Good morning traders! One needs only a quick glance at the economic calendar to throw his hands up and beg for mercy as it seems we have another one of those summer snorefest tradingdays. Well, not to worry, just like after hard times come the good times, after slow days come the volatile days. So do not sit at your monitor all day long, find other ways to spend your time.
That said, being prepared is important, so here are soem charts.
WTI oil daily. While i have been looking at this triangle/bullpennant, someone pointed out that this is a potential recurring failure pattern on WTI (i think it was on the chigrl twitter feed. check her out, traders). Scanning the charts, we find this familiar pattern in last October. Yeah, a blowout top and a bullpennant failure it is. On a sidenote, while daytrading, i seldom ride flags and pennants until the end, i usually take most off around half and quite often the rest of the position gets stopped out near breakeven in the mess afterwards.
USDCAD H4. Careful here now. Ideal would be some retrace to former resiatnce levels and then rip again. Yeah, we don't get ideal scenarios often in forex markets :)
GBPUSD weekly. Looking to sell but very rarely at market price. Look for retrace to fibos.
AUDNZD weekly. Can't really draw a perfect top trendline here, but you get the idea - we're in a massive tightening pattern which has to resolve itself sometime in the near future.
ETHUSD H4. Massive, massive underperformance compared to Bitcoin, stalling us as the 50% fib. Hasn't even got to my very modest targets yet.
BTCUSD daily. Should the rally continue, the next target could easily be the 1.618 fib around 3736.
That's it for now traders, talk to you tomorrow. Good luck and trade safe!
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Thanks for the update.
The bitcoin chart looks very nice!🤗
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hehe, can i assume you are hodling some? ;)
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No I'm not. Many moons ago I had the opportunity to buy Bitcoin at 0.003. That was when it first came out. I decided it was too risky and a waste of money.
Nowadays, I am looking at something else, but it's success is dependent on Bitcoin going much much higher.🤗👌
I don't trade anymore, but I like reading your posts and seeing what you're seeing in the markets.
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haha @furious-one I like the casual "hodling".. is that a typo? nope ;)
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hehe, you're onto something here, mate ;)
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:D
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Don't think about btc focus on steem, someday it will rise and shine.
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Always a good time to buy crypto, really :)
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When I first hear of bitcoin a few years back I said who would put money in this thing?.. Now I say who would not invest in this? Thank you for the nice piled up data.
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So true... I've been trying to convince my father to invest even a tiny bit in Bitcoin, no luck. I've told him how it's pretty much gone up every single year (or at worst stayed the same) since it's existed, told him all the innovations about it, still no. I think it's hard for the older generation to trust something that's still so new like cryptos.
I also wanted to invest in a bitcoin or two last year when the price dipped to around $700/750 after news on Chinese regulations or something. Back then it was tough for me to setup a Coinbase account and jump through their verification hoops, so I basically gave up and forgot about it. Now you better believe I'm kicking myself for not trying harder.. oh well, live and learn :D
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Thanks for sharing, upvoted and resteemed! To be honest I'm not sure how many folks on Steemit are interested in investing in anything like forex or stocks, or anything else for that matter besides cryptos and perhaps a bit of precious metals :P
Re BTC it's my guess it might consolidate soon, but that's honestly a guess... with the way it's been running who knows how much higher it will go before the next dip? The "safest" move right now, according to your charts would be investing a bit in ETH or better yet, keeping your fiat cash on the sidelines until the next consolidation period. Not saying I'm doing that ;) but theoretically that seems to me to be the safe bet.
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good update, always best when it comes in a nice managable package.
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Very useful information! Thank you!
Very interesting situation in AUDUSD... Maybe will be short position in near future.
About BTC, I wait near 5000$ in 2017. Now, very interesting to see BTCUSD at 2900-2950... There will be a nice to open long position
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Not sure what you mean @maksym7 - "I wait near 5000$ in 2017" do you mean that you expect BTC to hit $5K this year?
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Everything can be:)
The prospects are very large ... let's see how the market will react to segwit2X
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meep
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yep yep... I've heard people say that if it doesn't perform as well as expected, increasing the block size may indeed be the better alternative and lots of folks will jump ship to BCC instead. Exciting times!
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yep, pretty much the opposite of BTC right now! :P
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Very appropriate now again!
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@furious-one got you a $1.65 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
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interesting set of graphs!
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😃😃😃👍👍👍
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😊😊😊
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Upvoted. I'll be resteeming this now :)
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by furious-one from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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Thanks a lot @furious one. I love your post.
I am actually new here. Looking for friends, network and a platform to launch out with my quality posts and bloggings. I just followed you and will appreciate if you follow me too. Thanks.
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