by KongTrading
2
$ADA #ADABTC Extensive Technical Analysis - Day Trader ExplainsHello Lads and Ladies, Welcome back to TJs Daily TA session, today requested by the Elite Trading Group, we will be taking a look into ADA/BTC on Binance and yet combine it with a trade opportunity on BitMex. If you are following my TA long enough, you know exactly that I love trading ADA/BTC and it has been pretty accurate overall. Today once again I will jump straight into it, using horizontal supports/resistances, trend-lines, trend-angles and important zones. We see with ADABTC here pretty much a similar outcome like we see with many other alt coins at the moment. First a big big crash and now finally some significant bounces and sustainable sideway movements without crashing immediately again. Looking at ADA we have a nice up trending angle for the uptrend support indicated in red here. This "good" angle is very important because it gives us more room to have a small retracement and load up the longing positions without leaving or reversing the trend. The first big bounce has been really amazing and has shown once again that ADABTC is not dead and people are still very interested in buying it and not letting it go too deep. Nevertheless, it had its small sideway action and moved down a little afterwards to re-test that uptrend support, the small bounce that it had from there is in my perspective not enough for it to immediately moon and go back up. As I thought, it stayed pretty near to it but has not re-tested it a second time and now it is in some way or another a pennant. This pennant is showcased in the white colour and is providing us with a small support but as well resistance. It would have a bigger move up by breaking the resistance than just breaking or wicking down the support. It has a lot of buying possibilities below that white support in small steps from each other. On the other side upwards.. it has fewer steps with more space between them, giving it allowed sell pressure and room to pick up some momentum and pump it a little at least to our showcased targets. We have at the top actually two important zones, one is the yellow profit taking zone and the other is the strong shorting zone. This is because in the yellow <you can easily take your profits and be happy to buy the next sub or burger, yet in the strong shorting zone you would have a very very good RRR for a SL directly above it and with staggers inside it. I hope you see and understand what I mean by that.. A small zone, with just small wicks yet in it, staggers inside it to make your avg entry as high as possible and a SL behind/above which would also mean a nice impulse move by ADABTC. What do you need more for a nice and safe shorting position? Now, taking a look at the indicators. FOMO has had a nice short and is now probably about to turn, and if it does not turn yet, it might just fill our orders and will then turn green and give us nice uptrend. RSI is overall trending up from a very oversold area and has not been near 70 points for a really long time.. this has a great chance of happening since the longer it takes the stronger comes the pull upwards. Moreover, taking an exact look on RSI you will see that the very last small wick has not made anything big for it. Which leaves the RSI support flat but chart RSI trending upwards, which is from my understanding a hidden bullish divergence. Taking a look at my desired StochasticRSI, we can very well see that it is at the bottom and turing upwards, indicating us the next possible move upwards pretty soon. VJs Trendline indicator also seems to bending upwards and turning green pretty soon, so from my side a lot of things are speaking for a long position which I have displayed in the chart and will put now in a nice format of how I will make my own trade, for all lazy readers here. ADA/BTC (ADAZ18) LONG (max 10x) Staggers - NOW - 1160 - 1139 - 1116 Targets - 1210 - 1259 - (1300-1335) Stop Loss at a CLOSE BELOW 1095 SHORT THE RED ZONE (1336-1390) SL behind 1400. Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins. This is as always a delayed post, if you are interested in first hand news, feel free to join our group, Cheers, TJ
Long
by KongTrading
1
$ETH #ETHBTC Daily Technical Analysis - Day Trader ExplainsHello Lads and Ladies, Welcome back to TJ's daily TA. Today the TA has been requested by the traders of School of Sparta, we are taking a look at ETHBTC on the exchange Bittrex to see if it a good point to buy right now or not. The equivalent to the Bittrex ETHBTC price would be on BitMex the contract ETHZ18. Against BTC value ETH has just had the worst months ever and the question right now is, will Ethereum bounce or will it fall even more? We will answer this question with an extensive technical analysis in the following. Using again, Horizontal support and resistance lines/zones, trend-lines, trend-angles as the main source of TA. Indicators are added at the end to confirm the findings. Lets jump straight into it. The first thing falls immediately in my eyes is that we have now finally found a pretty nice support zone, that we saw ETHBTC actually bounce from and not just have small bounce and then break down almost right after it. Seeing this, makes finally sense to start any kind of TA. After finally bouncing we have indicated a pretty strong buy-zone for ETHBTC. Within this buy-zone there have been multiple opportunities to LONG or BUY ETHBTC and sell it again with some nice small gains, especially with leverage. The selling points are basically throughout valid and are in the form of a horizontal support, indicated here with the dotted lines. Now, continuing to surprisingly very few trend-lines and trend angles especially on such a "big" coin. The lack of possible and obvious repeating trend angles indicates a lack of "staying" traders. It is more an indication that people hop in and out of it to make "a quick buck" which is not wrong, especially when we have such an obvious and strong "rinse and repeat" trading zone for it. I am teaching about rinse-repeat trades on our group of course, where and how to find it. Anyhow, the only very obvious trend-angle I was able to find was an downtrend which is actually valid since multiple months (indicated with the big red downtrend line). Everything has been bouncing up to it and then getting rejected. Now, we are in a position where we are very near to the downtrend resistance line YET not because of bounce but because of a sideway