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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 did a post a month ago looking at the triangles on Oil & Natural Gas. I’ve been following both since, amid the intermittent turbulence in the Middle East, and the rhyming triangles scenario I laid out in the post likely failed on Friday on natural gas. I’ll cover that further down but first I’ll review where we are up to on oil.
On the WTIC chart the triangle that broke down had a target at a retest of the May 2023 low at 63.57, and that remains the case. Invalidation of that target would be at a break back over triangle resistance, currently in the 81.2 area.
(more…)Please direct your attention to all the trendlines anchored on August 5th and September 6th of this year. This constitutes a crucial medium-term support level which, if breached, should get things cookin’ for the bears (for a change). Here is the /ES:
Sorry to go on and on about Novo Nordisk (NVO), but this bearish position is by far my favorite right now.
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.
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