These are parallel lines and is based on the past price action. Price could hit $165 by Jan 1. Note this is not a log chart. We all know LUNA can run to $1000 if UST demand grows exponentially. But it won't be a straight line and we need to allow for demand falling too. Recall that LUNA supply is elastic, which is much different than BITCOIN. Bitcoin supply...
If history repeats, any big move is consistently sold off after 4-12 candles on the 4 hours. Seems eveyrone waits to see if move continues and if it does not we get this tower pattern with a DROP. No new buyers come in so traders take their money and run. Yes we have broken the 45.7 K resistance. We'll see if this time is different.
Meanwhile, twitter on...
I don't short BTC. But I don't like what I'm seeing here and reduced exposure 5-10% over last month.
Someone in Chart of the Day Email posted about the S and P Bearish Pennant yesterday so I checked Bitcoin and looks strikingly similar.
Any TA experts aware of this?
Luna has touched $52 twice over past 6-7 weeks. This last dip brought us to $53.70.
There are def buyers there (likely liquidations getting filled on Kujira or combination of both)
So this could be a triple bottom.
According to Rule of Three: If it touches a key support 3 times, take the trade in the opposite direction
Source YT: Top Dog Trading - Stochastic...
What I see here is a head and shoulders on the 1 hour with a neckline of around $66.
Also when MACD flipped below the ZERO line there was usually a good run (see ✅)
Until the last one (see ❌) where it kind of fizzled (albeit broad market turn down).
I made a buy yesterday around $60.
Going to wait for invalidation of H and S and retest OR buy at support of...
In Solana's big move from $35 to $220, there were two major moves that never retraced to support:
$47 to $56
$81 to $103
Both these moves were about 25%.
What this means is once SOL cleared $81 it went pretty much straight line to $115 and only retraced to $103.
We never saw a retrace to the 80's and 90s.
Luna's previous ATH was $54. A 25% move puts it, wait...
Still pretty bearish for the baggies.
A glimmer of hope is Cardano reversed from this last impending death cross and shot to the moon
I think short will play out unless the market rallies hard or Cardano releases another white paper (just kidding)
KDA consolidated in the $5-$8 range for about 7 days.
Solana consolidated in the $2.50 to $4 range for 14 days.
Sol then moved to $18 and consolidated in the $12-$18 range for 2-3 weeks.
The Patterns SHOULD be (operative word should) that KDA consolidates here in 15-25 range for 1 -3 weeks.
For this reason I've only accumulated 50% of my position.
Long term very bullish as this makes up more than half of our portfolio but this looks super extended.
Compare against past 2 years when Tesla had these giant moves away from 200 MA.
It always retraced.
I may trim and buy back at $1000.
Sounds like move is a confluence of
- Hertz 100K (or is it 200K) cars
- New Institutional Interest
I dont have...
After that, the next challenge is to invalidate the "Double Top" at the ATH.
Volume kinda sucks but MACD looks like its about to turn.
Fib levels to watch
When Shib cools, money will flow back to Alts and prob BTC.
Watch the doggy
Friday Tesla made it's first Higher Hi since the sell off from $900.
Previous higher high was $769 April 14th
Since then it's made a succession of 5 higher lows as well
Volume is still pretty low but trend UP looks good
If Volume comes in over next few days, we will easily go up to previous ATH.
I know people been saying we are overdue for a correction forever. Was going to enter a short at 4200 but did not because I'm 95% a "long" trader. Several traders I follow like Mark Minervi and Gareth Soloway began building net short positions at beginning of summer, I believe around 4000-4300. Minervi posted on July 15th that he was net short the market when S...
Nov 18 Beginning of Uptrend
Jan 26 Beginning of Downtrend within Uptrend
I drew the White zig zag to try to find a pattern but it does not reveal much other than a somewhat symmetrical triangle. IE there is no clear elliot 5 point wave pattern as far as I can tell.
I'm long term Bullish - I think it will continue along the long term Uptrend but may see a move...