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In the conclusion to my post yesterday I said:
(more…)‘So what’s the takeaway here? Well before the open this morning I was talking about the decent looking possible double bottoms on Bitcoin, Solana, SPX and DIA. Those have broken up on Bitcoin and Solana, and the ones on SPX and DIA are heading that way at speed at the moment. We could see a strong rally across the board today and, subject to the huge news week this week, that could take all of these back to last week’s highs. ‘
Solana (SOLUSD) is the pattern leader on Crypto here, so I’ll start with that today.
I was looking at the possible inflection point on Solana last week as it hit main bull flag resistance and reversed there, and so far that has been playing out in a way that is suggesting that we might see that possible big reversal that I was looking at.
On the daily chart a daily weak RSI 14 sell signal has fixed, Solana has broken back below the daily middle band and backtested the 50dma, currently at 154.90, and resistance is at the daily middle band, currently at 167.15.
(more…)I’ve been looking at the overall bull flag setup on Bitcoin (BTCUSD) for months now, and that has finally broken up and almost delivered a full retest of the all time high at 73,802.641 yesterday, though it fell just short.
My lean is that Bitcoin makes a new all time high soon and continues higher, but there is an alternative scenario, and we could see a hard reversal here instead.
(more…)After my post on Thursday there was a modest retracement on Crypto but there was no technical damage on Bitcoin (BTCUSD). That held the daily middle band perfectly on the last backtest and the obvious next target is a retest of the last high at 69.5k.
If Bitcoin continues higher from there, the larger bull flag that has broken up has a target at a retest of the all time high at 73,802.641.
(more…)I’ve been writing and talking over the last few months about the overall likely bull flag setups on Bitcoin (BTCUSD) and Solana (SOLUSD), and the bull flag resistance on Bitcoin was briefly broken a few days ago before the current modest retracement.
I was writing on Wednesday about the small H&S on Bitcoin, which didn’t make target and then failed yesterday on a break over the right shoulder high at 67.8k. That fail has a target at a retest of the October high at 69.5k.
(more…)
