USD looks like it wants to come up and retest the underside of this breakdown. Expecting that move to trigger the final capitulation leg in the QQQ, SPY and continuation of the down leg in BTC.
The market is starting to play out similar to 2018. Back then, the market capitulated into the December FOMC meeting and bottomed five days after. 10 days later, the Fed announced they were going to pause rate hikes and the bull market continued. Later in 2019, the Fed cut rates three times. Ultimately, it appears that the market needs to crash in order for the...
BTC looks eerily similar to the Nov-Dec 2018 capitulation - broke down from the descending triangle with a weekly close below. If this plays out, expecting a bottom sub-$12K sometime in December, which would also represent the same ~85% drawdown from the highs in 2018.
QNT has been one of the best performing coins YTD and off the June lows. In the later stages of a bear market, leaders of the next cycle bottom first and bounce the hardest. QNT could be a leader in the making... Broke out of the large inverted H&S pattern on strong, increasing volume and now consolidating the move via flag. I think this attempts a breakout by...
MATIC coiling into a flag and looks ready to breakout soon. One of the strongest coins atm and gaining momentum. - Daily RSI has reset with plenty of room to run - Clear accumulation volume patterns with relatively low volume on this flag consolidation - ZK narrative taking over crypto - ETH merge in September has brought capital and attention back to Ethereum ecosystem
MATIC coming down right into the POC + volume shelf after a ~88% 5 wave selloff. At the very least, I think we have a large bear market rally, but this could end up being the ultimate bottom and. generational buying opportunity. This huge selloff really was a result of Fed tightening to subdue inflation. The economy is starting to feel the affects of a hurt...
QQQ looks pretty weak and forming a steep falling wedge. The bottom of the wedge has big confluence - significant daily support and the 200wma. Two scenarios: (1) Drop down for a third touch on wedge support support and go for the breakout shortly after (2) Drop down and proceed to breakdown below the wedge as selling pressure accelerates. Pre-pandemic highs...
ETH puking through $1,700 support on increasing daily volume. On weekly, looks headed to the 200wma at a minimum. I've also overlaid the 2018 fractal which is probably the worst case scenario barring a 1987 style crash. The trend line break is eerily similar. Stay safe.
ATOM forming a textbook falling wedge at the summer 2021 range lows. Two scenarios: (1) Breakout to the upside towards $12-15 resistance pretty soon (2) Brief breakdown below wedge (stop hunt) and swing around towards $12-15 shortly after Zoom out and keep the big picture in mind. The entire market is very extended to the downside in the near-term. A bear...
AVAX forming a falling wedge with a third bump of support. Selling pressure coming down with bullish RSI divergence forming as well. Think we get a breakout in the coming week and short squeeze towards $50
SOL putting in a steep falling wedge with a third touch on support and bullish RSI divergence forming. Equity markets in the midst of a bear market rally makes it more reasonable to think we get one in crypto very soon as well, especially how oversold we are on high time frames (weekly and daily).
Bitcoin forming a bear flag underneath resistance. Four above average volume down days vs two up days in this bear flag. Think we likely break down and retest the wick lows, but I think we get an "undercut and rally". Keep in mind there's big support at the 200wma, which is currently ~$22K. This should coincide with the QQQ taking another mini leg down (SNAP down...
QQQ forming a steep falling wedge. Think we head down to bump the bottom of the wedge for a third time, undercutting the recent lows. However, I think we get a big bear market rally afterwards given how oversold we are on the weekly timeframe w/ 7 consecutive down weeks and RSI near 2018 and 2020 levels. SNAP cratering AH on weak guidance should help pull QQQ...
Crypto has been closely tracking the QQQ. Today was the largest % decline for the Nasdaq 100 in the current bear market on the heaviest down volume since 2011. It also came after a significant up day, possible creating a huge bull trap. This volatility reminded me of some of the days we saw in the Covid crash of March 2020. It appears hedge funds are blowing up...
ZRX is very close to a weekly breakout of a 4-yr base as they just raised a Series B from notable VCs and partnered with Coinbase for their NFT marketplace. When Gamestop announced that LRC would be their partner for NFTs, the coin shot up 6-7x. Given the small cap of ZRX at $765mm and technical setup here, think this has the potential to do the same
MINA (Layer 1, ZK narrative) - $1.1bn market cap Broke the downtrend and basing into a solid bull flag. Raised $92mm couple weeks ago from Three Arrows Capital and FTX Ventures, which should give this a big lift as these investors are incentivized to support the price. This could be the ground floor of a monster move as this gets re-rated in the months...
VET had a monster breakout from the falling wedge and got back above significant resistance. Basing into a flag pattern right now with volume drying up and RSI dipping back below overbought territory. Think this continues higher over the coming days.
ATOM breaking the downtrend on pretty strong volume. Nice rounded bottom this time around for a possible "Adam & Eve" double bottom. Much better symmetry the past couple months as supply gets digested more constructively. Let's see if we can get over the $35-37 resistance. This coin has frustrated many longs and has likely shaken out all the weak hands by now....