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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…)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.
(more…)In mid-September I wrote a post looking at a big inflection point on equities, and the large decline we could see from there on the pattern setup. Let’s see how that’s looking now.
There were two big nested double top setups that had formed on Dow and SPX. The first of those was on Dow and that has gone high enough since to destroy the setup. While that has happened though Dow has established a high quality rising wedge from the Oct 2023 low that is holding so far, and that has wedge support currently in the 40,000 area.
(more…)Last week I was writing about the solid short setup forming on Crypto and have been looking at it every day in my premarket videos. That setup has played out now, all the daily sell signals I was looking at on BTCUSD (Bitcoin), ETHUSD (Ethereum) and SOLUSD (Solana) formed, fixed and have now made their full targets at the 30 level on the daily RSI 5.
So what now? Well we’re seeing a rally today which I was looking for on yesterday’s premarket video, and a likely backtest of key resistance is coming. On Bitcoin that resistance is at the daily middle band, currently at 62,604. A break and conversion of that to support opens the upside.
(more…)I was looking at the nice short setup on Crypto earlier this week and both BTCUSD (Bitcoin) and SOLUSD (Solana) then broke back over the very obvious resistance at the 200dma. The obvious question is whether this is a break up and possibly that might be the case, but it doesn’t look like it.
A weak RSI 5 daily sell signal has fixed on ETHUSD (Ethereum), and a full daily RSI 5 sell signal has fixed on Solana. These have a solid history of making at least the minimum target at the 35 level on the daily RSI 5.
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