PennyBagsCapital

PennyBagsCapital

it's been a while since i have posted on here but the chart says it all. Liftoff

PennyBagsCapital Updated 

NASDAQ:QQQ Since tech leads the rest of the market and the rest of the market looks clearly ripe for correction, it's obvious to short $QQQ. As a chaos theory enthusiast, it is of my belief we do an analog of the correction and run-up of 2020, in 2021. It's that simple and shouldn't be over complicated. With that said, history only repeats itself until it...

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$NQ top is clearly in on the 1M chart. Bearish engulfing candle with key resistances needing to be retested. The global economic picture is becoming more gloomy as the US defaults on its debt for the first time ever this winter (2021). As an investor and avid study of the markets, I look for value buys with high probabilities of long term triple digit returns. I...

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Cryptocurrency is on the verge of MASS global adoption with large amounts of money pouring into the ecosystem as a whole. The Ethereum 3D chart is a technical masterpiece with a clear cup and handle printing. Below average volume at the base of the cup (circled in orange) with declining volume on the downward consolidation at the formation of the handle checks...

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NYSE:JPM Jamie Dimon and his army of minion traders at $JPM are printing the classic bear pattern of a H&S top (green). Measuring that formation, that should put us at a local bottom sometime in October. From there I would expect the Santa Rally to be our retest of the neckline, before creating the base of the much larger H&S pattern in yellow. Measuring that...

PennyBagsCapital Updated 

COINBASE:BTCUSD Bitcoin is currently printing a beautiful H&S pattern on the 1D chart in combo with starting a ABC correction from our 5 wave run up that just completed dating all the way back to March 2020. The Size of the H&S calls for price to retest prior ATH of $20k (which has happened in every Bitcoin bull market so far) sometime in April/May timeframe. At...

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AMEX:SPY The S&P 500 is just about fully overextended and we are due for a good size correction. Fundamentally, most markets are just full of froth at this point with the Fed continuing to keep interest rates near the 0% mark. Numerous fortune 500 companies balance sheets are extremely over leveraged and seem to be taking on more and more risk. An example of...

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NASDAQ:AAPL Apple is on the verge of a massive upside Bull Flag breakout on the 1W chart. Price is currently above the 200 Day SMA (historically bullish) and if we look at the weekly trend and don't fight it, we can see that the trend is currently clearly up. I see this flag breakout as a bullish continuation, with the ultimate price target being $220 (height...

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NASDAQ:UPWK UPWORK was a major benefactor from the lockdowns earlier in the year, beating their most recent earnings by +59%. Although I do like the business structure of UPWORK and thing long-term this company will scale immensely, I also think that this most recent run was driven by the euphoric earnings beat. From a technical standpoint, the 200 Day SMA is...

PennyBagsCapital Updated 

BYBIT:BTCUSDT Bitcoin will look for a local top around $33k for this leg of the bull cycle. From there, bids will be set for the retrace back to the $7500 area before we start the next leg working toward $100k+ ultimately New long positions here carries high risk, low reward and you could probably get 5x the bitcoin sometime in Q1 2021 (Feb) The orange fractal...

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BITFINEX:ETHUSD Ethereum and the rest of the Altcoin market is on the verge of a 2017 like parabolic move. The purple fractal that is overlaid is the 1W BTC/USD chart, and as you can see Ethereum has always mimic'd the moves of big brother bitcoin, so i expect a move similar to the blue fractal on the chart to play out in the coming weeks. This would reflect the...

PennyBagsCapital Updated 

COINBASE:BTCUSD Always learn to question what you see taught. Microstrategy buying $750M+ worth of Bitcoin and that being spun with a bullish narrative deserves a second look. The top seems to be technically in here and the fractal following the 2017 top is in purple on the chart, which lines up perfectly with key trend lines and supply/demand zones on the 1D...

PennyBagsCapital Updated 

PennyBags is back from his enlightenment trip in Singapore and is ready to give you the low down on the Bitcoin Market. The bull is in full affect here on the 1D chart and has been since April 28th (the day price crossed the 200 Day SMA circled in red on the chart). This cross has been a strong trend indicator in the past as you can see on the chart, signaling...

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COINBASE:BTCUSD The 1M chart is ugly and I think we will see a major flush prior to any sort of aggressive upside move. Bitcoin has been far to Bull friendly recently and if I had to bet, I think we see downward move to $7100 to reset the bear divergence that has printed over time. This should cause enough panic to shake out whatever weak hands may be left....

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NASDAQ:DKNG Sports betting is continuing to gain traction and acceptance across the United States. With sports actually finding their way back on the field since the long COVID-19 break, you would have to HATE money to not look to get extremely long in this name. From a technical standpoint, it is attempting yet again to breakout of that $26-$41 (two purple...

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ES Interesting point in the markets purely going off of a combination of diagonal/horizontal resistance and support lines and the 200 Day SMA. Couple these with current fundamentals and you can place your bets on direction. Keep it simple with levels to watch and you can trade this market with profit. Levels I am watching: $3291 $3230 $3062 $3026 Trade at your...

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Bitcoin is programmed for $9.8k next before any meaningful upside. Do with this as you please, but the chart says is all loud and clear. //dumpet.setup://.exit.exe - PennyBags

PennyBagsCapital

NASDAQ:ZM Zoom is finally breaking down from its parabolic COVID run up and it may be time to look for puts/shorts in this name. After topping out around $275, PA ranged between there and $240 (which it touched 3 times) which also happened to be a major horizontal S/R line of mine. To further backup this beautiful bearish setup I am painting for your glorious...