crypt0guy

crypt0guy

Although there could be dark days ahead for tech depending on macro factors, much of the bad forecast could be baked in at this point. ARKK could be setting a floor on historical support levels if it successfully forms a higher low in this area.

crypt0guy

The SPX has broken above the major uptrend resistance zone formed since the financial crisis. This means SPX is performing way above the 10 year trend and likely highly overvalued. The lack of sellers and the break above resistance is evidence that we've entered a bubble paradigm. Be careful. Don't sell, don't buy, wait.

crypt0guy

This asset and the whole market are probably overvalued but IF you are a Peloton bull and PTON doesn't go under, then this is a good an opportunity as ever after losing over 30% overnight. Could be terminating a third corrective move (wave C) of a bull flag forming since January and its down 70% from ATH. The bottom of the uptrend channel forming since being...

crypt0guy Updated 

Short write up today with no indicators, just fractals and chart patterns. We are currently in a falling wedge that would ideally hit the bottom of the channel (~$8700-8800) at some point in the next 12 hours. Then if we follow the fractal from 3/18-3/28, we may form a lower high near $9500 (optimistically), followed by a break of the bottom channel, retest from...

crypt0guy

I didn't post anything this weekend because I was in a safe long position with a trailing stops so I focused on celebrating my birthday and the nice east coast weather stress free. Its important to separate yourself from this game once in a while. The 24/7 nature of the crypto market can take a toll if you're not careful. Everyone is feeling lucky right now but...

crypt0guy Updated 

Bitcoin made a really strong move this week and a lot of people have turned bullish, noting things like a break of the major downtrend channel. This is not an accurate assessment. Bitcoin dropped by as much as 70% at one point ($20k - $6k). You do not use an arithmetic chart for long term trends in a market that changes by such large percentages. It is most...

crypt0guy Updated 

There are two potential inverse H&S scenarios playing out for ethereum. I have overlaid both on the chart, one in blue and the other in green. We are currently in a potential bearish flag (purple parallel line) and it all depends on how this breaks. Scenario #1 (green): the flag is currently forming at the 0.786 fib retracement since last bottom and top and may...

crypt0guy

Bitcoin is currently consolidating in a bearish flag (purple lines). This often marks the halfway point of a move. We are also currently in a descending right angled broadening wedge (dashed lines) which is typically bullish according to Thomas Bulkowski. I don't anticipate a break upwards on this, however if we do then consider taking a position above the top...

crypt0guy Updated 

Chart patterns are great ways to anticipate reversals of trends. Other indicators like MACD and RSI can help you figure out more exactly when but identifying chart patterns are a great way to see a reversal coming. The first step is knowing how to draw trend lines. With these you can more easily see how the range of a certain move is changing. If the range is...

crypt0guy

Ethereum is still coupled with bitcoin so if the latter takes off then expect Ethereum to try its best to tag along. However, ETH is far more oversold than BTC which is why we should all be concerned that its bounce today was so weak compared to Bitcoin when in the past it was the reliable option to trade for large moves while using BTC price trends and indicators...

crypt0guy

Who really knows with Bitcoin? Even the top trending charters are wrong most of the time if we're being honest. This might be the bottom (or at least a temporary one), but really expect the true bottom to be preceded by a capitulation event and be more explosive. Here's where we stand from a trading perspective. If you missed this bounce, the risk-reward ratio is...

crypt0guy

Bitcoin is in a pretty clear double zig-zag (5-3-5) correction since the ATH. We are currently in the 3rd segment of the last 5-wave portion of the correction. The optimistic look is that we might be forming an ending diagonal/descending wedge here with a range squeezed between the green lines. This pattern is likely to hold because near where the price is going...

crypt0guy Updated 

Full disclosure, harmonic patterns are not my bread and butter but we are nearing a potential bullish setup in Bitcoin. We are looking for a 0.886 retracement of the initial first wave (XA) that followed the ~$7200 bottom. This would be our buy target. Set a stop for just below that first bottom at X. This is usually not a high risk trade but because Bitcoin has...

crypt0guy Updated 

The ascending wedge predicted yesterday which was accompanied by decreasing volume (composed of waves 1, 2, and 3) has failed its support trendline and headed to a sharp correction for wave 4 since wave 2 was relatively flat. We have two parallel channel trendlines that offer support. First at $8700 and then $8300, the latter is a must hold or we may in fact be...

crypt0guy Updated 

Since the bottom around $7200 two days ago, we made a strong move up followed by a long sideways correction, followed by a nice wave 3 today that may yet have room towards $9350 area. The upwards channel is marked with the yellow lines but within it the range has been narrowing to the downside, seeming to form an ascending wedge (see red dotted line). If wave 3...

crypt0guy Updated 

First off, the good news is we absolutely nailed the buy target in the last chart (green box)! I hope some of you were able to profit a bit in the ensuing bounce. Bitcoin is currently in a sideways correction pattern following a decent impulse wave up and out of the descending triangle. If the bulls can break up out of this sideways correction (probable...

crypt0guy Updated 

The recent bear flag broke down overnight a now we must ready our entries. Expect a drop into the $7200-7500 range in the next 36 hours. This should make a decent point for higher risk entries. We know anything can happen with bitcoin but this should be the likely bottom of the descending wedge consolidation resulting in a bullish reversal towards the trendline...

crypt0guy Updated 

Bitcoin BITFINEX:BTCUSD seems to be nearing the end of its correction its been undertaking since the peak on 2/20. It has made an expanded flat correction with a deep third wave C that did in fact already meet its target of 161.8% of wave B and hit the 61.8% fib retracement level of the previous 5 wave cycle leading to the December peak, but nevertheless ...