Bitcoin's Bull Flags have completed to resistance
Traders,
If you follow me elsewhere, you already know that I have unloaded the majority of my trades today. I will let you know more specifically what I am seeing in Friday's weekly update. But for now, in short, I want to point out that Bitcoin has been following all the technical indicators and rules like a champ. There is no reason for me to doubt that it will not continue to do so now. In that regards, I must point out that after breaking out of its bullish triangle and bull flag on the daily RSI as expected, Bitcoin has met its target, the 50 day ma which intersects with a major level making this a very strong resistance area of confluence. Will we drop significantly from here? Maybe. Maybe not? There remains a lot of good support on the underside of current price of which includes that 200 day ma being right in line with the RED ascending channel. It would take a significant bear movement to break these supports, but if we did, there are still two very significant descending TLs which will also become support.
The probability remains a price above 27,000 but that is only if you focus on this chart.
Zooming out there are a few other charts I have been focusing on strongly, the VIX and the SPY. The VIX shows a spike in fear which has detached price from previously being range bound. Along with the VIX being up the dollar has been up and this usually means that stocks will be down. Looking then at the SPY which tracks the S&P500 market here in the U.S. you can see that the SPY has indeed dropped back down into its ascending triangle (bearish) and channel up (long term bearish) which is leading us to our blow-off top. The SPY could drop to the bottom of that channel before continuing its one last final ascent into irrational market pricing and trajectory. What comes after this does not look great for our macro-economy either here in the U.S. or globally. But unless something hugely positive occurs geopolitically and globally (aliens drop lambos, yachts, and gold chains from their UFOs or something like it), we will be in trouble by mid-2024.
For the moment however, we are still doing the blow-off top thing in U.S. stocks, it's just that it's looking like there might be a bit of a pullback for a few days/weeks before this continuation occurs. This may pull Bitcoin down with it a bit, though, I don't know that Bitcoin will descend as rapidly as the SPY and other indexes this time around.
https://www.tradingview.com/x/hXDF5LBB/
https://www.tradingview.com/x/IPWQuSHj/
Stay tuned,
Stew
If you follow me elsewhere, you already know that I have unloaded the majority of my trades today. I will let you know more specifically what I am seeing in Friday's weekly update. But for now, in short, I want to point out that Bitcoin has been following all the technical indicators and rules like a champ. There is no reason for me to doubt that it will not continue to do so now. In that regards, I must point out that after breaking out of its bullish triangle and bull flag on the daily RSI as expected, Bitcoin has met its target, the 50 day ma which intersects with a major level making this a very strong resistance area of confluence. Will we drop significantly from here? Maybe. Maybe not? There remains a lot of good support on the underside of current price of which includes that 200 day ma being right in line with the RED ascending channel. It would take a significant bear movement to break these supports, but if we did, there are still two very significant descending TLs which will also become support.
The probability remains a price above 27,000 but that is only if you focus on this chart.
Zooming out there are a few other charts I have been focusing on strongly, the VIX and the SPY. The VIX shows a spike in fear which has detached price from previously being range bound. Along with the VIX being up the dollar has been up and this usually means that stocks will be down. Looking then at the SPY which tracks the S&P500 market here in the U.S. you can see that the SPY has indeed dropped back down into its ascending triangle (bearish) and channel up (long term bearish) which is leading us to our blow-off top. The SPY could drop to the bottom of that channel before continuing its one last final ascent into irrational market pricing and trajectory. What comes after this does not look great for our macro-economy either here in the U.S. or globally. But unless something hugely positive occurs geopolitically and globally (aliens drop lambos, yachts, and gold chains from their UFOs or something like it), we will be in trouble by mid-2024.
For the moment however, we are still doing the blow-off top thing in U.S. stocks, it's just that it's looking like there might be a bit of a pullback for a few days/weeks before this continuation occurs. This may pull Bitcoin down with it a bit, though, I don't know that Bitcoin will descend as rapidly as the SPY and other indexes this time around.
https://www.tradingview.com/x/hXDF5LBB/
https://www.tradingview.com/x/IPWQuSHj/
Stay tuned,
Stew
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
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