BTC continues to build bullish patterns after bullish patterns and providing great entry set ups. This time it's an ascending triangle after the bull flag I mention in my last idea.
After breakout, it's now on its way to test the triangle's resistance, as support. I expect more upside, even though RSI on monthly and weekly charts remains in overbought...
It looks like BTC is breaking out of the bullish flag that started in January. RSI and MACD are both looking good, however the volume pattern isn't convincing.
I'll wait for confirmation tomorrow. Thoughts?
Although BTC is still inside the descending channel/bullish flag on the daily chart, it is now testing the November and December support trend lines. There is some divergence in smaller timeframes, though, so we may see some upside soon. It will be interesting to see what the next couple of days have for us.
It looks like BTC is forming a bull flag on the daily chart, since hitting ATH on Jan 8th. There's a trend line acting as support since December 21st, and we're getting close to the confluence point between that trend line and the bull flag's support. I'll keep watching for now, and plan to add more if we get a breakout above the bull flag's resistance.
I've been focusing mostly on the daily chart and the 8-day and the 21-day MAs, but when we take a look at the monthly chart, we're still not at the peak RSI levels we've seen in 2017. At the very least, this suggests we've room to push higher in the short term.
I would like to see it cool off a bit, though, but every dip is being bought with strength, suggesting...
As we're selling off, the first key support is the 8-day moving average. So far, so good. However, if we lose it, we will likely find support at the 21-day moving average. Below that it will be ugly. Until then, a dip-buying opportunity.
After getting close to ATH, Bitcoin cooled off a bit to gain some momentum. It is now forming a bullish flag and we're about to test its resistance.
A successful breakout will for sure take us to the new ATH. If we fail, we will likely test the support of the bullish flag at around 14,000 EUR.
What's your take? Let me know below your thoughts.
QQQ is on a massive daily ascending channel that started in March. Ascending channels are typically bearish (on top of that, take a look at the RSI divergence), but we've seen that not materialize in SPY before.
Is tech going to continue to push higher, or is this the right take to take profits?
As you can see, SPY has been consolidating between 0.5 and 0.618 fib levels since mid-April. However, there are some bearish signs to be aware of:
this week we broke the uptrend (yellow line) that has been going since the beginning of April
we can see a double top pattern around the fib 0.618 level, which is extremely bearish and signals a reversal
After breaking out to the downside from an ascending wedge going back to late March (idea linked below), I drew another ascending channel (4H), which was breached today. RSI has also breached the ascending support line, which indicates there's more downside from here. The VIX jumped today, fast approaching 40.
The next support levels of importance will be the .5...
SPY's rising wedge is not broken, more downside ahead.
The next levels to consider are:
fib retracement level 0.382 at $264.31
then, a major support line in play since 2016 at around $258
finally, another fib retracement level 0.236 at $246.65
After this amazing rally, things are starting to turn. As you can see in the 1-hour chart:
there is an RSI divergence, where SPY was making new highs while the RSI indicator was making lower highs;
the volume level has been decreasing consistently over the past weeks;
SPY's price has been facing major support around the 50% fib retracement level...
SPY had a breakout above the .5 fib retracement level today and is on its way to the top of the rising wedge's resistance line. In the course of this, it's also filling a gap at around $284.50.
Watching $285/$286 today, with a potential reversal after that.
In the past weeks, we've seen the VIX reach a peak of 86 on March 18th, and a low of 36 on March 24th, when the Feb announced unlimited QE going forward.
As you can see, the VIX has been forming lower highs, but always inside the symmetrical triangle pattern. This week we will see a breakout, with the question being in what direction.
Here is what we know: