BlackCoin BLK

BlackCoin (BLK)

BlackCoin

 

 

Blackcoin recently broke below the long term horizontal support but it is looking like it might have been a giant fakeout. We are exploring this possibility for many reasons. The weekly chart seems to show 3 bull market fractals with what should be a 4th to follow due to the StochRSI crossing 50 and trending towards oversold.

 

The daily chart is showing a pick up in volume and then a large volume spike very recently. That spike was used to get the price back to the resistance, which was the old long term horizontal support so easily seen on the weekly chart. At this point in the game it seems far safer to use the horizontal line as the long/short trigger.

 

There are a couple of reoccurring price patterns that are examined in the video contained within the post. The one has the price retracing from the current level to about 4200 satoshi’s before marching up to new highs. The other has the price finding support at the current before waving upwards into a significant spike.

 

I have not really been spending much time trading altcoins due to bitcoin being in a bull market. The volatility of the sell offs is very profitable and far more liquid than altcoin markets. However it seems BTC is running out of steam on this rally which then allows time & money to flow into altcoin markets. There are such an enormous amount of altcoins and the ability to research them all is impossible. CSN will instead focus on the quality established altcoins that have upside potential and a decent amount of liquidity. I am sure smaller cap alts will be covered too but will only focus on ones in accumulation patterns and not ones in any sort of bullish trend because the ability to enter and exit the market is difficult on such small cap altcoins.

 

BlackCoin BLK
Click Chart to Enlarge

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

July 7th, 2016

youtube

Coin Street News YouTube Channel Launch

YouTube Channel Launch

 

Coin Street News is proud to announce the launch of our brand new YouTube channel. As always the focus will be on technical analysis and some news stories thrown in for variety. We will also touch on indicators, wave structures, price action and more. Please subscribe and feel free to comment on the videos with any questions you have regarding technical analysis and price trends.

 

The first video is analysis of the current Bitcoin (BTC) bubble pattern and where the key bull/bear pivot is located.

July 5th, 2016

 

PeerCoin p2p

Peercoin (PPC)

Peercoin
Click To Enlarge

PEERCOIN

 

PPC:BTC has been following the last fractal of the crash cycle to a tee so far. The main price action has been to pump, brake through previous lows and then eventually pump back up in a short squeeze/stop run type of manner…that being a hard & fast pump going right to the previous support & back down again.

Unless Peercoin can consolidate in the current range it seems destine for more down side pressure. The candles switching from red to neutral grey on the daily is nice to see. But again the consolidation must not breakdown because once red candles start to print again there is not much stopping it from making new lows yet again. Much like LTC the fate of PPC will be determined by how long BTC is going to stay bullish. Once BTC waves off for the summer markets like PPC & NMC should see more upside price action.

Charts are powered by the SCMR Analysis Suite on Tradingview.com

June 30th, 2016

LiteCoin Bitcoin

Litecoin (LTC)

Litecoin
Click To Enlarge

Litecoin

 

Though the LTC:USD pair tends to move with the price of BTC:USD, the LTC:BTC pair does not. It has been getting pummeled through out this Bitcoin bull market. The 2 horizontal yellow rectangles are the only times LTC:BTC has had a 100% retrace of a large scale move. The price is falling back into the support zone. However, considering LTC’s recent history it may only have a small bounce before making new lows.

The trade is waiting for the price of BTC to top out and then play the bullish LTC:BTC waves upwards. One could take a small position inside this box the price is selling into now, but the week is far from over and caution should be advised with BTC:USD breaking above resistance from the last sell off.

Charts are powered by the SCMR Analysis Suite on Tradingview.com

June 30th, 2016

GOLD BTC Coinstreetnews.com

Gold to Bitcoin Ratio

GOLD to BITCOIN

 

Click Chart to Enlarge
Click Chart to Enlarge

 

Periodically we have checked in on the Gold to Bitcoin ratio via the XAUUSD/BTCUSD or GLD/BTCUSD charts. Once support finally broke (see chart below) we knew that the Bitcoin/USD rally was about to take off. A few weeks ago in the trading room I shared my FIB extension targets and it recently hit the full extension at 0.16 (see chart above). Unless BTC has some consolidation for a fierce rally it seems more likely that a top is near with BTC. Though it may spike through 0.16 to trend though it will require another extension of the FIB tool.

 

gldbtc apr 22
Click Chart to Enlarge

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

June 17 2016

BTC BITCOIIN

Bitcoin (BTC)

Click Chart to Enlarge
Click Chart to Enlarge

Bitcoin

The current leg of this Btc wave is consolidating and I think enough time has gone by to assume where the horizontal support is being drawn. The last wave ended with a large doji and a fair amount of sell volume. If the price falls under the green line scalping shorts seems like a fairly safe play. 

June 14 2016

 

Lisk (LSK) to BTC Comparison

Click Chart to Enlarge
Click Chart to Enlarge

 Lisk to BTC

This is one of those ” a picture says a 1000 words charts”, so I am not going to dilute it with commentary. Basically, it sure looks like LSK is lead BTC. That seems crazy, but with The DAO flat and ETH in a bearish phase all this LSK volume is going to good use. There is no solid prediction being made from this, just that traders should watch these markets because is they do stay synced together then it is a great edge for entering and exiting BTC at the most favorable times.

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

June 8 2016

 

BTC Support Bitcoin

Bitcoin (BTC)

Click Chart to Enlarge
Click Chart to Enlarge

Bitcoin

BTC is moving back towards its key horizontal pivot so let’s take a look. The left frame of the chart shows a line that has been the bull/bear pivot when only accounting for the bodies of the 1D candles. Wicks are great price action for daytraders but swing traders are mainly looking for the strength of a trend. This is why I simplified the 1D view rather than putting to much weight on all those spike tops and bottoms.

 

The right frame of the chart shows a more detailed picture. The line from the left frame transposed over the 1H chart shows just how important that level is. On the way up it was resistance and lately it has been support. The sloping trend line support and the horizontal support are converging as price heads towards the yellow circle. Since the yellow arrow indicates a double bottom the yellow circle would also represent a triple bottom of sorts. There for it is key for price to stabilize in that region or else the bears will come alive. The next support zone is 561-55 on the BTCUSD3M chart.

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

June 7 2016

$LSK

Lisk (LSK)

Click Chart to Enlarge
Click Chart to Enlarge

Lisk (LSK)

Yesterday Lisk pinpointed the pivot, which turned out to be bearish, and that trend is making a correction. It is impossible to know if this is a deadcat bounce or another leg up, but it seems well worth trading while it shows strength since it has a fair amount of volume and liquidity for traders to enter and exit.

Chances are if it rallies fast with very large candles then it is a deadcat bounce. If price retraces to test support and moves sideways and up then it will be a stronger rally. Enjoy the break in trend while it lasts.

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

June 7 2016

 

LSK

Lisk (LSK)

Click Chart to Enlarge
Click Chart to Enlarge

Lisk Tokken (LSK)

LSK is currently making an important pivot point. The current set up on the 1H is very similar to both a bull and bear set up. The bearish set up (yellow) and sell off was after a very fast run up after launch. Where as the bullish set up (green) was a more shallow slope with sideways action before breaking up. At times LSK seems to be tracking with BTC, so perhaps that is worth watching if you are trading LSK. Price becomes technically bullish once it is above the white down trend line.

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

June 6 2016

 

 

Altcoin Exchange

Trade Crypto, Forex, Commodities and more

Charting Tool