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

July 7th, 2016

BTC BITCOIIN

Bitcoin Pivot

 

bitcoin bull Trend Pivot

 

Ƀitcoin is at a major price pivot right now. The structure of the last 3 bull market moves (see chart at the bottom of the page) is very similar, and in the coming days it will have to pick a direction. Currently the price action is more like the bullish fractal in the center of the chart than the bearish one to the left of the chart. The daily candles are printing neutral grey, which is too bad because even the slightest bit green or red will kick start a trend.

 

There was not a large blow off top price spike to mark the top of this last bull run, so the possibility of more upside has to be entertained. The StochRSI is about to cross 50 and head to oversold. We are seeing clear diminishing volume on the chart as well. This is important because that type of volume profile resolves itself with a large move and rarely a small one. If this plays out we could see upside action for the last half of July with targets based on the FIB Extension tool.

 

Often I talk about trend lines and triangles, but the short term chart (the fist chart below) is hinged on a horizontal level. The daily candles are not green thus crucial to know your personal “line in the sand” so you can exit before a bear trend begins. Chances are that line in the sand is the lower yellow line on the chart seen below. Wicks are important too, but when that many candle bodies form a straight line then that horizontal level becomes the key pivot on the chart. That is what I see happening thus the level of about $665 is the bearish pivot zone.

 

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

July 4th, 2016

 

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