movement. Normally, (as we also see with a lot of coins) this boy should have crashed way before but is has not and it is going sideways, while staying at the same support buy-zone and just waiting for a move. This is what you normally would call "ACCUMULATION".. How does this accumulation work? Well, taking a look to many other markets, this type of price movement ends when the accumulating capital is "gone" (in the coin) and then everyone who has been accumulating starts pushing it. There you most likely see an impulse move upwards, followed by a small take-profit movement by the accumulators and then the next big impulse move by FOMOers and new people gaining attention to it. HERE comes a very interesting fact into consideration.. the flat price but constantly rising RSI from below 20 points all the way up to 50 points and even above. THIS is what you would normally call a bullish divergence, which then again is also and indication for a soon impulse move. BUT FOMO is showing sell and StochRSI is going down, why do you want to long? I would say, be happy that it is going down a little so you can fill your nice entry orders and then thank me later. Just because indicators are going down, you have to know in what case it is only for filling your orders and in what case it is actually trending down. In this case we have not a trend down but rather a hidden trend upwards. Is it already over will it moon NOW? Most likely not. Give it a few days and then lets see where the price is then.. as long as Bitcoin is not having another bigger move down, we will have a nice push on all coins upwards. So based on the TA above I am making a trade call of ETHBTC / ETHZ18 LONG (max 10x) Staggers - 3125 - 3100 - 3050 3015 Targets - 3215 - 3333 - 3600 - 4000 Stop Loss 2950 Long term and low leverage would be 5350 a good target. Should Stop Loss hit, it will most likely go to 2675 and bounce there again (long opportunity). Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins. This is as always a delayed post, if you are interested in first hand news, feel free to join our group, Cheers, TJ
ELong
by KongTrading
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$XRP #XRPBTC Extensive Technical Analysis - Day Trader ExplainsHello Lads and Ladies, Welcome back to TJs daily TA, this time requested by the Elite Trading Group of Cryptic Block Trading, we are taking a look into XRPBTC and see whether is it a good idea to enter a long or a short position here or maybe set up orders at safer points and wait for them get filled. Lets begin now. You will see me using a lot of trend-lines, trend-angles and horizontal support/resistance zones. We are taking here the approach on the 2h to have a nice mid-term analysis of XRPBTC. We have seen an insane pump of XRPBTC and to be really honest, for me XRPBTC is the new high cap pump and dump coin, which is kind of nice because it has the volatility that we normally need to make trades on a daily basis, yet again it brings a lot of risk with it and requires a very strong eye and understanding of everything what is happening and what it is approaching from a technical level. We can see indicated in red colour, the strong downtrend with exactly the same angle for support and its resistance (simply draw the obvious trend line, then clone it to have the same angle of it). We can see that during this downtrend XRPBTC has had some small bounces at major support zones, nevertheless, it just continued down until after the "big crash" and then, after liquidating a lot of people it started a new uptrend and broke out the red downtrend. Currently we are in the green indicated uptrend channel, where as I indicated the up trend resistance (which again is a cloned trend line, so we have the same angle) not as strong as the actual uptrend support, since it has been confirmed only with a few wicks and the break of the next resistance zone and basically the "confirmed break out" would then most likely push through that uptrend channel resistance (indicated slightly in green). So, what do I think is most likely to happen? I believe, we will stay within this shorting zone, have a double top or even a triple top formation and then head back down to the channel support or even to the next horizontal support again (which you can see as the top and the bottom the green support zone). The reasoning for this is, that we have not the best average position for a natural or slow angle-followed increase for XRPBTC. Basically, we need to come down a little more and then have a nice and really strong entry to open a long position. Especially, since we are in and very near the shorting resistance zone, I would rather tend to open a short, stagger up shorts and have a SL at the yellow horizontal support. Here is the reason why. I said before, that we do not have good position for a slow angle-followed increase of the price BUT we have a nice position for a sudden impulse move. So, why not long if there will be an impulse move? Well, pretty easy, predicting an impulse move correctly has a chance of less than 25%. Moreover, this impulse move AT MAX, from the position that we are at right now, would most likely go to exactly the crossing of the uptrend resistance and the yellow horizontal support because we would have at least two obvious groups of traders having A LOT of short orders sitting there, the ones who see the trend angles, and the ones who see the horizontal resistance, also us who identify both groups. In addition to that, we would have a lot of indicators in the over bought area and add people who are shorting. NEVERTHELESS, there is a chance that XRPBTC will just continue pumping and get to the next horizontal support, but I would identify this chance at 10% probability of actually happening. Now, the potential trade and trade set up (note, this chart is on Bitfinex, not on BitMex, of course we want to short on BitMex and would take this chart only as a reference). SHORT XRPBTC (at max 10x leverage, since Stop Loss is near). Staggers - 7200 - 7300 - 7500 - 7750 (double stagger of course e.g. -> 1 2 6 24) Targets - 6900 - 6650 - 6450 Stop Loss - A CLOSE above 7800 Based on the TA above you could also consider to start longing with the first stagger, at 6650. Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins. This is as always a delayed post, if you are interested in first hand news, feel free to join our group, Cheers, TJ Trade Corner
Short
by KongTrading
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