New Feature! On-Demand Crypto Forecasts & Professional Market Analysis | April 2022
This week market opportunities found for the following assets: Bitcoin | Polkadot | Cardano | Ripple | EOS
Members of Tradingbay can now enjoy professional market analysis sent to private chat groups accessible on the platform.
Its been quite a wild mid March where we finally had the bulls come in and an early April correction was due to take place when reviewing the markets through Elliot Wave analysis alongside a completion of several harmonic patterns across multiple Cryptocurrencies.
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The following technical strategies were used in the forecasts:
- Harmonic Patterns
- Elliott Wave Principle
- Gann Fan Analysis
- Triangle Patterns
- Wedge/Channel Trend Analysis
- Head & Shoulders Patterns
- Fibonacci Retracement
- Key Support & Resistance Levels
- Ichimoku Cloud
- EMA 50 & 100
Full video overview can be seen here:
Bitcoin (BTC/USD) Analysis
With Bitcoin, we found a harmonic pattern completion where the [D] leg matched the .786 Fib level as well as a near key S/R level of about $47K making it ideal for a short. We also found via Gann Fan analysis that a 3/1 retracement zone is possible within the same levels. We believe that a correction is due to take place around the levels indicated and have also shown the green box where price action could shift which is near perfect levels for our EMA 100 + Ichimoku Cloud set up as well as our diagonal channel set up.
The result
10 Days later — price action forecast worked exactly as predicted. Price did indeed bounce upwards around the EMA + channel + ichimoku + .618 fib level as anticipated then right back down.
Also notice how price action attempted to push passed the 3/1 Gann level on 3 separate occasions indicating a market triple top which can be used for scalping trades and more. This is the power of Gann analysis if drawn correctly.
Polkadot (DOT/USD) Analysis
We found a solid Elliot Wave Correction completing the 5th wave at a key S/R level with price action also supporting a new top has been found. We previously forecasted buys on this asset since we saw multiple technical indications of an upward move back in mid March alongside our algorithms also supporting the same bias. A new Triangle pattern formation was also taking place which can be used either as a stop loss or a late short past the lower channel after we drop below the fib line of .382.
Just like in most of our analysis, we always like to provide a future pivot point which can be useful for knowing where price is likely to shift which is useful for plotting profit targets or short term scalping/swing trading. This is highlighted in the green box.
The result
Price fell as forecasted then bounced from the indicated green box up to the previous highs temporarily before coming back down and breaching passed our indicated channels. While we did not anticipate price to come back up slightly exceeding our forecasted market tops, price action did eventually follow through according to our plan.
Cardano (ADA/USD) Analysis
We completed a beautiful Bat Harmonic Pattern set up alongside a 5th Elliot Wave completion indicating that a correction is expected. Price action also formed a Triangle formation and the lower band is closely linked to EMA50 and the break-line for a previous Head & Shoulders formation which indicated a buy a few days prior.
In this scenario, traders who have a higher risk tolerance would enter the short right away or wait for price to fall below the triangle set up and below EMA 50 & 100.
The result
Price fell as forecasted and retraced right at the highs of our triangle set up before coming back down hard. Either scenario of traders entering this position sooner or waiting for a breakout from the triangle would have been in profit for this short.
Ripple (XRP/USD)
For Ripple we found a sweet spot where expected market consolidation (or in other words decision making) will take place very soon to the current levels. The reason for this assumption is due to the formation of an Inverse Head & Shoulders pattern already working out recently a few days ago with price breaking out of the break-line (yellow dashed line).
The orange box where expected volatility and decision making matches the golden ratio .618 Fib level + multiple EMA’s + our trend channel line from the lowest recent low since February + Kumo Cloud via Ichimoku.
Price already tanked from the previous highs via the resistance level (green top line) so we assumed price will continue to fall.
Our traders were advised to wait for price action confirmation at the yellow box indicated in the chart. Short confirmation would be if price falls below our channel and below the orange box. Long confirmation would be if price bounces upwards from it.
The result
Price consolidated around the yellow box for a brief period before breaking below the trend line + EMA set up + Head & Shoulders break-line indicating a short entry which soon after came to fruition. This situation highlights the importance of patience and letting trades come to you instead of chasing!
EOSIO (EOS/USD)
For this asset, we had a long term channel set up which the recent highs hit then the market rejected that price level completing our Elliot Wave confirmation. The highs also met a key S/R level (green line) which is a strong market indicator of further downside to come. More recently, highs once again hit our long standing top channel and was rejected again which is more evidence of the bears taking over.
The result
Price was not met with much resistance and the next highs did not manage to reach the top end of the channel before coming back down. Overall a highly profitable set up. The current price today is at another key S/R level where we will wait patiently for the next market move and send it to members when we have confirmation.
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