LA_Designer

LA_Designer

As we can see, bearish divergence continues to increase since April, however the .5 fib continues to act as support on each correction. I expect the DXY to pass 111 in the near future for a new local high because of the daily engulfing candle that is forming on the recent bounce. My thoughts on the divergence remains the same.

LA_Designer

After a double bottom off of support, BTC has now gone above the 20-day and 50-day SMA. $25K will act as strong resistance, and if that breaks, then the 200-day SMA is next.

LA_Designer Updated 

On the daily timeframe, APE is forming a descending wedge pattern with bullish divergence on the RSI. The RSI is also showing that it's oversold. I expect a bounce up from the local support levels. If support fails, then $3 is the last line of defense before making any lower lows. Strong resistance around $5.50

LA_Designer

There are some strong signals coming up on the weekly chart lately, such as the hash ribbons indicator, the bullish divergence on the RSI, and possibly a double bottom formation between $18K - $20K. I'm thinking that BTC will retest the 200W MA sometime soon. Also, don't forget the bearish divergence on the DXY. I've been pointing it out since July. Here is my...

LA_Designer Updated 

I'll keep this short and simple. We can see a possible double bottom forming on BTC. There is also a descending wedge pattern forming since August 15th. RSI is showing oversold with bullish divergence (lower price action but higher RSI) on the daily chart. This could signal a potential reversal upwards in the near future. Invalidated and bearish with a daily...

LA_Designer Updated 

After almost a 30% correction since August 13, ETH is developing a descending wedge pattern with bullish divergence on the 8H chart. If the upper trend line breaks, then I'd expect a move up to major resistance around $1,700.

LA_Designer

There is a rising wedge pattern in progress. Bearish divergence is still building up (daily and weekly timeframes). It takes time for bearish divergence to play out on price action, but when it does, it will collapse hard. Enjoy the parabolic rise while it still lasts. Things do not go up forever.

LA_Designer

ETH is approaching the support zone around $1,400 - $1,500, and from there will decide which direction it is heading in. The area that I circled above will likely be the decision point. Even though ETH is performing significantly better than BTC, I am still waiting for confirmation on direction. A drop down would likely retest the lows at $1,000.

LA_Designer

SPX just retraced to the .618 fib. It's possible we see a bounce here or even the .786. I'm also seeing some hidden bullish divergence on the daily RSI at the moment. Bearish if we get a daily close below 3637.

LA_Designer

As we can see on the chart, since May 2021, BTC dominance has fluctuated between 39% - 48%. BTC dominance is now at the support zone again with bullish divergence building up on the daily time frame. Based on what I'm seeing, I think there is a good chance that it could bounce off of this zone, although if Ethereum continues to lead the market then the support...

LA_Designer

Currently, APE is starting to form a descending wedge pattern with bullish divergence building up on the 12H. Local support zones at $4.20 and $3. If it breaks upward, I'd expect strong resistance around $5.50 - $5.60. If that resistance breaks, then we could see a decent uptrend from there.

LA_Designer

We can clearly see bearish divergence on the weekly chart for the DXY. I've been pointing this out since July. What is bearish divergence? This occurs when the price reaches higher highs, while the technical indicator makes lower highs. Although there is a bullish attitude on the market, the discrepancy means that the momentum is slowing. The price can...

LA_Designer

The bearish divergence played out and BTC is heading toward strong support zones. On the 6H chart, we can see some bullish divergence currently building up. 1) If it breaks the upper trend line and holds, then the next target would be around $21.8K 2) If it breaks below $17.5K, then expect a major move down between $12K - $14K

LA_Designer Updated 

On a macro timeframe, whenever the Hash Ribbons indicator flashes for Bitcoin, it is followed by a run up. You can see this on multiple occasions in the past several years of Bitcoin's history. What is the Hash Ribbons indicator? This indicator tries to identify periods where Bitcoin miners are in distress and may be capitulating. These periods can occur when...

LA_Designer

This is the final test for BTC to determine if this channel will continue or not. If BTC starts to get daily closes below $21K, then I'd say it is HIGHLY likely to retest the lows at $17K or lower.

LA_Designer

Since mid-July, Ethereum has been trading above the 21-day SMA , which has also been acting as support on the way up. I think if it bounces off of it again and holds, it has a chance to rise up to the 200 day SMA (red line) which would be around $2,200. Invalidated if closes below it.

LA_Designer

On the daily chart (left), we can see that the bullish divergence played out, pushing price above the downward channel. On the monthly chart (right), we can see that there is significant hidden bullish divergence, as the price has gone up, the RSI has gone below 50, and is now back above 50. If inflation has peaked (need to confirm inflation data for the next...

LA_Designer

The DXY appears to be in a cool-down period right now. As I mentioned in my post from a couple weeks ago, we can see the bearish divergence playing out on the weekly time frame. A confirmed breakdown would be the RSI breaking below the upward channel, which would cause a multi-week downtrend or long-term consolidation period.