You are all aware that INJ is one of my largest positions, one that I have held and traded around through the entire cycle. This is one of the few coins that looks destined to break it's previous highs. As you can see, it has broken resistance after bullish consolidation and looks ready for another push. The line up top is the all time high... not sure far to...
I shared this on X yesterday, when I noticed that Bitcoin had formed and was breaking out of a bullish descending wedge. Zooming in can often give you clues as to when a chart is ready to finally break out of consolidation. Now have a new support at the previous highs, $38,480.
Bitcoin is not messing around. While many would point at the "ascending wedge" that is forming, anyone who has seen Bitcoin in a bull run knows that this is generally just a series of higher lows consolidating hard into resistance and that they usually break... up. Bitcoin continues to push harder into this key area of resistance, hitting the EQ so far today...
Every time Bitcoin hits $38,000, it gets smacked back down below. You can see that every time attempts has been met with a long wick up, indicating strong selling in this area. We are yet to see a daily close above that level, which is still the key signal for me. Nothing to do but wait.
MIL:DOT DAILY CHART DOT is forming a bull flag after a significant move up and break of the downtrend. The key resistance remains $5.70. A break of the bull flag would target ~$8.80 based on the length of the flag pole. Nice volume on the move up, decreasing as price consolidates. There's nothing to do here unless we see a breakout from the bull flag - until...
MIL:BTC once again refusing to give dip buyers a big enough move down to buy. Welcome to Bitcoin in a bull market, where max pain is watching from the sidelines. Bitcoin continues its push into key resistance. Can it finally break through?
As you know, I am not a huge fan of charting Bitcoin Dominance, as it is not a traded asset with buyers and sellers creating support and resistance. Further, it is a reaction to what we can already see in the market - that Bitcoin is either outperforming or underperforming alts. That said, when a number of people are watching something, it is worth taking note...
The word of the day for Bitcoin is indecision. The past few weekly candles have closed within a few hundred dollars of $37,000 - the last two have also opened there. Both of the past two candles have made higher lows with long wicks down, showing that there is still buying demand in this area. That said, the doji candles show that neither side is winning - a clear...
Very little to see here, which is good. Bitcoin is still struggling with the resistance zone ahead, consolidating for the next big move. Even the Binance news barely affected the chart, as price has retraced much of the initial drop.
Ethereum hit the strongest resistance zone on the chart before retracing as expected. Now we have a clearly defined descending resistance, as ETH consolidates for another likely push up. Easy to trade - wait for a break of the descending black line if you are a risk taker, wait for a break of the $2,150 area if you are more conservative, as price will be breaking...
Bitcoin continues to struggle at resistance, getting rejected each time it hits the $38,000 area. The good news is that daily RSI, which was historically overheated, is not reset and back well below overbought. Usually we see a trip back to oversold, but that does not need to happen in the immediate future. We basically have price staying the same with...
Bitcoin is continuing to push against the $38,000 area of resistance, showing strength with all dips being quickly bought. RSI remains in the power zone, where we usually see continued movement up on the weekly. Not much to talk about here, just waiting for the next big move.
Altcoins bounced hard, showing continued strength and validating the bullish trend. Nothing has really changed. Enjoy this bullishness while it lasts!
The bearish divergence on the daily chart with wildly overbought RSI has finally showed its teeth, prefacing a drop to roughly $34,700. It ALWAYS does eventually. Technically the divergence is still valid, although al elbow up on RSI today (or any day around this price) will likely print hidden bullish divergence. This was a nice reset of most indicators, which we...
I am proceeding with caution here. As you can see, Bitcoin is showing more bearish divergence with overbought RSI, directly into key resistance from the LUNA collapse. This is a reasonable time to sit on your hands and wait to see what happens. At this point, I would either look for a meaningful retracement to buy, or a break through resistance above. We are in a...
Bitcoin just had another monster weekly close, but right into the most important resistance on the chart. As I said last week, this is a reasonable area for many to take profit, since it is the key level where the market broke down last year on LUNA news. This area could be a tough nut to crack.
Holy rejection Batman. Holy bounce, Batgirl. Bitcoin was squarely rejected at the most significant resistance on the chart - the $38,000 area. What does this area matter? Because this is where price was right before the LUNA collapse and the contagion of 2022. A move above this level will effectively erase all of the downside of the 2022 disaster. There are...
Do you remember the weekly chart that I have shared multiple times? This shows that ETH was oversold on RSI for only the 4th time EVER against Bitcoin, while we had unreasonable fear, uncertainty and doubt.