Happy Wednesday Everyone, Here Is Your Daily Dose Of Technical Analysis!
Disclaimer: This is not financial advice
Bitcoin Technical Analysis
It looks like BTC has cleared its first key point of resistance with the linear overall trend now being broken to the upside. Corresponding volume can be seen coming in to support the break out at well. That being said the overall trendline on the log scale has yet to be broken so wait for that to see a full bullish reversal confirmation. The linear overall trendline has now become a level of support for BTC corresponding back with the previous support at the 9,500$ range which made for a nice bounce play with sell orders up in the 11,200$ range which just happens to correspond beautifully with the 38.2 Fib level as well.
There are many plays to be had here but if you're looking for a long term hodl position wait for the last previous high to be broken along with the 38.2 fib level, and the log overall trend to confirm that we are back in a bullish direction or at the very least we are consolidating and the short term bear trend is over. There also is a bit of an inverse head and shoulders pattern forming as well with BTC which conforms almost perfectly with the 38.2, log trend, and the previous peak so watch for that to break in accordance with the others as well! Either way we are coming to a very key area when it comes to BTC so be on the lookout for the market to make a decision of which way it would like to go!
Komodo Technical Analysis
KMD had a nice run up in December 2017 after having a massive retrace of almost 100% the months previous to it. KMD tends to share a similar pattern of having massive pumps with 78.6 - 100% retracements following. With KMD we now have an almost exact 78.6 retracement and KMD has finally come down to a level that looks quite a bit more appealling in regards to the risk to reward ratio. There's an overtrendline that needs to be broken to the upside to show that the bear trend is in fact broken so watch for that with corresponding volume for additional confirmation! Either way with KMD and a longer position at the moment you are looking at a potential 3.45 Risk to Reward Ratio!
By all means all comments and suggestions are welcome, and of course this is all subjective so if anyone sees something I do not by all means let me know!
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