Looks like it may be a leading indicator for crypto yet again.
Bitcoin is often first to breakout from corrections.
But in the previous correction MSTR broke out sooner and stronger than Bitcoin.
This is because MSTR is effectively a leveraged Bitcoin stock.
And so it is higher risk.
Higher risk assets tend to make their move first both in bullish and bearish action.
...
MSTR pumped 13% today and that has printed a very strong close to the week chart.
It now appears to have a good chance to be completing a 1:0.618 Golden Window extension.
Since the third wave is shorter, it signals weakness to the downside and thus momentum building to the upside.
Notice only the wicks have probed below the 0.786 overshoot ratio.
This is still very much fine for it to be considered a 1:0.618 GW since the market maker will push to ratio extremity and no candle bodies closed below.
...
The last 3 candles have printed an exotic Morning Star candle pattern.
It really doesn't matter what type of doji prints for candle 2...
All the matters is that it is an indecision candle and that candles 1 and 3 form a bullish engulf.
And that is what has printed; it looks to be a strong bullish engulf with candle 3 printing a lower wick.
The bullish whipsaw in candle 3 signals upside impetus.
So this is quite a bullish look here.
...
This chart signals that the storm has passed and we can resume the BBQ 😅♨️.
This is in stark contrast to stock indexes that still look dangerous.
But this is where we can get our cues from higher risk to achieve great positional entries.
- MSTR is higher risk than Bitcoin and so potentially it is a leading indicator to Bitcoin.
- Bitcoin is higher risk than the stock indexes and so potentially it is a leading indicator to stock indexes.
Until stock indexes begin to recover then this is of course dangerous...
But in a matter of hours this is now looking good here for a next wave up 👍.
I do this all day every day 🙈
Not advice.
Bitcoin is often first to breakout from corrections.
But in the previous correction MSTR broke out sooner and stronger than Bitcoin.
This is because MSTR is effectively a leveraged Bitcoin stock.
And so it is higher risk.
Higher risk assets tend to make their move first both in bullish and bearish action.
...
MSTR pumped 13% today and that has printed a very strong close to the week chart.
It now appears to have a good chance to be completing a 1:0.618 Golden Window extension.
Since the third wave is shorter, it signals weakness to the downside and thus momentum building to the upside.
Notice only the wicks have probed below the 0.786 overshoot ratio.
This is still very much fine for it to be considered a 1:0.618 GW since the market maker will push to ratio extremity and no candle bodies closed below.
...
The last 3 candles have printed an exotic Morning Star candle pattern.
It really doesn't matter what type of doji prints for candle 2...
All the matters is that it is an indecision candle and that candles 1 and 3 form a bullish engulf.
And that is what has printed; it looks to be a strong bullish engulf with candle 3 printing a lower wick.
The bullish whipsaw in candle 3 signals upside impetus.
So this is quite a bullish look here.
...
This chart signals that the storm has passed and we can resume the BBQ 😅♨️.
This is in stark contrast to stock indexes that still look dangerous.
But this is where we can get our cues from higher risk to achieve great positional entries.
- MSTR is higher risk than Bitcoin and so potentially it is a leading indicator to Bitcoin.
- Bitcoin is higher risk than the stock indexes and so potentially it is a leading indicator to stock indexes.
Until stock indexes begin to recover then this is of course dangerous...
But in a matter of hours this is now looking good here for a next wave up 👍.
I do this all day every day 🙈
Not advice.
Note
Bitcoin is printing a bearish fractal.And so if Bitcoin dumps and I think it will, this MSTR Morning Star Pattern may be be bullish but only as a regressive connective wave bounce before a next wave down.
I may make a Bitcoin video in the next day or so if it hasn't yet dumped, so have your notifications on for my pages if that is of interest to you 👍
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.