BTC is demonstrating negative correlation with the stock market. BTC is being used as a hedge to the market along with the VIX and GOLD, so i believe next week moves are going to be affected by market news and not much technical analysis.
SPY failed to retake all time highs and closed below the 2019 trend line, there is a bearish divergence on the RSI, heavily dependent on trade news but today demonstrated that even with yesterday advances in the trade deal is not in off to recover the highs. Also FED meeting happening next week so there is going to be some volatility.
BTC failed to break the 2019 upside trendline the past week, that previously broke, expecting another test at support at 9500, I am expecting it to breach it and test 8500 the zone were the 200 MA lays
Expecting this trend line to hold, if not I expect 9,500 again and I believe it wont hold, triple bottoms are rare. Expecting the triangle pattern to fully form for a decisive move on BTC. BTC is moving along international markets SO IT CAN BE AFFECTED BY THOSE MOVES TOO
Retracement complete from 39, support at 37 holding, but lower than expected. I am longing here with target at 42$, waiting for the earnings in JULY 28TH, I will be looking at SPY movements since it affect the position.
Fundamentals are good, are earnings are expected to surpass expectations
39$ target hit, moderate resistance there, expect a pullback to $38, then expect 40$ prior to earnings day. If earnings beat estimate I expect $45-47$ target like May 2018, possible 20% move. Primary elections and presidential elections approaching will give good guidance to the company.
Nice ascending channel since January lows, if it holds this trend line and stays above the ichimoku cloud in the 4 hour hour chart I expect a 95$ target in the short term. It also depends on the performance of JP Morgan tomorrow since it will give guidance to the banks. I like Capital one because is a mix of Fintech with banks so it have better prospects of doing...