HoustonxMTL

11:01

HoustonxMTL

Sharing this video on a day we're seeing some weakness in Bitcoin. In this video I share a multi-frame analysis on Bitcoin and what i'm watching for to see if the uptrend in Bitcoin continues/reverses and the potential target for this bull cycle. Good trading! Houston --- Web: thetradingedge.org TradingView Charts: www.tradingview.com BitClout - bitclout.com

HoustonxMTL

Possibly interesting area here. Monthly charts still showing an intact uptrend. RY consolidating near the 50 ema on the weekly. StochasticsRSI showing a bullish divergence. The ideal scenario to watch for is a further pullback to the 50ema, Heiken Ashi turns from red to green, then a breakthrough of the descending the trend line.

HoustonxMTL

Productive consolidation on the monthly charts. Consolidation could last several months longer but should have a strong and extended reaction on a breakout. Don't rush to jump in trying to catch a bottom. There will be plenty of opportunity to play the breakout or a pullback on the breakout.

HoustonxMTL

Where's the bottom in Goose? Daily trend currently down. 4 Hour Heiken Ashi pullback to MA's. Sell signal triggered below 21.88. Target 20.96 and 20.55.

HoustonxMTL

Long BTCUSD from 433 Finally a breakout above 435. +2R on the trade. Trailed stop to par.

HoustonxMTL

Found support at previous breakout area. If price can break above the 435 range then we had a false breakdown and we should expect some continuation to the upside trapping those who got short.

HoustonxMTL

All appeared lost this past week as it early in the week it appeared as though the market were heading for a sell off after breaking out of the recent consolidation. In times like these, it's important to focus on the bigger picture and view things from a longer term perspective. The weekly chart on the SPY continues to show that we are still in the...

HoustonxMTL

The VIX remains at elevated levels however numerous downside targets in the form of gaps remain unfilled at 21.97, 17.62, and 16.26. Again if the VXX breaks down and fills some of the gaps below this would certainly be supportive for a broader market rally. Note how the ATR on the VXX is showing a downtrending line. The VXX is consolidating here, and a break...

HoustonxMTL

This week we saw major fireworks in the Builders and Healthcare sectors (as we'll detail more below) but the overall market indices continued to consolidate in the range highlighted in yellow. All of the major levels we outlined the past few weeks have held so the following scenario is still in play. We see 2 possible scenarios of which I believe the 1st scenario...

HoustonxMTL

This week's price action was topped off by the FOMC announcement on Thursday. As was the case with all FOMC announcements, all eyes were firmly fixed on not just the announcement but to the market's reaction of the announcement. As mentioned in last week's commentary the 199.88 level acted as resistance and capped Thursday bullish run up. Friday's session was...

HoustonxMTL

With the shortened trading week, this week's price action could best characterized as a period of consolidation, as the major indices closed near where they opened. All in all a slightly positive end to the end to the week as the buyers were able to close the week slightly higher. At this point all of the major levels we outlined last week have held hence the...

HoustonxMTL

A couple of pertinent upside gaps - Gap @ 33.31 Gap @ 28.62. However numerous downside targets in the form of gaps remain unfilled, which would be supportive for a broader market rally. Gap @ 24.71 Gap @ 20.72 Gap @ 17.62 Gap @ 16.26

HoustonxMTL

Numerous downside targets in the form of gaps remain unfilled, which would be supportive for a broader market rally. Gap @ 20.72 Gap @ 17.62 Gap @ 16.26

HoustonxMTL

Update on how the scenario we laid out on the weekend is playing out. The short term bottom we called has held. The market pulled back to the downside filling the gap we identified @ 194.68 and now it is on it's way to filling the upside gap at 197.67. Mid-term target is a rally to fill the gap @ 208.32 and a re-test of the symmetrical triangle.

HoustonxMTL

Epic trading action this week and the adage that "the crowd is usually wrong" was once again demonstrated. This week's sell-off on Monday hit most of our downside targets we posted last week with the exception of the 2 remaining gaps @ 177.48 and 173.22. The likely scenario is that we've found a short term bottom here. A playable trade is for the market to...

HoustonxMTL

This week the SPY broke out of the symmetrical triangle then filled the gap we called out at 201.62 and retraced 100% of the previous swing. The intermediate bias is now to the downside and there are numerous downside targets - Gap fill @ 196.16 Fib target @ 192.02 Gap fill @ 190.30 Gap fill @ 186.27 Fib target @ 178.53 Gap fill @ 177.48 Gap fill @ 173.22

HoustonxMTL

With the SPY in a symmetrical triangle I outlined 2 possible scenarios. SPY is now breaking to the downside and with 201.92 being the first downside target.

HoustonxMTL

The SPY is squeezing inside of symmetrical triangle on the weekly chart which portends to a decent sized move one way or the other once price action breaks outside the triangle. Last week we outlined 2 possible scenarios which are still in effect: There's a higher probability that we break to the upside to hit all time highs. Or we break to the downside and...