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Wavemaster

Bitcoin's Small Upside Potential Amid Stock Market DownturnAs the stock market experienced a significant downturn today, Bitcoin continues to show signs of strength, defying traditional market trends. The wave master indicator on the 4-hour timeframe suggests that Bitcoin may be on the verge of a final upward move. In this write-up, I will explore the potential impact of this move on Bitcoin's price, altcoins, and market dynamics while also discussing key factors that could influence the cryptocurrency's future trajectory. Bitcoin's Upward Momentum According to the wave master indicator mixed with a little Fibonacci sauce, Bitcoin is poised to make a move towards the $29,400 target. This bullish trend could be attributed to the resilience of the cryptocurrency market despite the stock market's recent decline. If Bitcoin successfully reaches this target, it may open the door for altcoins to gain traction and benefit from the increased interest in digital assets. Bitcoin Dominance and Altcoin Opportunities Bitcoin's dominance recently approached 50% before retreating slightly. However, a move closer to the $30,000 level could result in Bitcoin's dominance reaching the 50% threshold, which would increase the likelihood of altcoins experiencing a surge in the next two weeks. As a result, investors and traders should keep a close eye on the Bitcoin dominance indicator to identify potential opportunities in the altcoin market. Full Moon and Bearish Divergence While the wave master indicator points to an imminent upward move, it is essential to remain cautious. Full moons (such as the one on April 6th) have historically coincided with increased volatility in Bitcoin and other financial assets. Furthermore, the wave master indicator is beginning to show signs of bearish divergence, which may indicate a potential price reversal after one more higher high. Reducing Risk and Realizing Profits Given the current market conditions and potential risks, it is crucial for traders and investors to prioritize risk management and consider realizing profits when opportunities arise. Taking profits off the table while leaving some room for further price action can help protect gains while maintaining exposure to potential future growth. Despite the recent downturn in the stock market, Bitcoin appears to be maintaining its upward momentum for now, with the wave master indicator suggesting a possible move towards the $29,400 target. This development could have a significant impact on Bitcoin's dominance and the altcoin market. However, it is essential to remain cautious due to potential volatility around the full moon and the emerging bearish divergence. As always, risk management and profit realization should be top priorities for those navigating the cryptocurrency market.
by bitdoctor
SPX - Mastering the Market's Mood SwingsI previously discussed the likelihood of the S&P 500 Index (SPX) experiencing a rebound towards the 4000-4050 range, with particular attention given to the 4020-4040 level. The index indeed reached approximately 4039 before encountering a substantial pullback. Trading on such days can be complex, and if you're not positioned correctly and overleveraged, you may face considerable losses. Notably, the SPX nearly reached the 61.8% Fibonacci retracement level, which stands at 4043. As we move forward, we can anticipate increased volatility with alternating bullish and bearish movements over the next two weeks. This presents lucrative opportunities for traders, which I intend to exploit. In the past, I've examined the intersection of downtrend and uptrend lines, and when these lines crossed without any release of pressure, I accurately predicted the market's continued sideways movement. This situation remains valid, with the market exhibiting wild price fluctuations. For the short term, I project that the SPX will decline to roughly 3900 by Friday (and possibly lower into next week) before rebounding in the first week of April. Monitor April 6th closely, as it may serve as a pivotal point in the market's trajectory. If the market is in a downward trend approaching the full moon, anticipate a significant upward shift, but if it's in an upward trend, expect a substantial downward movement. Lastly, I'd like to mention the Wave Master Indicator, a tool I developed and have been utilizing in my trading endeavors for years. On the 1-hour SPX chart, the Wave Master Indicator suggests a short-term bearish outlook. In a previous analysis, I highlighted the 4-hour chart, which indicated a potential upward move heading into the FOMC meeting. However, the longer-term indicators were pointing towards a downward trend. This is precisely what happened. Remember that the stock market can be unpredictable, much like the weather. So here's a little joke to lighten the mood: Why did the stock market investor go broke? He tried to catch a falling knife and got cut! Stay sharp and happy trading!
