Each time Bitcoin has peaked recently, it dumps. Well, Bitcoin peaked again for the 4th time and each time before, it dumped after it was rejected. Will this peak be any different? If we go based on the past, then we should see another dump soon.
I believe the S&P 500 is ready to top out and roll-over. Based on the trend lines I see a wedge pattern playing out over the next week. It will top out either near 3100 or 3200 by June 5th.
What do you think? Please understand this is just a prediction and the market can do anything.
SPY has a large price gap around the 2875 level and I noticed that for it to fill that price gap without breaking a key trend line support, it needs to do it by 5/28 or filling the price gap becomes more risky for the market. I think this might be evidence to suggest that over the next 24 hours, we could visit 2875 only to bounce back into 3000+.
This is just my...
There seems to be some very bearish patterns that bitcoin is forming this weekend. It is now creating a second bearish flag that if it stays within it's channel, we could see another drop. $8,500? I would monitor closely for the next 24 hours. Trade responsibly and this is just my opinion based on an observation pattern.
In my opinion, Bitcoin is in a bullish cup and handle formation and it broke out of the handle back in February 2020.
Due to COVID and the liquidity issue that hit all markets, bitcoin fell and found support on the original handle.
If in the short term, we face another liquidity event in the markets, then Bitcoin can free fall back down below the current trend...
S&P looks like it is heading lower on a perfect Fib sequence retrace. I'm expecting S&P to go down the rest of the trading day and possibly into Tuesday (Monday is a holiday). There has been an increase in negative news (U.S. China tensions, highest daily COVID cases being reported, no sign of economic recovery, Fed is cautious and worried about economy, etc.). I...
Given the high resistance, the U.S. China tensions escalating, a long three day weekend, and a down trend...I think the probability is low to low medium but there is a chance the consolidation occurring right now is to break out to the upside. See bull flag forming. I would wait until confirmation of the breakdown or breakout to trade safely.
What if this entire rally was just part of a large bear flag? Were the bears showing their hands all along, trapping bulls along the way, and then adding insult to injury by throwing a pie in their face. If so, it was starring at them the entire time.
The bear flag has been trapping bulls over the last couple of days. The bears are ready to release the bottom. The market has also finished a rise wedge pattern, a double top, and a head and shoulders. So many bearish signals.
I believe the S&P was in a bearish rising wedge after the March lows and fell out of the wedge last week. It has since been melting up to try to get back into it's trend line and has formed a second rising wedge. I see double bearish signals here.