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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…)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.
(more…)There is a decent correlation between the trends on equity indices and Crypto, as I’ve mentioned before, and we are seeing a small but significant looking inflection point on both of them today that I was looking at in my premarket video on Crypto today.
The chart below shows one of my SPX daily charts with SOLUSD in the background. You can see the possible small double top setup on SPX here, and I have a similar setup on SOLUSD (Solana) and BTCUSD (Bitcoin), both of which I will be showing further below. The correlation isn’t perfect, but it is strong.
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