CryptoTaoist

CryptoTaoist Updated 

Here we see a big picture look of what Bitcoin is currently up against. You'd think with making a 20% gain in the last 10 days, we'd be able to blast right through this "puny" ~52.5k level. Why is Bitty struggling now? Well the answer goes back to 2020 and 2021. You see the 52.5K area is a massive resistance level in it's own right. It was exactly the...

CryptoTaoist Updated 

SPY 10 day RSI is trapped in a rising wedge and absent some massive injection of capital from somewhere (May rate cuts?), we will break the wedge right in line with the old saying, "Sell in May and Go away!"

CryptoTaoist Updated 

With a massive 20% gain in the last 10 days, Bitcoin is cruising ever higher. But the real test is now upon us. Bitcoin is right now touching a huge old channel resistance line. This resistance line goes all the way back to 2013 (shown here back at the bottom of the 2020 market) and bitcoin has failed on a number of instances to clear it since it broke below it...

CryptoTaoist Updated 

We are already above the highest 3 day bar close of *last year* and it's only the very beginning of the 3 day period and we are still fairly early in the month and early in the year. The 3-day bar is for sure going to test 47505 (white line overhead represents the 150 day average and if it does it all today, or breaks through it today, that's big. The point...

CryptoTaoist Updated 

Disclaimer: previously I was short, but as new market information presents itself, it must be followed. Bitcoin just made a major bullish move which is the recapture of it's original October bullish trendline which had broken in the Grayscale sell off. This is majorly bullish. Additionally, we spent several days testing and confirming the major Fibonacci...

CryptoTaoist Updated 

Bitcoin rising wedge against it's old bullish trend line. Once it breaks below the line (probably this weekend), it will need to find real support. This ain't it.

CryptoTaoist Updated 

We have ever shortening boom bust cycles... Using RSI as a gauge every so often we see deep dips in RSI. (I use 144 RSI not 14 and this is a monthly timeframe.) The first one from the Panic of 1893 to the Great Depression of 1932. ~40 years. The second one from the true end of the Great Depression (1942--US WWII production boom) to the Nixon-Vietnam-Energy...

CryptoTaoist Updated 

I want to call particular attention to those calling for 100K bitcoin this year and why, if history is any judge we will not touch that figure for 3-4 more years at least. Follow me on a longterm history of bitcoin price movements, courtesy of Bitstamp, the oldest running record of bitcoin price history going back all the way to 2012. In the picture above, I...

CryptoTaoist Updated 

This seems more realistic to me based on past performance. The only thing tough to capture is that there is a steepening in the bottom trend line each cycle. how much that bottom trend line steepens this cycle is the only question. But confirm it, it will. The market demands it. Yes, I know ETFs, world governments monetary systems collapsing, bitcoin will...

CryptoTaoist

Bitcoin is making a classic head-and-shoulders pattern. The neckline is at ~40600. A daily close below this line activates the pattern. A daily close above the right shoulder invalidates the pattern. ~44000 Target is the same as the distance of the head to the neckline. ~33500. Goodluck.