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BTC/USD - updated targets and resistance levels!Hello, traders! It's been a crazy week for Bitcoin and now is the best time to set out targets for the nearest future. BTC has recently been somewhat uncertain, undecided on which direction it wishes to move next. After BTCs huge rise from $9000 USD to $12000 USD the cryptocurrency has spent most of August trading between $11000 USD and $12000 USD. However, during this time it seemed as though BTC was ready for a move up after a significant move above the ascending triangle. The breakout was significant and the formation had numerous validation points. This would have likely caught out many traders because as demonstrated on the chart, this was a failed breakout for BTC. The next significant level of support for BTC is currently $10900 USD. This support level has acted as both support and resistance multiple times for BTC as demonstrated in the examples below. If BTC moves down to $10900 USD it currently appears very unlikely that BTC will fall lower than this. A fall down to $10900 USD would keep BTC in its trading range since the start of August. BTC would also remain within the long term parallel channel which it has been in since March, as demonstrated below. BTC appears likely to be in the stage of the 4th wave. Unless a breakout of the channel occurs then BTC will remain within it, we could see a similar situation which was seen between May towards mid – July. This would see BTC heavily stagnate before hitting the upwards support of the parallel channel. If this scenario occurs, once this is hit we could see another bullish run before the end of year. There is currently the general assumption that the movements since March have been seen in an impulsive wave rather than a corrective wave. However if the movements since March are in fact a corrective wave then BTC and the rest of the cryptocurrency market will see huge losses in the coming weeks. Although this is very unlikely as this wave is showing the characteristics of an impulsive wave. BTC/USD price targets Bullish price targets $12450 USD + 6% – $12450 USD is definitely a realistic target for BTC in the coming week. BTC could use the indicators to carry itself towards this level as it still has a slight bullish bias. However a break above $12450 currently looks in doubt. The likelihood of BTC hitting $12450 USD is high. $13500 USD + 14.5% – BTC currently is bullish, although not that bullish. There are key indicators such as the MACD which are currently bearish and with the curve off seen with the Heikin Ashi it appears that BTC does not have the momentum to make a huge +14.5% move towards $135000 USD. The likelihood of $13500 USD being hit is very low. Neutral price targets $12000 USD +2% – BTC currently appears highly likely to hit $12000 USD in the coming days. The recent breakout on the 1hr chart from the parallel channel, alongside $11700 USD acting as solid support, the bullish indicators and the Heikin Ashi 2/6/2 pattern all point towards $12000 USD being hit. The likelihood of $12000 USD being hit is almost certain. A move to $12000 USD would neither confirm a bullish or bearish scenario. Bearish price targets $11300 USD -3% – In order for BTC to hit $11300 USD BTC would need to break below $11700 USD. This level will be hard to break below, although is not a major resistance level for BTC so is possible. The bearish scenario also has the support of the MACD, a typically very reliable indicator. The likelihood of this occurring is medium. $10900 USD -7% – If BTC falls to $11300 USD it would not take much for it to fall towards $10900 USD. If BTC hits $11300 USD then many of the bullish indicators will turn bearish such as the BBs, SAR etc. The likelihood of BTC hitting $10900 USD is medium. $10000 USD -15% – I would be shocked if BTC hit $10000 USD in the coming weeks. This is partially due to the strength of the $10900 USD support level but also that it would confirm that the recent wave is corrective rather than impulsive. However stranger things have happened in crypto this year… Likelihood is extremely low. Please share your thoughts on my research and leave your feedback in the comments below Watch out for the market and never forget to take your profits and stop the losses Good luck!
COINBASE:BTCUSD
by UnknownUnicorn10064030
2
SPY - Potential Bullish Reversal SignalThe SPY is down just over 5% from its recent high. The candle formed today is an Inverted Hammer candlestick (ignore the tall upper shadow that appears on the chart. These levels occurred during pre-market & never came close to those prices during the trading day). This candle needs confirmation tomorrow with preferably a higher open & definitely a higher close than today's candle. The dotted pink lines are previous gap levels that may provide resistance to any bullish move higher. Fibonacci extension levels are the dotted green lines. The 50% Fibonacci level would be around the dotted pink line at $330. The P&F price target is at the $340 level.
