Looking here, you can see that a 1.0 fib extension = $60,100.
I think the most likely outcome is a blow off top towards that extension followed by a return to 50DMA (currently at $38,600 but will likely be in the $40,700 range if this plays out.) If BTC consolidates here without any further major volatility, a 1.618 extension may be attempted at $79,500.
PLTR is currently bouncing strong off trendline. Bounce is following significantly oversold status with bullish divergence. Very strong buy volume following the sell off.
This appears to be a solid entry point for continuation.
Hedge down, buy the breakout. I expect MACD to curl upwards in the near future.
Targets listed based on volume, wedge height, and historical resistance/support.
I expect the USD to struggle in the next few years for multiple factors - QE, low Fed rate, unemployment, etc.
Profits can still be made. Cheers.
As you can see, XTZ has broken out of it's falling wedge formation, signaling a temporary bottom.
In addition, the price has retested the previous breakout line and appears primed to continue upwards.
Next major resistance looking to be around the $3.02 level. Ultimately, if the formation plays out, target #1 will be in the $3.50 zone.
What I am outlining here is a possible (and what I would consider an ideal) retracement for Bitcoin. We all know BTC doesn't follow the rules and FOMO sparks acceleration so this may not play out, so trade cautiously.
You can see bitcoin broke out of consolidation on 10/21/20 and has been trading inside a broadening wedge since. Since $10,500 we have not seen a...
You can see within the channel, 14,400 would be a reasonable target if BTC continues to follow the previous patterns.
The previous two runups have ended with BTC finishing on a clear RSI bear divergence. This has not happened yet on this current runup. This leads to a likely hood that we will see a small runup to target zone before a correction following daily...
BTC had a 0.5 correction of this current run-up on August 1st. Since then, BTC continues to form an ascending triangle. In addition to the bullish formation, there is hidden bullish divergence on the 4H.
There is always a chance that this formation breaks down, but if the triangle plays out, look for continuation with target of psychological and historical...
First and foremost, LUV appears to be forming an inverted H&S. Target breakout of IHS = $47.70 (First level of resistance). Once breakout confirmed, Target 2 = $52-57.
The level of $47 has been solid support over the past months prior to the price finally dipping below the support in Feb.
You can see on May 15th, LUV was able to breakout to the top side of it's...
As you can see, BTC is forming another symmetrical triangle. Lately, they have been tending to break out to the upside. I do feel the volume gap near 7800 still needs to be filled. However, I don't like to guess the direction of the breakout as this is considered a neutral pattern.
Buying or selling the breakout is a solid way to trade these patterns. Set your...
Bitcoin's current price action feels very similar to the bull run in 2019. Putting the two charts together shows an incredibly similar fractal between the two runs. Will the fractal play out? Time will tell.
Top chart is current price action.
Bottom chart is the 2019 Bull run that began in April.
Last week, BTC produced a monster breakout pushing the price back into it's longer term triangle that it broke down from in March. However, BTC was rejected from breaking out of that triangle as it has been many times in the past.
I think the upwards price action is slightly exhausted right now and needs to recharge.
If BTC breaks below 8450, expect a deep red...
Oil has taken a massive hit over the last few years.
As industry is pushed towards more energy efficient solutions, oil has been steadily produced in the background. The supply/demand mismatch initially creates burden on the producers, who have to store excess oil and deal with price volatility. Now, in a world nearly shutdown from COVID-19, demand for oil is at...
BTC has broken out of it's low volatility down channel with high buy volume. You can see a bull pennant printing with likely continuation to $7400-7500.
$7500 has been a supply zone for BTC in the recent pass with multiple failed attempts at breaking resistance.
I will be watching the 7.5k area closely and adjusting my strategy based on BTC's reaction to the...
I've highlighted our Supply/Demand ranges and you can see that BTC is attempting to break out of it's upward channel into Supplyland. 8k is a reasonable target as RSI has room to grow on 4H and 8k is a retest of the previous trading zone.
The sentiment is currently bearish so you can expect some shorts to be squeezed here as traders contemplate if this is the...
As you can see, TSLA has broken out of a falling wedge - just above it's longer term support zone.
Despite heavy indications of a recession, the NASDAQ is significantly oversold and is due for a temporary bounce. We may see a retest of the falling wedge prior to any upwards movement.
I will keep a trailing stop to minimize losses as I do expect the market to...