BTC acting terribly right now. Buy support is a sloping trend line around $350 on BTC-e and the 4H should bounce to MA in a few hours. A strong sell signal, in this particular bear trend, should be just after the 4H MACD turns green while it reaches towards the sloping resistance trend line. If price breaks above resistance it would be safe to re-enter. But for now the channel on the 4H is currently the safest trade.
BTC is doing exactly what it should be at this point of it’s cycle. After bouncing off of the 61% FIB line bets are on another wave of upward price action, but for now wait for this current bounce to end and play the wedge that will be forming on the 1Hchart. Day Traders should look to 15min for the best action. Buy & Hold investors look towards the 4H chart .
They say “a picture says a 1000 words”, I think this chart says a lot more than than. Without clouding the point, the majority of the time BTC & DOGE move in opposite directions and the type of move is often similar. If this relationship continues it would seem as if BTC has more upside to go.
Massive support, a 7 day bull run, and on the C-Cex “Hot Coins” list every day. This has been CSN’s go-to AltCoin pick all week. Once this is on Bittrex with the extra volume Day Trader Coin is sure to keep rising. It’s a sleeper, you heard it here first!
RT here and help them out:
@BittrexExchange, please add DayTraderCoin! C-Cex says I'm a Hot Coin, I have lots of support, and noone likes to dump me for some reason 😉
— DayTraderCoin (@DayTraderCoin) November 11, 2014
That logo is super fresh too!
BTC following a very obvious pattern on the way down today. I noticed this pattern a couple weeks ago and plan on dissecting it shortly. Whales tuned up the bots, but nothing gets by us here at Coin Street News.
We recently discussed the anatomy of a dying coin, and today we examine the anatomy of an AltCoin Market Cycle.
The charts above show the same type of market cycle on the 1D and 1W timeframe. The pattern can also been seen on 1Month charts of very bullish coins, eg. CLOAK and KEY’s previous moves.
Most bot driven AltCoin Bull Markets have the same elements in roughly the same shape. Knowing the elements are crucial to identify where you are in the overall shape. Eg: The tip off to the markets potential, the first accumulation, and the beginning of a market cycle.
The Cycle is as defined in the charts as: 3 steps up, a blow off top, and then sell volume flashes during blow off top before Bear Market begins.
The Bear Market starts as a wedge near the blow off top, followed by 3Dragons, and finally the spike bottom be next accumulation zone. The cycle will now repeat if the price action has stayed above crucial FIB levels and retains a bullish chart pattern.
A few weeks ago I examined the anatomy of a dying coin: bull market pump followed by slow slope downwards with the odd pump thrown in. The main strategy in these conditions is drawing a channel with the Line Tool and setting buys just above the lowest trend line and sell just below the upper trendline.