xtremerider8

xtremerider8

Here I used the COINBASE weekly chart. In my last post I used a BTCUSDT chart because the S&R levels are much clearer. (Maybe because more people used USDT to convert to BTC & vice versa). Here are more reasons why the sub-12k zone may be the maximum pain for BTC. Since the ATH @69k, BTC started an ABC correction as wave IV & has recently failed to hold 20k. Much...

xtremerider8

BTC in this BTCUSDT weekly chart is stuck between wma200 level of 22k & 18k for now. Unless BTC breaks to one direction, the rest is just noise. MORE DOWNSIDE RISK? BTC is right now in an ideal spot to bottom out with this M-pattern at very important FIB numbers. (See chart). However, as of 2JUL, it is still unable to reclaim last week’s closing low. If 18k/17k...

xtremerider8

This China index confirmed its completion of ABC when lockdown ended & their economy resumes. It has risen so much from the ABC correction low of 2888 & we may see wave 1 topping out with a diamond reversal pattern. As seen in the past 2 times shown in chart, a diamond can be either a reversal or continuation pattern so proceed with caution. Reasons why I see...

xtremerider8

DOGE seems to be holding a strong support zone (green) with a hammer followed by an engulfing weekly candle. It has since bottomed at 0.0491. This zone is a 0.5 FIB EXT of the ABC correction from ATH. LOOKING BULLISH: In the next few weeks, it should be able to dash thru my red open space (minimum resistance there) & try to breakout of the black falling wedge & to...

xtremerider8

After a bear flag correction, ETH has made a temporary bottom at the wma300 level of 880. However the big red downchannel from ATH of 4868 is still putting downward pressure. For the last 2 weeks (this week’s candle not yet final), ETH has tried but failed to close above the wma200 level@1200. STILL LOOKING BEARISH: Even if there will be a relief rally, ETH will...

xtremerider8

This chart is self-explanatory. Pls note though that a possible H&S pattern has just been prevented with money moving back into USDT, thus delaying BTC rally. Not trading advice

xtremerider8

BNB is making a triangle & the decision point may be near. Whether it fall further with ETH & other Altcoins remains a possibility. Wave 4 may fall further but may not exceed the top of wave 1. After that the final wave 5 rally will start with the Altcoins & BTC rising together. Not trading advice

xtremerider8

As I’ve warning several times that the worst is not yet over despite many bear-market rallies, SPX was rejected by the blue dotted midline of the upchannel from 2009 & was unable to fill the downgap near 4k which instantly became a resistance now. BEWARE: lower lows are coming with SPX barely holding a previous low @3820, a FIB 0.382 retracement from pandemic low....

xtremerider8

Total crypto market cap broke below 1T cap into a big blank space with almost no support till 380 zone. If the 1T mark is not quickly recovered on the next few weeks, more bad news is coming for cryptos. Not trading advance

xtremerider8

TLT may have already bottomed out & the US10Y topped out with weekly hammer candles. TLT may find equilibrium at 132, my inflation pivot zone while US10Y may stabilize at 3.6% inflection point retesting its upchannel. TLT is now completing its M-pattern & has just entered my bullish BUY ZONE at 114 to 120. DCA Dollar cost averaging up from this point presents a...

xtremerider8

Don’t expect TSLA to break above 800 in the very short future. If we take the May 2021 yellow box fractal as a guide, the volatility range this 3Q will be between 540 & 800 or even until Oct or Nov of 2022. WHY LOOKING BEARISH: Even Elon himself is preparing for a downturn by reducing labor force. On the technical side, since breaking below 800 in early May2022,...

xtremerider8

The worst may not be over. A 8% inflation is very hard to fight even with monetary & fiscal policy because the FED could only control the demand side & not the supply side of inflation. With the FED making it very clear that it wont stop until inflation comes down, we may be seeing aggressive rate hikes leading to layoffs & demand destruction in the near future &...

xtremerider8

Since last week I have been warning that there will be a short oversold rally after FED testimonies in Congress & Senate but the worst is not yet over despite retailers rushing to buy the dip & exchanges trying very hard to keep BTC above the impt 20k in order to prevent mass selling. NDX Nasdaq 100 has been making a downchannel since it turned down after...

xtremerider8

ETH has been inside the red downchannel since it BO from the blue bear flag. It seems to have formed a H&S pattern. It has to reclaim 1700 to be bullish again. Shortterm, ETH may consolidate between wma200 @1200 & wma300 @ 883. However if it is fails to breakout of 1200 soon, then the blank space in between may push ETH quickly down to the volume profile zone...

xtremerider8

BEARISH CASE: BTC seems to be forming a downchannel since it topped out last Mar2022 at 48240. This week BTC is trying very hard to get above last week’s close of 20552. If it fails this week to close above the 20k to 22k zone, then we may see lower prices coming. The FED will testify in congress & Senate this Tuesday & Wednesday, so we expect a lot of volatility...

xtremerider8

US10Y TNX may be topping out. It is both a measure of economic activity & inflation expectation. So is the economy starting to slow down or is inflation slowing down shortterm? It will take years for inflation to come down. If the FED can pull inflation down to at least 4% in a soft landing, it will already be a big success. Stagflation (rising inflation in a...

xtremerider8

Update on my last post that XLE energy sector must hold the red trendline at 79. BEARISH CASE shortterm: On Thursday it broke not only the TL but also broke below my yellow consolidation box.(middle one). As of now it is holding the volume profile zone at 75 to 77 area. Looking at the heavy selling volume in all sectors, a double bottom at 71 is very probable....

xtremerider8

ENPHASE is holding better than its mother ETF, TAN. Since 2021, it has basically been consolidating horizontally except for an overshoot 4Q2021. In contrast, the TAN etf is in a falling wedge formation. BULLISH CASE: Better yet, it is holding above the middle of this conso box, the 165 to 170 zone. (Middle of 120 to 220). This is also a convergence of 3 VWAPs from...