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John J Murphy: Trends + Channels + Nothing ApocalypticalMARKET CRASH INEVITABLE Oh wait... maybe I meant BUY THE DIP Or maybe we forgot about consolidation? Look, this market is overextended. I think we can all face that as a fact whether we are bulls or bears. $SPY hitting nearly $480? Remarkable given the fact that the $SPY high before COVID-19 epidemic was ~$340 (a 34.15% difference). Now, with the COVID stimulus boiled in, epidemic recovery in place, as well as a war causing many bottlenecks (oil, commodities, and sanctions) and don't forget boiling inflation, it's time for things to cool off. No we aren't looking for a +20% market crash, because we are already -15% below record highs. Is there more to drop? Possibly, Either way, there are support channels we are going to ride for some time while markets and economies alike adjust If you check out this link on John J Murphy: Technical Analysis of the Financial Markets Reach Pages 121-123 and see if those images and paragraphs look a little familiar to our current situation... P.S.: We will bounce off the weekly 200 SMA to the top of the channel
AMEX:SPY
by Langutang
2
The Dragon is SOARINGA quick update on GJ from my last post. My 1HR analysis wasn't 100% spot on but.....it was pretty close. The market closed below the 1HR demand zone I had drawn just to come down and reject off another demand zone at 131.800. (Check last post to see what I'm referring to). On the 4HR time frame however, the market came down retested that 4HR (orange) ascending trend line, followed by printing an inverted hammer on the 4HR time frame all while closing above the EMA which is now acting as support. It also rejected off the 4HR demand zone I had drawn at 132.000 while printing a double bottom right on top of it and finally closing back above it. Entry was at 132.428. Currently up 334 pips and counting. The market is approaching the 136.000 level. We'll have to tune in and watch how it reacts to that level as resistance. But until I see the market print anything that tells me that it's going to drop, WE ARE GOING LONG BOYSSSSS. *INSERTS CORNY YOUTUBE PHRASE "LIKE, COMMENT, SUBSCRIBE'*
Long
by steventrojas
$BTT - Prepare for liftoffIn this three day chart of $BTTBTC, we can see that price has consolidated at 15 sats. On balance volume has stopped declining and the stoch RSI oscillator looks primed for a bullish cross. I am inclined to think that this has good pump potential, for two reasons: Justin's forthcoming lunch with Buffet could provide sufficient hype and excitement to fuel a "buy the rumour" type of market reaction If the first leg up was an impulsive wave 1, then in crypto it's not unusual for the cycle high to top out at the 2.272 or 2.414 extension or even higher. That gives us a target of 43 sats. Invalidation would be a drop below 13 sats with OBV taking a downward turn. THIS IS NOT TO BE CONSTRUED AS FINANCIAL ADVICE. DO YOUR OWN RESEARCH.
BLong
by matt8932
2
Shaven #Raven or Beardy Weirdy? $RVNI'm going long on $RVN. Fundamentally, it strikes me as a good project. Psychologically, I'm gutted that I missed out on a trade recommendation earlier this year, so want to make something on it before the year is out! Looking at the 4 hour chart: Price is above and looks to have found support on the 13EMA Clearly defined risk with stop set just below recent swing lows Upside target of November swing high of 550 sats seems reasonable and offers good R/R Potential to MOOOOON The crypto market is currently experiencing a relief rally from the painful bear market smackdown that has defined 2018. Hopefully, bitcoin can run on for a few days and some of these alts can get a bit of breathing space too. However, I'll be looking to close all my alt trades when clear signs of distribution appear on the individual charts (long upper wicks, swelling volume at the top of a trade, corrective jagged price patterns creeping to the upside).
RLong
by matt8932