The Wolf Den #17 - Weekly Chart Requests
BTC Analysis
Let's take a VERY quick look at Bitcoin. The higher time frame analysis from Tuesday remains valid, so I will not go back into it.
We finally saw Bitcoin break through the key resistance and make a higher local high. Great! I sent a tweet out on Tuesday, showing how I would approach a trade on Bitcoin. before this happened.
I believed this was the right approach, because it would offer confirmation on either side of price direction. A break above the swing high and retest (which we got, and I added to my position) is what you want to see when going long. A short with a break through support and retest would lead to likely price movement down. Trading in the middle of these two would be an opportunity to get chopped up and lose money trying to choose a side.
As you can see above, I got very lucky and price landed exactly in the top circle that I drew. I am still feeling bullish.
The key line on the daily has been broken once again, which is very bullish. I would NOT be surprised to see this retested, which would require price to drop a bit more. This does not have to happen, but I do have orders there in case.
My Trades
Quick recap of some of my trades that are worth looking at. I am in some of the ones that you guys requested as well and others that are somewhat uninspiring, so they are not shared here. I am in ADA, AION, BAT, DOGE, ENJ, EOS (forever), HOT, LINK, TRX, XMR. And I have bags of ETH, LTC that I started ages ago.
EOS/USD
Breaking horizontal resistance. I see not reason to exit this as of yet, it's been an AMAZING trade.
OAX/BTC
I was accumulating this all day yesterday. This is risky, risky, risky. It's a falling knife. That said, there's been a TON of bullish divergence with RSI on the daily chart and it was oversold. Worth the risk in my opinion. It is in all time low price discovery, so be very careful if you choose to take this trade.
TRX/BTC
I am still in this from 186. Holding support. I see no reason to exit. I think this is still going to blast off.
Chart Requests
BSV/BTC
Controversy coin! Pumped on fake news about Craig Wright, it remains looking generally bullish for the moment, as long as it holds this are of support. I am not sure that will happen, so this could get ugly very fast. Breaking the descending local line would be a signal of likely further price appreciation. I would be looking for more longs in the lower demand zone there, if it falls. Otherwise, this could definitely BART down and be a short if that descending resistance holds.
DAG/BTC
This is a strange chart, on an exchange I don't use and with low volume. It's almost impossible to discern a pattern here because of the crazy wicks. That said, I really do not like all of those wicks up. Someone seems to have a lot of this coin and be selling it anytime it makes a major move. Price is trading below all major daily EMAs for the moment - lots of resistance above.For now, holding 108400 (black line) remains positive if you are looking to enter and target the next line up.
DOGE/BTC
I have high hopes that DOGE will make another epic run in the coming weeks and months.
I entered in September at 24 sats on the entry shown above and price has remained sideways. Price is presently in another descending wedge, a break of which should lead to another historic DOGE cycle. Fingers crossed.
ENJ/USDT
ENJ continues to look bullish on both pairs. It flipped a key area of resistance to support at 8613 and now looks to be attempting to break out of the ascending channel it is traveling in. The immediate target is the black line over head. After that, I would watch the 13140 area.
ETC/USD
Bullish until proven otherwise. I have personally been waiting for a retest of the 10.13 area, but since this is a weekly chart (and I have been watching the daily), that could take quite a while. Either way, there are 3 clear areas of support and resistance drawn on the weekly chart, and price just blast through one of them after consolidating beneath it. That also completed a double bottom (both bottoms at the lower support). The target of this pattern on a log chart, based on the depth (pink) is around $17.
ETH/USD
Nothing has changed, I have been sharing this for weeks. I love that the 200 EMA on the daily is now support here, I think this could blast off soon. It is also attempting to flip the 23.6% fib level to support.
LINK/BTC
This still looks bullish. Price broke the downtrend (blue line) on volume, flipped the purple support and moved away nicely. It is presently consolidating in a bull flag and has flipped the EQ (dashed centerline) to support. Key resistance now is the top of the bull flag (descending channel) and then 31848.
LINK/USD
LINK continues to move nicely in this pair. If you have been following me, I called both the top and bottom of this coin against USD. I am cautious at the moment because there is a potential bear div with RSI coming out of overbought - that was the signal for the last top. This is NOT CONFIRMED and RSI can rise with price. For now, we want to see price break the green line locally, and then target the top white line. Above that, sky is the limit.
LTC/BTC
This pair continues to look good. As discussed before, price broke back up into the trading range (horizontal channel) and broke through the descending red resistance. It's presently forming a bull flag. The target is shown above, based on the length of the flagpole. This is only valid if it breaks up, and you measure from where price exits.
NEO/USD
This has a lot of potential. Price has exited the descending broadening wedge (black line) and flipped the top resistance to support. It is trading above the Ichi Cloud and all EMAs. The target of the breakout is the top of the wedge, around $20.
PAN AMERICAN SILVER CORP - PAAS
Weekly chart looking potentially very bullish. Price is attempting to flip a very key area of major resistance to support, which looks very likely. It is in an ascending blue channel - as long as the bottom of that channel holds, it should guide price up further. Above 22.70 this should have blue skies ahead.
PERL/BTC
Looking bullish. Downtrend broken and retested (descending white line) support at 389 looking likely to hold. Targeting 487 once again - above that it could get very interesting. I want to see the daily close above 389.
RVN/BTC
This one has not changed in my view. Still sitting on the same area of support, still a ton of resistance above. There is some hidden bullish divergence on lower time frames, but that works better as continuation than it does as a bottom signal. Still, there's a good case for buying this and letting it go anywhere below the 259 area if it gets there. Not a bad R/R if this is the "bottom."
VET/BTC
I want to like this chart because I like VET, but I don't! 62 needs to become support instead of resistance before I can even consider this, but I have been bearish since December when price retested the bottom of the old blue trading range with a major bearish divergence with RSI. It's been nothing but down since then. There was a clear local head and shoulders as well, with the blue neckline which was tested as resistance. Buying now is trying to find the bottom. I personally have orders from 45-50 sats.
VET/USDT
VET has been lagging behind a lot of the other popular alt coins, so I am still not madly in love with trading it here. It's in a symmetrical triangle and looks to be attempting a move out of the top of the cloud, which would be bullish. It is presently finding support on the 50 EMA on the daily chart, also more bullish than bearish. That said, I would like to see a break of the descending black line before considering a position.
ZEC/BTC
I took a look at this yesterday and drew this beautiful pennant, but did not expect price to break up so hard before I had the chance to look again. This is looking very bullish, obviously. All EMAs on the daily are pointing up, with a golden cross between the 21 EMA and 200 EMA. Targets are both lines of resistance drawn above price.
Nothing has changed, I have been sharing this for weeks.
Nothing has changed, I have been sharing this for weeks. I love that the 200 EMA on the daily is now support here, I think this could blast off soon.
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor.