Greetings Traders,
As you know, I post very little on TV lately. This is mainly due to the fact that I have transitioned my trading style from shorter term (days, weeks) swing trades to longer term (weeks, months) swing trades. I have found myself to be much more accurate, in terms of charting analysis, in this style of trading, and thereby, more profitable.
That being said, I thought I'd jot out another quick summary for Ole' BTC, as we are coming up on another very important decision point and BTC will be facing AND IS facing some very major resistance points ahead. Now, I know that a lot of the PROS are calling for us to finally break out of this two year+ triangle we've been enclosed in since 2017. But as I look at BTC in correlation with the S&P and the DOW and BANKS, I can not help but note how parallel the movements have been. I don't know that I see BTC breaking that correlation just yet.
As of now, the BANKS are all leading the way down. DJI follows. And then, of course, SPY. BTC seems to watch what all (3) three do before making it's move to follow. One day BTC will grow up and stop being a follower. I don't think that time is just yet.
You can see from the chart that BTC has been stuck in a fairly narrow channel trending up since March. This move up, again, has correlated with the larger markets. As stated, these markets have all started their direction change and are moving down. I have SPY, DJI, BAC all charted and following trends as expected. If any of you would like for me to post these charts, just request and I will do so.
The channel up looks to be at the end for BTC. Again, as I have noted, BTC has always followed the larger market, which has started to descend.
Additionally, as noted in the charts, we are facing major resistance levels: 1) the top of our multi-year triangle (I will post a zoomed out view in a follow-up comment), 2) RSI resistance.
Finally, note the declining volume as we have ascended these last several months. I do believe volume will return, and when it does, I believe the bears will win.
I see BTC descending to at least the 200ma (currently at $8000). Below that we have a level at around $5900. And if the broader markets continue their descent and BTC continues to follow, I see BTC down to the bottom of our triangle once again by the end of August ($5200).
I will post updates here as my views progress and/or change. This is a strange time we exist in and right now, ANYTHING IS POSSIBLE. I am counting on people in this great country to make a big difference in the direction of our collective future. As these changes occur, the markets will reflect them. This is a very news driven time we live in. Stay tuned.
Best of luck traders!
As you know, I post very little on TV lately. This is mainly due to the fact that I have transitioned my trading style from shorter term (days, weeks) swing trades to longer term (weeks, months) swing trades. I have found myself to be much more accurate, in terms of charting analysis, in this style of trading, and thereby, more profitable.
That being said, I thought I'd jot out another quick summary for Ole' BTC, as we are coming up on another very important decision point and BTC will be facing AND IS facing some very major resistance points ahead. Now, I know that a lot of the PROS are calling for us to finally break out of this two year+ triangle we've been enclosed in since 2017. But as I look at BTC in correlation with the S&P and the DOW and BANKS, I can not help but note how parallel the movements have been. I don't know that I see BTC breaking that correlation just yet.
As of now, the BANKS are all leading the way down. DJI follows. And then, of course, SPY. BTC seems to watch what all (3) three do before making it's move to follow. One day BTC will grow up and stop being a follower. I don't think that time is just yet.
You can see from the chart that BTC has been stuck in a fairly narrow channel trending up since March. This move up, again, has correlated with the larger markets. As stated, these markets have all started their direction change and are moving down. I have SPY, DJI, BAC all charted and following trends as expected. If any of you would like for me to post these charts, just request and I will do so.
The channel up looks to be at the end for BTC. Again, as I have noted, BTC has always followed the larger market, which has started to descend.
Additionally, as noted in the charts, we are facing major resistance levels: 1) the top of our multi-year triangle (I will post a zoomed out view in a follow-up comment), 2) RSI resistance.
Finally, note the declining volume as we have ascended these last several months. I do believe volume will return, and when it does, I believe the bears will win.
I see BTC descending to at least the 200ma (currently at $8000). Below that we have a level at around $5900. And if the broader markets continue their descent and BTC continues to follow, I see BTC down to the bottom of our triangle once again by the end of August ($5200).
I will post updates here as my views progress and/or change. This is a strange time we exist in and right now, ANYTHING IS POSSIBLE. I am counting on people in this great country to make a big difference in the direction of our collective future. As these changes occur, the markets will reflect them. This is a very news driven time we live in. Stay tuned.
Best of luck traders!
Comment:
Be careful here friends. Coming up on major resistance again. Low volume. RSI near overbought prices. Could be trouble soon.
Be careful here friends. Coming up on major resistance again. Low volume. RSI near overbought prices. Could be trouble soon.
Comment:
Yes, we're down today friends. But quite honestly, it surprises me that we're not down more. I don't short the BIG BTC. I have been in all CASH since I made this prediction. My plan has always been to buy more IF we fall as I originally expected OR to buy more IF we BREAK ABOVE our longstanding overhead resistance, which is the top of that triangle.
I will be bullish again in either scenario.
Stay tuned. There seems to be a bit of trickery occurring here?
I will be bullish again in either scenario.
Stay tuned. There seems to be a bit of trickery occurring here?
Comment:
Something to take note of:
Comment:
Decision point. We'll know by COB today which way this market will decide to go.
Decision point. We'll know by COB today which way this market will decide to go.
Comment:
Decision point. We'll know by COB today which way this market will decide to go.
Decision point. We'll know by COB today which way this market will decide to go.
Comment:
The descent has begun.
The descent has begun.
Comment:
Comment:
Purple TL holding ...for now. Once that breaks, I will be all in cash until election time, at which point I will ready myself for more buying opportunities if/when they become available.
Purple TL holding ...for now. Once that breaks, I will be all in cash until election time, at which point I will ready myself for more buying opportunities if/when they become available.
Comment:
Into major, major resistance with almost zero volume = TROUBLE. Sellers are coming folks. Be ready!
Into major, major resistance with almost zero volume = TROUBLE. Sellers are coming folks. Be ready!
Trade closed: stop reached:
I am closing this post as I was obviously wrong. I do believe another dip is coming. But I have had to adjust the levels. New post will come soon. For now, the trend is your friend and we are definitely going higher before we go lower.
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Multi-year triangle.