AMEX:SPYLong
by Chartimistic
4
SPY - Daily Chart Candlestick AnalysisThe close on Friday left was appears to be a "Hanging Man" candlestick. With this occurring during an uptrend this could potentially be a bearish warning sign. We must wait for the confirmation of the CLOSE of trading on Tuesday to find out whether this candle is bearish or not. For confirmation to occur Tuesday's closing price must be below the LOW of Friday's real body. If the price does seem to be confirming a bearish signal then people who have long positions should look to take some profit off the table or close out their long positions entirely to better utilize their capital following a pullback or consolidation phase. If Tuesday's trading should close higher than Friday's real body then the bearish signal is canceled & expect more upside to continue. I labeled a few candlesticks from A to E which stuck out to me: A) The previous high made prior to the pullback. An important level to watch for future bullish breakouts which eventually occurred at the candlestick labeled D. B) This candle is an inverted hammer candlestick which was produced the day after a potential low was put in off high volume. This is a signal that the market may be turning bullish. C) A Doji candlestick was produced around the price level noted on candle A showing there is a battle going on about whether this area will continue to be resistance or if a true breakout will occur. D) A bullish engulfing candlestick formed after prices held both my initial price target level & a rising window area created from February 4th to February 5th. E) The candle produced on Friday was a "Hanging Man" which is a potentially bearish candlestick when formed during an uptrend. We need confirmation from the following trading day(s) to see if this is bearish or not. For bearish confirmation, the price must close below Friday's real body price. A close higher than Friday's real body negates its bearish connotations & shows that the bullish move will continue. I have also noted the numbers 1-7 on this chart. These label the current amount of new highs being created without a significant pullback occurring. The Japanese believe when trends run 8-10+ without a pullback you should be preparing for one. I note this because we have a potentially bearish candlestick from Friday & we are at a 7 on the current long count pattern. Price has currently risen past my initial price target & has found support around my second price target. If bullish momentum continues I am looking at my third price target around $346.50. It is important to note that the dotted blue line is my current P&F price target which still sits above my Fibonacci level targets (which I view as showing plenty of bullish momentum under the hood of this market). Overall, I am still bullish on SPY & the markets overall. Even if Friday's bearish signal is confirmed I would use that as a signal to take profits or closeout long positions you are not certain about. After the pullback/consolidation occurs it will provide us another opportunity at entering some strong names that may be a bit overextended at the moment.
AMEX:SPYLong
by Chartimistic
SPY - Risk On (for now)The market broke down on January 24th. It opened below the rising trendline on January 27th. Since then, it has been choppy but basically consolidating & I was waiting for some evidence of which way this thing was going to break before commenting on long or short. Today (February 4th) looked like the day it would provide that evidence that the bulls have won. Of course, nothing is ever that easy & the market managed to close just below the rising trendline which may still be acting as resistance. For those that are extra cautious or risk-averse then I would wait for the price to close above at least the rising trendline. The price was also within $0.59 of my initial price target during today's trading session. Perhaps it hit that target & just began its pullback? For those willing to take a bit more risk today & tomorrow (assuming bullish continuation) are ideal entry points into new long positions. I like how the low came on January 31st with high volume, perhaps suggesting a selling climax. This same candle found support along the 50-day EMA line as well. Price needs to get above the rising trendline (now resistance) & the previous high around $332.95 for things to really get going but the sooner you get in the better your reward-risk ratio. I am keeping any longs on a short leash though & any signs of weakness will be enough to shake me out just in case there is more weakness or consolidation left. I have my Fibonacci extension price targets listed in green. The light blue dotted line is based on an ATR(20) P&F price target so that number could fluctuate a bit each day.
AMEX:SPYLong
by Chartimistic
VLO - Support Held, Looking LongValero Energy has been consolidating since early December after a pullback. The support level from a prior high established back on April 25th continued to hold as the price is just starting to break out from the level established on November 2, 2018. A purple dotted line will mark where a previous break out attempt failed so all longs will want to see the price successfully take this level out. Note the bullish divergence with the stock price & the RSI since the stock has begun its consolidation from early December. The slow stochastic is exiting an oversold condition as well. As stated above I want to see the price get higher than the dotted purple line. Assuming it does that, I have my Fibonacci extension levels noted with the dotted green lines. The dotted blue line is based on a traditional P&F chart using a 3-box reversal along with a value determined from a 20-day ATR. Earnings are on January 30th BMO, so anyone planning on holding over a month should take that into account.
