I believe I have found a connection between Bitcoin and the MJ industry. When comparing BTC to APH I have found stunningly similar trends but Bitcoin seems top make the first move by almost a month. I have placed alphabetical reference points to show the comparison.
Since BTC seems to be ahead of APH by a month, I went ahead and placed the next trend ...
I have compared Bitcoin with 3 major Marijuana/Hemp stocks. Bitcoin seems to be paving the way for the MJ industry by about a week to 2 weeks. Will this pattern hold up and will this be a good indicator in the future?
(Bitcoin is the black line)
Classic inverse Head & Shoulder pattern spotted for some potential swing trades and Bullish breakout?
Buy @ .0625 (or in this case now @ .056)
Then bullish breakout confirmed past .08!
Major support @ .83
Buy @.83 and hold until 1.12 for a +30% gain or risk +40% loss through bearish breakthrough?
I believe we will break through our target price of 1.12 and reach the most recent ATH within the next few months.
- Buy in at the end of this month/Beginning with a target price of .044-.045
- Wait for next spike from .044 and sell at target price of .1
- Expect a pullback and buy in again at the end of June with a target price of .056
If my predictions are right, We will want to buy around .215-.22 near the end of this month (If it goes under .20, then expect bearish confirmation below .18). when it hits.5 around May 15th sell, for this could happen days before or after so watch for .50. We can then expect a slight pullback 10-15 days later or the end of May with a target price around .32 ...
I am no expert by any means and had fun with this one. This is my first time using TradingView and it is going to be so handy in the future! I have been studying numerous patterns/trends and wanted to potentially illustrate a head & shoulder trend in Overstock. Hopefully, I can become much more tech savvy with this and create a more detailed analysis.