AMZN has a topping formation which is incomplete at this time. Incomplete means that the stock has not broken through the strong nearby, short term technical support level YET. It may or may not. The stock can always shift sideways as BA did, as an example, to pattern out the excessive stock price uptrend created by speculation. Trading range corrections, as...
Good morning, traders. Bitcoin continues to move sideways as it retraced overnight and found support around the descending red previous resistance line as mentioned it was likely to do during yesterday morning's live stream. This morning, we can see price rising and, now, sitting around the McGinley Dynamic line and HVNs. Traders who were paying attention noticed...
Good morning, traders. Yesterday, we discussed the descending channel and blue wedge that price was printing and, sure enough, the move through their resistance precipitated bullish momentum. Price then found resistance at the descending red line I mentioned as well. The target, based on the width of the wedge, should be $3486, and based on the channel should be...
Good morning, traders. Bitcoin never could get going yesterday and isn't looking too strong at all today. As a matter of fact, we are currently seeing a bit of a sell-off as I type this. However, we should zoom out to the 4H chart and note that volume has continued to drop on the reactions and rise on the rallies since November 14th. Not only is the volume...
Of the 3 big stock market indexes, the S&P500 or SPX is supported currently with the weakest technical support. This is NOT a fundamental support level. IF there is sudden panic due to some catalyst, and there are many potential catalysts waiting in the wings, this support can easily be moved through. A breakdown of this support level brings the risk for the end...
Good morning, traders. Bitcoin's move out of the local TR yesterday had a lot of emotional traders on CT upset as they were/are sitting short. This move also pulled price above the descending channel that price has been in since the $4000s and back into the larger TR. Currently, price is hovering around the channel's resistance as well as the bottom of that larger...
Good morning, traders. As I discussed was most likely to happen, during yesterday morning's live stream, Bitcoin dropped down to the $3200/3300 level depending on which exchange you were monitoring. There wasn't any immediate pop back up though so price bears closer attention at this time. The 1D chart shows a nice descending wedge and the 30 minute shows an...
Good morning, traders. Bitcoin price remains under pressure this morning and its continued attempts to pull itself away from the resistance line that's been keeping it in check since the drop from the $6000s have failed. Price has fallen through the black support line on yesterday's 4H chart which sets up a downside target of $1040 below the point of breach. This...
TR top was a respected 50% PB from the prior bigger bull leg. Also long-term trend line below still remains intact. Oct 26 low is also a possible target if bears don´t lose strength.
Good morning, traders. Bitcoin continues to ride the resistance line from the $6000s and is currently sitting just under the McGinley Dynamic. Not a whole lot has changed and the targets from yesterday remain valid today (review yesterday's linked analysis). The 4H RSI did break out bullishly from its descending wedge, though, and is currently sitting just under...
Good morning, traders. Welcome to December. Will we see a Santa Claus rally later this month, similar to what traders are expecting for stocks? The monthly close showed signs of life just prior to it but the weekly didn't end up as bullish as I had hoped we might see. However, the weekly did set up a potential reversal due to the doji it printed. The candle is...
Good morning, traders. We've made it to, yet, another Friday. There are a lot of ways to understand price movement and I'll be discussing a few today. CME Bitcoin futures expire in just a few hours and the volatility that I warned about yesterday is showing itself. So far, this morning's move aligns with what I discussed yesterday could happen if price moved out...
Good morning, traders. Bitcoin printed a large bullish daily candle yesterday. As mentioned before, this doesn't guarantee a reversal is happening but it definitely adds to the case that is building for one. The pair has continued its ascent but is pausing at the descending broadening wedge resistance, as expected, from the beginning of the drop out of the $6000s....
Good morning, traders. Bitcoin showed some bullishness overnight which shouldn't have surprised anyone. Looking at the 1D, we can see bullish divergence printed in RSI between 11/24 and 11/26-11/27. This has led to almost the largest daily move up since July. A few hundred more dollars of appreciation before the daily close would cement this. The question now is...
Good morning, traders. Welcome to the final week of November. Over the holiday weekend we saw Bitcoin find a low of $3474.73, which was around the equilibrium of the 1M zone, and bounce for almost $600 so far. That's about 17% with some possible higher highs lining up. I am looking for price to target the $4500 area, with some expected resistance around $4340 and...
Good morning, traders. It's finally Friday and the market is setting up for what could potentially be a wild weekend/start of the new week. Daily RSI is still below 18 and 4H RSI is just now knocking on the exit door of oversold. MACD on the 4H is nearing a bullish cross and the 15 minute and 4H OBV signals accumulation in the local TR. The local resistance...
Price has to close in the trading range-5777 sometime this week or next in order to be considered a Wyckoffspring. If not, this might signal continuation of the trend. Also, the 100WMA hovers just around the new yearly low so, price might not get below it so easily. Considering a new cycle low has been formed confirmed by cycle time zones in horizontal blue lines,...