BTC ETH Charts: Tales from the crypto

btc usd 7 11

BTC/USD 4 Hour Chart – Says BTC is going higher

Monday July 11, 2016  6:15 AM

With a big move likely coming, I check as many charts as possible for clues about timing. This means various time frames (15 minute, 1 hour, daily, etc) as well as different patterns created by different currency pairs (ETH/USD, ETH/BTC, BTC/USD, etc).

Here are two examples that stood out:

BTC/USD 4 Hour Chart – Says BTC is going higher

btc usd 7 11

The pattern shown in this chart says the probability (moderate) is we go higher with target of about 690.  But, other longer term time frames still tell me we will go lower. If the 4 hour pattern correct, it can actually change the patterns on longer time frames so it’s very important in to see how BTC behaves against the USD in the next 24-72 hours on this chart.

ETH/BTC 15 minute chart – Says ETH is going higher

eth in btc chart 7 11

Even though ETH is dropping this morning, the 15 minute chart says the probability is greater that we go higher with a target of .0168 (currently trading at .0160). This upside pattern is confirmed by most longer term charts, but not all. The 4 hour chart shows a slightly greater probability of more downside before any further upside.

Hopefully these examples show how vital it is to define your trading time frame. A day trader could have patterns showing great odds for success going long at the same time a swing trader is correctly building a longer term short position.

My current positions:  BTC  Flat   ETH  50% Long

Full disclosure: I stole the “tales from the crypto” part of the title above. Saw it in a crypto forum–thought it was clever — couldn’t find the post to credit so thanks to whoever came up with it.

NOTE: NOTHING IN MY POSTS IS INTENDED TO BE TRADING ADVICE.  Please do not base your trades on any information presented in the materials on this blog as it is for information and entertainment purposes only. You are 100% responsible for your own trading decisions. 

 

 

 

 

 

 

 

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