The Wolf Den #19 - Chart Requests For Paid Members
Bitcoin
As I said in a few newsletters - one line to rule them all. What a perfect bounce! As discussed, I added to my position at $9,090 at that line and am watching price action for my next move. Nothing else has really changed as far as Bitcoin analysis since the last newsletter, except that the bullish scenarios are playing out.
Chart Requests
ALGO/ BTC (2/5/20)
I have charted this for a few people, not much has changed. Price reversed at the 76.8% fib level, which is good. Presently needs to work through overhead supply (blue zone). I would be more interested above that level, personally. For now it is resistance.
ARDR/BTC (2/5/20)
Very ugly daily candle printed. Full move from the top of the cloud to the bottom, while also forming a bearish TK Cross of the kijun and tenkan. Price was also rejected at the midline of the blue channel. Pretty ugly price action for now, I see very little of interest here.
ATOM/BTC (2/5/20)
I have been bearish on this since it broke down the ascending channel. Presently has dropped below support at 4729 and flipped it to resistance. Above that line would be the first bullish sign, but for now I don't see any reason to trade this.
BE - BLOOM ENERGY (2/5/20)
A lot of potential upside here, especially if it can break 9.93 and flip it to support. Presently between two key levels. Price broke the downtrend from the all time high a few weeks ago, which is bullish. Price is trading above all 3 key EMAs, and just made the move above the 200 EMA. Clearly has made a strong reversal from the bottom.
BSV/USDT
This still looks good. Price made a major move up, as everyone knows. Since, it has consolidated on decreasing volume above support (black line). At present, it is breaking out of the bull pennant, which also looks like a bit of an ascending triangle. Patterns can be a bit hard to discern after a major move like that. Anything above 255.4 looks good to me. If this truly is a bull pennant, then the target is 829 on a log chart, based on the length of the flagpole. That is obviously way more aggressive then anyone should probably be.
BTT/USDT (2/5/20)
I am somewhat heavily in this coin at the moment, so I think the setup looks great. Broke it's long downtrend on this pair (descending white line), formed a bull flag and then broke up. Also working on a resistance to support flip at 4000. I'm feeling very good about this coin, although some of the move is already complete.
CBT/USD (2/5/20)
This is effectively impossible to chart, as there is no price history and even less volume. Can't imagine even trying to trade something this illiquid. For now, price dropped below the one clear S/R level, so below that blue box is bearish. Still, nothing to even interpret here.
DASH/BTC (2/05/20)
It's throwback Thursday.
As I am writing this, it is potentially breaking out of a bull pennant for another leg up. You can see (red arrow) that volume was dropping and finally rose again yesterday on a green candle. Volume drops during consolidation and is not bearish, even with price dropping. This is how a bull pennant is formed. Breaking up and retesting would be very bullish here.
DGB/BTC
It's Throwback Thursday. MACD is crossing bullish, with bullish divergence as well. This looks good. 73 is a key level, needs to break and flip to support. Price is there now. The descending blue line is a key resistance as well - we want to see that broken and flipped to support.
ETSY (2/5/20)
Looks good if it can break $51.88. Entry would be a retest of that as support or a bounce off of the ascending blue line. Stop below that blue line, basically. Price came up and filled that massive gap on the left, impressive. Still, going up a bit fast, could easily break that line and drop.
ETH/BTC
This thing is really popping, as you likely know. I have not changed the chart in weeks - at the end of the day, this is still trading in a range, albeit very aggressively. The real party should start above the blue line and above the blu range, around 230. Needs to get there first, but that is the first target area.
FTX/BTC
This is a tough one to chart - low volume on a somewhat questionable exchange. Gaps all over the chart and strange candles. That said, the blue zone is the area that needs to become support. It also looks like price is in a local ascending triangle, which is bullish. A break above that horizontal top should send price at least into the blue zone.
HBAR/BTC (2/5/20)
Not much history to use, but looks like it found a bottom. Levels of support and resistance marked in black. Key line to break downtrend is the descending blue one. Easy. I expect it to quickly reach 246 here in the meantime.
HOT/USDT (2/5/20)
I have been accumulating the BTC pair at around 7 sats. This looks even better. Breaking descending resistance, which should signal an end of the downtrend. Really should get going above that area of resistance shown. A flip of that to support should lead to a ton of upside. Fingers crossed.
