We noticed that some of the cryptocurrencies can be completing a big bullish triangle pattern. In 2017, we have seen sharp and impulsive rise in the whole Crypto market, but later in the beginning of 2018 cryptocurrencies began to fall and we noticed that some of them can be approaching the end of a correction soon.
Bitcoin and other cryptocurrencies such as Ethereum and Ripple have risen sharply over the past few days, most notably on Monday and Tuesday. It doesn’t feel like it but Bitcoin has risen nearly 30% from its lowest point in June. Sentiment has been boosted by a number of positive developments including news that BlackRock, the world’s biggest asset management company, is looking to invest in the digital currency.
The coming week, starting Monday, July 16, should present more sideways markets than breakouts, although gold and the Eurodollar currently (as of Friday morning on July 13) have pivots with breakout lower setups. Of course, the Eurodollar extreme candle reversal up signal and the gold moving average supports on multiple time frames with bullish candlestick patterns can cause a lower-pivots rejection in each/either symbol. Such a rejection would be bullishly volatile, whilst various groups of traders would, in theory, battle it out.
The coming week (July 13) should yield an array of trending bullish breakouts, upticks, and up-to-sideways plays (except bearish-sideways crude oil). How are we going to know which bull trades to take/place that are clear signals or high-probability wins? I don’t know. I can lay out the information I have for informed/educated reader decisions that include the countertrade perspectives.
The coming week (June 25-29) should continue the minimally reversing, trending markets moves, but with the addition of rowdy bullhorns in several symbols. The only potential mathematic exceptions are crude oil, soybeans and bitcoin.
The coming week (June 18-22) should continue the trend of trending symbols. The only potential exceptions are gold and soybeans whose weekly pivots are sideways for reversal scalpers and who already made a wide-range move likely to consolidate sideways. However, both gold and beans have trending monthly pivots--a wild card working against my Iron Condor favorite trade.
The price of Bitcoin has fallen below $6,500 to reach its lowest level since Feb. 6. That was a day when it found significant support from around the $6000 mark which led to an eventual recovery to almost $12000 later on in the month. But it doesn’t feel like such a sudden rally will be on the cards again this time. Bitcoin has been trending lower along with other crypto currencies since early March and no end to the bear trend appears to be in sight.
The coming week will have some serious breakouts, blowouts, and wide ranges in prices, as well as continued “freight train-steamroller” trending behaviors. Gold is in a more extreme narrow range with strongly-trending monthly and inside weekly pivots more breakout-ish than last week as of Thursday. evening.