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BTCUSD - D1 - WARNING - POTENTIAL DOUBLE TOP IN PROGRESS !!!Good morning, today we are going to look at the daily picture. Being in a broad uptrend channel (in green) since the lows (double bottom around 29'000), the BTCUSD, from, its recent upside breakout of the clouds is currently in a more steeper uptrend channel; in making, yesterday, an intraday high @ 55'800 (acceleration triggered by the breakout of the former high @ 52'810). Interesting to note that recent and current price action is showing the formation of a potential double top pattern !! Upcoming D1 closing levels should then, be watched very carefully as, currently, the BTC/USD is, also, attempting to breakout the upside of the new uptrend channel (in orange), which recently took place. As long, as the BTCUSD, stays and hold sustainably above 53'433 on a daily closing basis, the picture will remain OK in supporting the ongoing upside move and will open the door for higher levels towards 58'000/58500 (cluster 2 channels resistances !) On the other hand, a failure to do it would be the first warning signal of a reversal (Dark cloud cover); stronger bearish signal would be given by a breakout of the 51'500 (Bearish engulfing pattern). Looking briefly to the weekly picture, the upside breakout of the downtrend line resistance is in progress and should be confirmed by the next weekly closing level in the next couple of days and last but not least also validated by the lagging span which also should breakout the 60'000 area (former weekly closing level) CONCLUSION : As always, I strongly suggest to monitor closely, shorter intraday time frames which will help you to detect early signal (s) from the very short term pictures which, of course, should be validated by higher time unit !!! Have a great day. All the best. Take care Ironman8848
BITSTAMP:BTCUSD
by Ironman8848
3
Solana Price Analysis: Breaks to All-Time High Solana (SOL/USD) the 10th-largest cryptocurrency by market capitalization, with a total market cap of over $21 billion reached a new all-time high of $81.97. The rally is showing signs of a slow down after it rallied more than 120% since the beginning of the month. Equal Waves Pattern From a technical perspective, SOL/USD has rallied in a three wave pattern from the low of $1.27. According to the Elliott Wave theory, the magnitude of wave A should be equal to the magnitude of wave C. To find the possible end of wave C, the Fibonacci extension tool can be used to project wave C which can be 100% Fib extension of wave A and B. In our case, the 100% Fibonacci extension comes in at $76.64, which is exactly near the levels were the rally has started to lose steam. To the downside, possible support areas come in at the end of wave A of $58.92 followed by $41.0. On the flips side if the current rally wants to extend more, we have the 1.272 Fibonacci extensions at $92.33 and 1.618 Fibonacci extensions that come at $112.27.
BINANCEUS:SOLUSD
by cryptohopper
2
XpresSpa (XSPA) Ascending ChannelXSPA has been operating in an ascending channel. There have been two breaks but both times that stock has returned back into the ascending channel. One break would be enough to scare away investors, but two breaks seems rather odd. What caused these breaks? From what I can tell, the stock seems to be doing well with COVID-19. XSPA offers onsite testing for COVID-19 in multiple airports. A lot of people travel during the summer which could be affecting the XSPA stock price. The more people that travel, the more people they test. Although this summer hasn't been particularly exciting for travelers, there are still those who have been vaccinated who feel safe.
X
by InvestorCowboy
Alteryx (AYX) Descending ChannelsAYX has formed two descending channels. The first channel had a short breakout followed by the second channel. The second channel is interesting because it breaks but re-enters the channel shortly. AYX is still operating in the descending channel, but I'm not sure whether to be excited or concerned. The break and re-enter on the second channel will worry most investors. What could have caused this anomaly? AYX posted their earnings which is noted by tradingview as a "surprise". AYX beat their expectations which spurred investors to re-enter. With the stock still operating in the descending channel, it's unclear how long investors will hold.
A
by InvestorCowboy