SNAP is very overextended, up 141% in last 12 weeks (high to low). RSI currently overbought. Fundamentals still awful with no user growth and no profitability. Expect this pattern to break at around $10 at the end of May. From this point on (March 15, 2019), I expect a pretty significant pullback!
Snapchat has ran +141% in 12 weeks. The company has no profits, no user growth and massive debt. They are currently trading at 12x Revenue, for comparison FB is 8x Revenue, Twitter is 8x revenue and both of those companies are profitable and have user growth, SNAP doesn't. This rejection has already begun and got demolished at the trend line from the all-time...
Snapchat has now went on a greater than +90% in the last 8 weeks since December 24, 2018. It is more than due for a pullback as it has rejected its 200D MA. Also, its recent move after earnings mirrors an 8 day period at the end of October where it ran up before the vast decline. For these reasons, I expect Snapchat to be less than $7 by the End of March.
Netflix is in a descending broadening wedge pattern. It is looking to complete the third leg down which will then provide a huge bounce and breakout of the trend. The stock's movement is very weak and overextended but needs the market to pullback as well to carry this down. I am looking at 300 as an area to cover and then reshort any short-term bounce off it.
Currently, Snap has broken the potential symmetrical triangle and now has broken the potential falling wedge. While a strong daily close could see this wedge still in play, I see it much more likely that Snap will be dropping to the bottom trend line which has accounted for bounces at ~$11.3, ~$12.3, ~$13.3. Depending on how fast and hard Snap drops, the bounce...
It looks as if a Bull Flag is forming on the hourly with decent upside potential. I expect to test previous resistance between 8.5-8.6k because that is where the 200 EMA on 1hr & 50 EMA on 4hr are. Next level would be between 8.8k-9k. 8.8k for previous resistance and 9k for 200 EMA on daily.
BTC is breaking down from the bear flag. Consider a small bounce possibility at 7.8k, but this movement will probably go much deeper. 36k long on Bitfinex that will eventually capitulate, be ready to buy the bottom and be careful!
I expect this to break upwards past the 10.8k resistance and push us towards the next resistance levels at 11k to 11.2k. It is important to notice the green trend line that is above the bullish pennant which is the trend line from the All-Time High. This could also be resistance that we continue to reject from. If we break that ATH trend line sharply I expect a...
It looks as if BTC is forming a bullish pennant on the 1HR time frame. I am looking to see if it can break upward before the completion of the pattern.
I am in since $9925, would wait for confirmation of a breakout before going "long" as this range tightens to avoid getting chopped up.