NYSE:VLOLong
by Chartimistic
HD should be good for a post-dividend bounceHome Depot's momentum has definitely been slowing lately, and the stock dipped hard after its latest less-than-stellar earnings report. However, the stock often dips before its dividend and then bounces after. With the stock going ex-dividend today (0.63% quarterly yield), it may be time for a bounce buy. December is usually a good month for Home Depot stock, and November's strong housing and construction data favor Home Depot's earnings success in the next quarter. HD has a 7.8/10 analyst summary score, an average analyst price target of $239 per share, and more-bullish-than-usual options interest today.
NYSE:HD
by ChristopherCarrollSmith
AMRN - Could Be A MonsterAmarin popped up on my daily scans that are showing bullish momentum following an oversold condition & I do like the look of its daily chart. A gap up on November 12th which has since been held. A Golden Cross occurring around the same time as well. I have a few price targets noted on the chart based on the Fibonacci Extension tool. What really interests me about this stock is the +32% short interest currently out on the stock. 1/3 of the 363 million outstanding shares are currently shorted. If this stock does continue its bullish momentum, then it is only a matter of time before the shorts have to cut loose. This thing can become a monster. I would definitely keep it on a watchlist at the very least.
NASDAQ:AMRNLong
by Chartimistic
SLV - Weekly Chart BreakoutThe weekly chart for the iShares Silver ETF shows how it has been pulling back from its recent highs back in early September. The stock broke down in early November but was able to find support along the 50-day EMA line. It has managed to break out again this week as it nears volume levels that will not be able to hold much resistance against the price. Continued strength in price should help a Golden Cross occur to confirm the bullish strength behind this commodity. I would like to see this ETF clear $17.10 just so it gets above and holds that last volume level but definitely looking promising. My potential price targets are noted.
AMEX:SLVLong
by Chartimistic
DT - Cup & HandleDynatrace has not been actively traded for very long but the daily chart has created a cup & handle pattern which just needs a breakout for confirmation. The backside of the pattern can be interpreted as a bull flag that would have broken out during today's trading session. Notice how the RSI held the 50 level as well as the stock exits an oversold condition. The Sector, Industry, & stock all have relative strength against the SPX as well. My first two price targets that are noted on the chart are Fibonacci extension levels. The third target is based on the bull flag breakout while the fourth target would be if we receive confirmation of the cup & handle breakout.
NYSE:DTLong
by Chartimistic
USFD - A Nice Little Surprise FindThis stock actually popped up on one of my daily scans that I run each day, and it came up on my BEARISH scan. However, once I zoomed out to the weekly chart I actually really like this as a weekly bullish play. The weekly chart is trying to exit an oversold condition with little volume resistance overhead. It has broken out of a bullish wedge pattern after creating a bit of a flag pattern prior. I have my potential price targets noted on the chart. If you wanted a better entry, the price may fall for a little in the near-term as it did pop up on my bearish daily scan but I would definitely keep this on a watchlist.
NYSE:USFDLong
by Chartimistic
TSLA - Looking BullishTesla seems to be exiting an oversold condition as it looks to begin its next bullish move. Even during its recent pullback, the price respected the support line while the RSI never dipped below 50. Both are good signs of bullish strength. The stock price will have to clear a gap down that occurred on November 22nd but assuming it can do that I have my three potential price targets noted. The price will not have much in pre-existing volume to fight through as the VPVR shows.
NASDAQ:TSLALong
by Chartimistic
Small-Caps May Be Set For Pull BackThe iShares S&P Small-Cap ETF has been in a bearish wedge pattern on its daily chart since early October. The price is once again testing the resistance line. The price is near an overbought condition while generating a bearish divergence on the RSI indicator. I am targeting the support line of this wedge pattern first. If the price is able to break down through that support line then I will look at the $80.30 price level noted on the chart.
AMEX:IJRShort
by Chartimistic