Yesterday afternoon I sent a quick update post to all the subscribers at my Crypto SubStack to warn them that there was now a high quality bull flag setup on Bitcoin (BTCUSD) that on a break up would look for a target at a retest of the September high at 66.5k. I also noted that the hourly RSI 14 sell signal that had formed and fixed as Bitcoin was hitting flag resistance had reached the possible near miss target. I was thinking of circulating this more widely but SubStack was having issues yesterday afternoon, so I thought I’d just cover this in a post today.
(more…)Slope of Hope Blog Posts
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Bitcoin Made Target And Reversed Hard
In my last post on Crypto I was looking at the overall setup on Crypto and the short term H&S patterns on Bitcoin (BTCUSD) and Solana (SOLUSD). Those short term setups are played out now (more details below) and we have been seeing strong rallies across the board which could be the start of a larger break up.
This is a match with what I am seeing on equities, which may be starting a general break up here though, as with Crypto, more needs to be done to the upside to deliver that break up.
(more…)Double (Top) Or Nothing
In my last two posts I’ve been talking about the possible short term topping setup here on equity indices in the context of the historically reliable daily sell signals fixed but not yet made target still on SPX and Dow.
In the first of those posts I was talking about the possible H&S patterns that might form, noting that if they failed to complete and break down then the prior highs would likely retest, giving a second shot at a high setups with double tops.
In my last post I was looking at the decent quality H&S patterns that had then formed on SPX, NDX and Dow, noting that to break down below the pattern necklines, all three would need to break back below their daily middle bands. If that didn’t happen I was saying in the premarket video that day that we would likely see high retests on at least SPX and NDX.
(more…)Uncertain Smile on Crypto
There is a significant discrepancy between Crypto and US equities at the moment, which is casting some doubt on short term direction, though on the bigger picture it seems likely that we are seeing bull flags form on Crypto and the next big move will likely be up.
On the Bitcoin (BTCUSD) daily chart the daily middle band has been backtested and is holding as resistance, so the current trend still leans down.
(more…)The Possible H&S Patterns Mostly Formed Now
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In my last post on Friday I was talking about the impressive track record for the daily sell signals currently fixed on SPX and Dow and looking at the possibility that H&S patterns might be forming for another leg down on SPX, NDX and Dow as those made target..
After yesterday those H&S patterns are mainly formed now, and if we are going to see those break down I’d expect that to happen in the next day or two, as otherwise the right shoulders, compared to the left shoulders, will start looking too disproportionately large, so the quality of the patterns will deteriorate.
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