LongLifeTrading

LongLifeTrading

Tesla is approaching a very critical spot. There are several key technicals that all speak in favour of it having topped out in January. If that's the case it automatically means that whatever we're seeing right now is the height of its distribution phase prior to rolling over for some serious price damage. Let's go through those technical clues, one by one. 1)...

LongLifeTrading

Amidst today's closing, we were given a strong buy signal in CBAK Energy Technology. This signal is entirely based on the much sophisticated RSI strategies, that identify levels of max pain both in accumulations and distributions alike. If you look at the charts, you can see the historical results upon closing on the lower bullish red line. These results speak...

LongLifeTrading

Mersana is currently right at the resistance within a big falling wedge - a bullish pattern upon eventual breakout. What separates this case from the normal breakout is that Mersana recently made a perfect RSI closing on the lower bullish red line. As discussed in detail in the RSI trilogy, once the RSI comes from low levels (as in below the lower bearish blue...

LongLifeTrading

I'm sorry to say that, what started as a 5-wave impulse that initially disqualified the first prospect ABC zigzag correction has now come back to life with its ABCDE rising wedge. This long C-wave of the C-wave is extended and the rising wedge does, in itself, confirm its exhaustion - and especially so as it hit the 618 fib, yet while "throw-under" with its final...

LongLifeTrading

Short update as a continuation on the previous posts here on TradingView. I'm certainly keeping an eye on this nasty rising wedge. This wedge can also be seen as the C-wave of the B-wave in this big zigzag prior to rolling over again. In this case we're talking an ending diagonal with one more leg up to go, as in to the 618 fib at $50-51k on the daily chart.

LongLifeTrading

Already when Bitcoin was trading at $30 000 we talked about $46,500 being the prime area of resistance in this strong-likelihood ABC zigzag correction, of which we're currently in the B-wave. As mentioned before, not only is this the 0,5 fib - it also makes full sense from a B-wave ABC perspective, in which the C-wave of the B-wave correction is typically less...

LongLifeTrading

Bitcoin is at the crossroads as to whether it's bullish or bearish. In this short analysis we'll explain how and, more importantly WHEN, you we determine which of the two it is. By being able to identify the technical direction at the earliest safest point, we'll either be given the gracious opportunity of stepping away from the fast-approaching freight train, or...

LongLifeTrading

Bitcoin is clearly in a zigzag formation. It's got five legs down from the April peak and is now in the midst of its B-wave. If we zoom in on that B-wave, however, we can notice that we're within the B-wave within that B-wave. And ... yes, you got it! ... within that B-wave of the B-wave, Bitcoin has just initiated its C-wave. Upon completing this,...

LongLifeTrading

As discussed on multiple occasions here on TradingView, Bitcoin is likely in an ABC correction. We called the bottom at ~$30 000, yet with the possibility of a final mini dump towards the $27 500 area. Regardless of what, Bitcoin has now initiated its B-wave. This B-wave serves one purpose and one purpose only: to trick the bulls that everything is fine from now...

LongLifeTrading

For quite some time now "everyone" seems convinced of Bitcoin prices in the low to mid 20 000's. Some even anticipate lower dips than that. I certainly don't exclude that, buy given how undramatic this break below $30 000 has been thus far, there is good cause to expect a price reversal soon. Here's why. My previous theory of an ABC move is still very much in...

LongLifeTrading

Hands down, things look bleak for Bitcoin. But regardless of what, such bleakness is likely just a short-term glitch. Any break to the downside should be bought up quickly for a rather steep V-shaped recovery. The deeper it goes (as in the closer it gets to $20 000) the faster and more aggressive that recovery should be. Based on the current technicals there are...

LongLifeTrading

Over the last month Bitcoin has had countless of opportunities to make its bullish break up. Yet, it has failed on every single occasion. At the moment Bitcoin seems to have completed a double 3 WXYXZ wave. This in turn amounts to the B-wave, of which we're now staring a potential C-wave in the eye. If Bitcoin breaks the $30 000 support zone, that will confirm...

LongLifeTrading

In February and March we talked regularly on the YT channel about how Bitcoin's primary and secular trend lines were far too steep to be sustainable. Well, that was quickly redeemed by a deep and long-lasting price- and time-based correction. The primary and secular trend lines now merge nicely on the weekly log chart (if drawn as internal trend lines rather than...

LongLifeTrading

Whilst Bitcoin has shown clear technical signs of a bullish reversal (see earlier posts) and a C-phase of a Wyckoff accumulation, Ethereum is at a make it or break it point. Just like Bitcoin will be inherently bearish should it break below $30 000, Ethereum so far shows strength after having wicked on the diagonal primary trend line on the weekly. This area...

LongLifeTrading

As continuously discussed over the last few weeks, both here and on the YT channel, we've long welcomed a fakeout down below the very key $30 000 support zone, but given that it would recover aggressively and at massive trading volumes. We have now gotten EVERYTHING we've asked for and more in Bitcoin, and for those reasons there is a strong chance the bottom...

LongLifeTrading

As I just mentioned here on TradingView, Bitcoin faces an increasingly high probability of having bottomed out in this seemingly accumulation, yet with a final textbook fakeout down towards the 27 000s. Naturally, this would in turn bring Ethereum and every other alt coin down with it. When looking at Ethereum, though, it makes perfect sense. We're talking a...

LongLifeTrading

Many people wonder and fear whether Bitcoin has to go on the downside - if it can make it as low as $24 000, $20 000 or even lower. The longer we move around in this sideways range, the more technically convinced I become that this is an accumulation phase in the making. This time we'll go beyond mere technicals and back up our claims with fundamentals too....

LongLifeTrading

Marathon is displaying one sign of weakness after another. It just broke out of its ascending channel, which disqualified both the lower bullish red RSI buy signals that we got recently, both on the hourly and the daily chart. This is bad news. Real bad. Especially so as it now leaves the daily RSI in a much weak position, one that paves the way for further drops...