As I've been mentioning over and over again recently, there are conflicting signals in the market. This is a time when it may be a good idea to manage risk. There is a bullish continuation scenario and there is also a possibility that the market could start to look very ugly. So far, alts have failed to reclaim their massive broken support levels that I was...
One of my favorite long setups is when something briefly goes below a long term support, only to bought back up above it again. This happened with TRX in December, which is why I went long, catching the rise from 360 sats to 600 before taking profit. This is quick. In my first ADA post, I suggested that a capitulation low was possible, but that ADA was (for the...
Just a quick update. As I posted before when ETH was still in the $160 area, one should not necessarily expect a retest of lows, or a longer correction until the $400-500 area is reached. This is based on what happened to AMZN stock after it bottomed out in the wake of the dotcom boom. If ETH followed similar price action, this is what we should expect. Here is...
Here's an IOTA update for you. In my last two posts, I've been tracking IOTA's potential to be used as a bellwether for a potential upcoming alt season. In other altcoins, we're starting to see some strong buying action. HOWEVER, most (if not all) alts are still below previously broken major support levels. You can see this in VET (still below 100 sats), ADA...
The past few weeks, I've been the most confused about the market than I have been since I started posting analysis. I was cautiously bullish when Bitcoin was still in the mid-low 3K zone, while many other people were still bearish. I projected the rise to and beyond 6K, but I honestly didn't expect it would happen this quickly. I also expected to begin switching...
Since my last BAT chart, we hit pretty close to one of my higher targets ( near 10000), but were unable to get above, confirming that the supply zone still exists. I've been talking about this with BAT for quite a while. That supply zone exists because that's where BAT was first dumped when it got on the market. Since the top, BAT has followed a similar...
Seeing some very worrying signs in the market today. NEO, for example, has broken its uptrend against the USD while Bitcoin is ABOVE 6K. NEO was actually one of the first altcoins to look bearish in Fall, 2018 before Bitcoin dropped. The title of this video says it all. Posting some bearish analyses today, as you can see. There IS a bullish view of the crypto...
Update from my previous NANO chart. The uptrend was broken, which was a sell signal. Based on what's happening with other alts, I wouldn't be surprised at all if NANO broke the 2000 support and retested some of the low areas it hasn't seen since last August. I think if the 2100 area falls, we could easily drop towards 1800, to potentially find support at the...
Just a cryptocurrency update for today since the total market cap broke out of its bull flag after my post yesterday. This video includes the total market caps (with and without BTC), Ethereum, Bitcoin, and a bonus AMZN chart. This is not financial advice. This is just what I'm seeing, and why I think the market continues to move up, despite incessant calls for a...
So Bitcoin has finally broken above the 6K level on all the major exchanges. I originally thought this move could cause a lot of stop buy orders to be activated, which I thought had a chance of sending Bitcoin up towards 6.8K, 7.5K, or even higher in the medium term before finally making a bigger correction. We're ALMOST at my second target from the long setup...
Hey guys, as per a request from this afternoon, here's an analysis on the ADABTC pairing. I wrote on this chart what's going on pretty clearly. ADA failed to complete an inverse head and shoulders breakout pattern and has turned south towards the slow ascending channel support (in pink). This is actually in line with what Bitcoin did on its own against the U.S....
Time for a necessary update on the stock market - namely the Dow Jones Industrial Average. I decided to draw this one using the pitchfork tool, to create parallel channels for accuracy. My other DJI charts were drawn with more of a wedge. This chart uses a slightly different model, so some price targets may be revised from my initial speculations. Back in...
Will we see $16 and then $26? Or will we see sub $4 prices for NEO? We're at the breaking point here. 2-year lows on the Bitcoin ratio as well. Definitely one of the least bullish looking altcoins. It's encouraging, however, that we're still in our uptrend against the U.S. Dollar. NEO needs to bounce here in order to remain bullish, so this would be a final buying...
If we're going to see another cryptocurrency bull run, VeChain is one of those cryptos with a very active community and a strong price support. VET is something I've been accumulating throughout the bear market, and have increased my stack by nearly 500% since I first bought. I continue to occasionally accumulate through redistribution of other coins. In my last...
Just a quick chart. Pretty self-explanatory. I've posted a couple of analyses recently on the total cryptocurrency market cap without Bitcoin. This is if we include Bitcoin in the mix. If we include Bitcoin, the market still looks very healthy. We even have plenty of room for some downside, if Bitcoin decides to correct a bit soon. As you can see below, we're...
I don't usually post super short term trading ideas, but let's keep this simple. The pink line above is the neckline for the entire bottoming consolidation period that has been occurring for nearly 8 months. If we can confirm this short term double bottom and break out above that neckline (green X), I think ETH could make a pretty big move up. Circled on this...
Since my first analysis, IOTA has found bottom at the previous long term support level between 4400 and 4800 and bounced with massive volume. In that post, I wrote when it was still in the 4800 area: "As you can see, we're clearly in the final buying zone for IOTA. We had a nice green doji candle that took us briefly back to 5200 on high volume. Looking at the...
Let us return to the bear trap idea I posted about a couple weeks ago. On April 16th, I speculated that we'd see altcoins continue to drop on their Bitcoin ratios, but that it wouldn't last too much longer. Indeed, NEO slid lower, even beyond the point I was even hoping it would bounce. However, the "bear trap"/ terminal shakeout idea is still in play. During...