Imdmagic1

Imdmagic1 Updated 

I don't post much; mostly I just watch and observe. But at this point in time, I cannot help my self. I'm seeing way too much joy and optimism in markets over the last few weeks. The smell of strong hopium in the air is pungent, especially in crypto. Lots of traders I follow are posting 10-12x posts a day talking about bullish action...lots of screams of "333%...

Imdmagic1

This is a temporary bull trap. Fundamentally, the government action against crypto hasn't stopped, and the technicals are still bearish. We have: 1. Strong Down Channel 2. Pending Death Cross (Tomorrow) 3. MACD Histo Below 0 4. MACD Trends Inverted 5. On Balance Volume Trend Negative 6. On Balance Volume Below Averages The RSI and CCI are not compelling...

Imdmagic1

What we see here is a return to growth. MACD now has net favorable bars over 2+ days. Channels are all narrowing from their recent expansion period, and 25x5 DMA is shifting to cross 3X3 DMA, indicating a long-term trend reversal pushing back on the shorter term downward shift. #BCH and #LTC look particularly attractive after hitting hard support over their...

Imdmagic1

Channels have officially turned across all major asset classes (save crypto, where daily channels have flattened...see next post). Stay frosty.

Imdmagic1

All indicators at tops and looking to cross key supports/resistances. Next weeks' expectations vs. reality will tell the tale.