A new idea is presented now that we're out of the downtrend pitchfork. The basic idea is this - we should get a pullback and then rally up to about 4300 by mid to late January. I could be totally wrong, but with the gaps above and the confluence of technical indicators around that level, I'm betting that will be the case. In other markets this week, Oil still looks like it wants to get to 70 or lower, and BTC is trying to hold 16500 but it looks weak as of now. Needs to get over 17k for a more significant bounce.
Good luck and have a great weekend!
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futures selling down at open, if it's a gap down tomorrow, I think the C/ of the B leg has begun.
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the gap on futures never got filled, so it's possible they try to fill it today. I would be surprised to see them let longs out so easily, but it's possible. Any bounce will likely be sold into. I'm wrong if they get over 4030 and will update if that's the case.
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AAPL support level now resistance, again I doubt they allow the bulls out so easily today.
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at 3920 area there is a confluence of MA support, I think we get there by tomorrow or wednesday.
Good stuff. Been holding about 50% cash to keep adding to my longs. Thanks so much. Hagw too!
LA_Designer
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I think the markets are going to turn around in the coming weeks as well. I have a suspicion that the FED rate hikes will be reduced, the DXY will either continue sideways or down, and more money will pump into the markets.
Regarding Bitcoin or crypto in general, if you take Bitcoin's chart on the weekly timeframe and invert it, you will see a massive rising wedge with bearish divergence. That is a short signal (but really a LONG).
the_sunship
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@LA_Designer I like that, and it may be correct. sometimes bearish patterns fail in bull markets and bullish patterns fail in bear markets, so I'm going to keep an open mind about lower prices at least for the short term but again I like that chart, thank you
LA_Designer
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@the_sunship, Absolutely, always good to keep an open mind. Anything can happen! Have a good holiday weekend.
CryptoMonstersOfficial
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I published about BTC futuristic rocket-rise mate! BTC is going to the moon, BTC went through Hell in 2016 but it stood up and skyrocketed, year 2022 is never different
See my post here
wish you the best
the_sunship
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@CryptoRibai, a bounce up is possible
CryptoMonstersOfficial
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@the_sunship, It is indeed mate!, traders who went through heavy bleeding markets since 2016 are never affected by short term bearish ideas, they are always buying dips more and more, following well organized risk management strategic plan of-course. Bro for fellows new traders, on 17 Dec. 2017 BTC was 19.8K!! all traders went bullish and started publishing positive vibes, until it went through HELL in 2018 and reached 3.15K dropping 630%!!!!, all crypto-community lost faith in BTC, but the surprise was on 2021 with an ATH with Profits +2000% For all trader fellows dont be affected by extreme bearish ideas