This rounding has been going on for a long time and I have posted this chart many times. The selling has dried up and I suspect accumulation has been occurring here for a huge period of time now. Today’s candle is particularly interesting in that we have closed at the first major hurdle. If we clear this level at 292 then we should move to 330 quickly and then my...
This is occurring within this rising wedge now.
We only have 3 touches here, so we should see a new ATH first then a pullback and then another ATH closer towards the end of the year. Where it breaks from there is anybody’s guess but experience tells me never to bet against US indices.
Looks like this rounding bottom is just starting to move upwards. The Bollinger bands are very narrow indeed now. 2.92 and above would confirm it, but I suspect the price will move up rapidly through a few levels here. Oversold since fundraiser at 5.00. Could be a great recovery stock.
Although I like the hard bounce and double bottom here, the rejection of the 200 week MA would concern me. Previously taking and holding this level looks to have been important - see highlighted areas.
I’m going to keep an eye on this for direction.
Bitcoin has just started what looks like a major push upward having taken out last months close.
The big picture here remains the same. We are trading inside June’s monthly bar.
Pop the champagne when we break $13800.
We are back at the top of this falling wedge so this looks like a good position to short from and target the double bottom area around 1.19. Alternative wait for the swing long entry from the bottom of the wedge ahead of what I think will be a powerful recovery.
This chart shows the continued emergence of seller exhaustion of this incredible move downwards which we know has been driven by the dual factors of a major holder selling down a 10% stake in full and hedge funds shorting the stock.
The obvious RSI divergence and inability to set lower closing lows is telling me the trade is starting to swing towards the long...
Classic fib driven demand areas on this chart. Very loyal to these levels. Present pullback has a high probability of a bounce in the 4000-4100 area. Fib level suggests 4070. I would look for this to move back to at least it’s ATH if not above on the next move up.
Posted this several times already and my confidence grows everyday.
This is a super-long term complex H&S. it has started to break out and is on the way to its completion point around $1800. If you respect the symmetry of the chat then I think we will get there by the end of March 2020.
Long all the way.