As follows from my previous posts, I am all for the idea that Bitcoin replicates the movement dynamics of the Nasdaq index just before the dot-com bubble until this pattern forms a new structure. The recent divergence is up to 9 days, which means Bitcoin is already close to reaching its low.
The S&P500 turned oversold on its 1D technical outlook (RSI = 29.430, MACD = -85.410, ADX = 51.223) as it breached today its 1W MA50 for the first time since the week of October 30th 2023, i.e. almost 1.5 year. That was a week of a very aggressive recovery after a Channel Up correction, with the bullish sequence reaching 9 straight green weeks. With the 1D RSI ovesold and the 1W RSI almost on the 39.15 Support, which was the low of the October 23rd 2023 1W candle, the index couldn't have been technically on a better long term buy spot. Needless to say, the market can't rise if the fundamentals are against it and right now the geopolitical tensions and more importantly the trade war isn't helping. If the index does find a positive catalyst to take advantage of, then the bullish technicals of the Channel Up bottom will prevail, and this week's candle may resemble the Max Pain 1W candle under the 1W MA50 of October 23rd 2023. Even if it doesn't rise as high as the 2.382 Fibonacci extension of that rally, we would expect in that instance a 2.0 Fib extension rally like the post August 2024 bullish wave (TP = 6,700). Failure to find support this week though, will most likely result in further collapse (even more aggressively so) to the 1W MA100. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
I have analyzed the Tesla stock using the trend, candle pattern & Gann system. Reach the conclusion and target. I have taken time-cycle and price cycle in my analysis. I am available in X as "skumarinsweden"
BTC is hitting key support at just under $80,000 This is a good opportunity to expect a rebound back up to $100,000. Double bottom formation coming in nicely. Currently entering into my position and watching for a break under. Will keep stop tight as there is a fear of an extreme trend and sell off taking hold. Economic uncertainty and emotional buying and selling in today’s market can drive price in either direction HEAVILY. This being said i am currently looking for entries at major buy/sell areas and keep stops tighter than I normally would while also leaving room to leverage deeper into a trade under trending conditions. Best of luck to you all and trade safe!
The double top on ETH is ugly. You might even consider it a triple top. A correction to the 618 FIB level seems reasonable. ETH has struggled this cycle. It still has not created a new all time high. However, I think that will change soon after this final shakeout.
XRP is currently facing technical and fundamental pressures that could suggest a possible -20% price decline to the downside in the near future. Looking from recent market analyses and historical patterns, you should keep a close eye on price action within the symmetrical triangle pattern formation.? ?Next Possible Level of Support= $1.28 - $1.45
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The divergence in the gold price chart on the weekly timeframe shows that the price is declining. The 61.8% Fibonacci level overlaps with the last pivot before the price rose to near $3,000, around $2,800, and the price is likely to decline from this level.
I. Trend analysis ? overall trends: Since the beginning of 2024, Bitcoin has experienced a clear upward trend, peaking at nearly $115,000. The price has recently fallen below several key support levels and entered a downward trend, with prices testing support in the 80,000-85,000 range. The short-term trend remains weak, and the market may continue to seek lower support levels. ? moving average system: The short-term moving average (red, 10th) indicating that the market is still dominated by short-term bears. The long-term moving average (blue, 60 days) has also started to turn downward, suggesting a weakening of the medium-term trend. Conclusion: The market is still in a downward trend, and the moving average system shows no obvious signs of stabilization. Structural analysis (K-line morphology) ? head and shoulders may have been completed: From the high level formed by 93,000 to 115,000, there is a more obvious head and shoulder structure, which is currently falling below the neckline (82,000) and accelerating the decline. If this pattern holds, the target decline level may test the 77,000-80,000 area. ? M head shape: The previous two highs (around 100,000) formed an M-head and fell below key support, remaining weak in the short term. ? support area: 77000 (important support, if broken, the medium-term trend may accelerate to short) 72000~ 75000 (target in extreme cases) ? resistance areas: 89000~ 90000 (early neckline, has turned to strong resistance) 93000 (if the market rebounds, it needs to break through this level to reverse the trend)
going for the long, good luck and god speed to everyone