ICX/BTC
Daily RSI hit 97. 97 is ABSURDLY overbought - probably the biggest sell signal you could ever find. Price also topped out almost exactly at the 38.2% retracement of the move down. All of that said, it clearly broke it's downtrend with volume, so it could very well continue back up after consolidating. A retest of the descending line could be a nice entry, or the black line below... or the 23.6% fib where it is presently at. Risky, this could have topped out.
LINK/BTC
Same chart, different day. Still in a descending channel, still holding that black support line. Not really performing spectacularly against BTC at the moment, while others are really moving. Still watching to break the blue channel.
LINK/USD
Still looking generally good, hard to see much negative in this recent movement. There is a potential bear div (one already confirmed) with RSI on the daily, so that is worth watching. For now, RSI is still pointing up bullishly and has not made another definitive elbow down. I have not changed this chart in months.
MATIC/BTC (2/5/20)
Simple - I have orders at 212, waiting for a retest of resistance as support. It may not come, as price is forming a bull pennant, but that is the entry I want. Regardless, this continues to look bullish for now.
PDD
Not much price history to go on, but this look very bullish to me. Price is consolidating in a symmetrical triangle at the top of a big move up - a bull pennant. Sky is the limit technically with a break of the upper resistance.
POWR/BTC
This was fundamentally one of my favorites in 2017, love the idea behind the project. That said, I have not looked at it in ages. Price made a double bottom and has currently retested the neckline (black) as support. Bullish. Price has also entered the Ichi cloud and flipped the bottom to support. Bullish. I like it, although the black line is the entry I would have wanted.
RCN/BTC (2/5/20)
This chart is confusing, honestly. Stared at it for about 5 minutes. The blue levels are the macro support and resistance, black line in the middle more immediate. For now, the thing I would be watching is for a bounce off of the blue ascending support, or a break below. But all of these irrational pumps and long upwicks make me want to stay away from this one.
REN/BTC (2/5/20)
I like this far more with a clean break of 603 and retest as support. That said, the downtrend (pink line) is broken and price is now ascending in a nice channel. Also, yesterday's candle tapped the EQ of the ascending channel (equilbrium, center line). Price action above that dashed line is more bullish than bearish. I am personally watching 603 to see what happens. The bottom of the channel could be a nice entry as well if price drops.
TRX/USDT (2/5/20)
I have been trading the BTC pair, which also looks good. Nice to see confirmation of my bullishness here. Clear break of the blue down trend and flip of horizontal resistance to support. I see more upside (but you never know!).
TTD (THE TRADE DESK)
Two scenarios drawn. Price is at the most key level at the chart for the moment. Either it breaks above, flips to support and pumps, or it gets rejected and drops down to fill the gap and find some liquidity. Look for a close above that black line and then you can use the pivots as likely support and resistance.
TWTR (TWITTER)
Fundamentals lining up with charts. Price broke the downtrend and retested. They reported earnings today - they actually missed but the stock is pumping on strong user numbers. Black line is key resistance, but hard to know what to do with a stock on a move like this! Playing earnings can be risky.
Twitter just showed its biggest quarterly user growth ever.
URTH (ISHARES INC)
This looks ready to go into discovery for a new all time high. As long as it holds that ascending support, this continues to look very bullish. A break of the all time high here and flip to support could send this really soaring.
WTC/BTC
Lots of resistance, but a move up here would be very bullish. Descending resistance. Black line over head. Red line overhead would signal a confirmed double bottom and would be exciting for WTC. I don't see an immediate trade, unless you want to play the break of the descending line if it happens. I like it more above the black and red lines overhead.
XAG/USD (SILVER)
Silver continues to look bullish on large time frames. This is the weekly. Price broke the descending wedge with strength and is now forming a bull flag. Price dropped to the EQ of the flag (dashed center line) and held as support. Really looks good. Would be very bullish to see a break of the top of the flag.
XRP/BTC
I was bullish on the breakout and the bull div that I posted in the last newsletter. As expected, price was rejected in the grey box, the most key resistance on the chart at the moment. I am not interested again until that area becomes support.
XRP/USD
At the strongest level of resistance on the chart. Flip it to support and this could go nuts. Should at least target the top of that descending black line if all goes well. First it needs to avoid being rejected at the current level.
XTZ/BTC
This is the most requested chart every week. Still bullish. Broke out of the ascending channel and has tested it as support. A retest of the closest parallel line (if it even goes that low again) would be a nice entry. Retest of the top of the channel also decent if you are bullish.
ZRX/BTC (2/5/20)
This looks very good. Breaking descending resistance and retesting it as support. Key levels are marked. I would expect price to rise from here.
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.