SP:SPXShort
by bitdoctor
Bitcoin's Market Cycles: A Technical PerspectiveBitcoin has experienced numerous noteworthy movements since reaching its peak in November 2021. As we reflect on the roller coaster ride since that all-time high, it's essential to examine the market dynamics and patterns through a technical lens. This article will discuss the significance of Fibonacci retracement measurements and the wave master indicator's insights into Bitcoin's market cycles. Fibonacci Retracements: A Year Apart By placing a simple Fibonacci retracement measurement from Bitcoin's all-time high to its recent lows in late 2022, we observe that almost precisely one year passed between these two points. This duration may be significant enough to warrant further attention. Wave Master Indicator: A Comparison to 2019 From the wave master indicator's perspective, the white wave on the unique 3-day timeframe has not been this low since 2019 – the conclusion of the previous mini bear market. It's crucial to note that while some analysts may draw parallels between Bitcoin's market cycles and halvings, the diminishing mining rewards may result in repercussions in the future, although not quite yet. Comparing the Past and Present The circled areas on the chart offer a comparison of how the price action and wave master indicator looked during the 2018/2019 period. However, it's essential to remember that these comparisons serve as references, and the current market environment is significantly different from that time. Critical Fibonacci Levels: $28,200 and $36,000 Traders should closely monitor the Fibonacci level at $28,200 – roughly where Bitcoin is currently trading – and the subsequent level at $36,000. By examining these levels in relation to historical price action, we notice that they correspond to zones where Bitcoin found substantial support in the past (circled in green). This time, however, they may serve as resistance. By combining the insights of Fibonacci retracement measurements and the wave master indicator, we can develop a deeper understanding of Bitcoin's market cycles and potential future movements. As we navigate this ever-evolving landscape, it's crucial to remain vigilant and attentive to critical technical levels and indicators. In short, I am not short crypto right now. Likely I will not consider it for at least another 2 weeks. The key here is lunar cycles. More on that in another write-up.
BITSTAMP:BTCUSD
by bitdoctor
Ripple (XRP): Impressive Gains, but Caution is KeyRipple (XRP) has caught the attention of many traders, especially after its remarkable performance today, registering a 20%+ gain. As previously predicted, altcoins are starting to make significant moves in the market, and XRP's recent surge seems to be just the beginning. However, it's essential for traders to exercise caution when approaching these substantial green candles. Key Levels to Watch: $0.50 and Beyond The $0.50 mark represents a crucial psychological barrier for XRP. Should the price break through this level, the next target range would be between $0.60 and $0.65. The red box on the accompanying chart highlights this area, which aligns with previous support/resistance clusters observed in January and April 2022. If XRP manages to reach these levels, it will likely face a significant pause. Trend-based Fib Extension: Targeting 100% Expansion at $0.50 The trend-based fib extension measurement shows a 100% expansion target at $0.50, which XRP nearly achieved in today's spike. This level further underscores the importance of the $0.50 mark in determining XRP's future trajectory. Be Cautious and Look for Other Opportunities Although Ripple's recent performance is undoubtedly impressive, traders should avoid chasing these massive green candles. Entering the market now would place traders over 20% behind others, making it a risky endeavor. It's important to remember that other opportunities may be available in the market, so tread cautiously and be on the lookout for more sustainable entry points. One last factor to consider is the healthy state of the wave master indicator, which suggests a higher probability of XRP reaching the $0.65 target. Nevertheless, to optimize trading outcomes, it's recommended to wait for a pullback and identify a favorable wave master entry point on lower timeframes. This approach will allow traders to capitalize on XRP's potential upside while minimizing risks associated with chasing significant green candles. For your conveinence, I've circled the last few times a daily buy alert has signaled on the wave master indicator.
by bitdoctor
Fred's Folly: ETHUSD's Wacky Wedge & the $2500 QuestOnce upon a time in the land of Crypto, there lived a quirky and peculiar trader named Fred. Fred was an eccentric fellow who had a knack for spotting patterns in the vast and wild world of cryptocurrencies. His favorite cryptocurrency was Ethereum (ETH), and he traded it against the U.S. Dollar (ETHUSD) with a passion that could only be rivaled by his love for Hawaiian shirts and pineapple on pizza. One sunny afternoon, as Fred was sipping his piña colada and analyzing the latest ETHUSD charts, he noticed something intriguing. "Eureka!" he exclaimed, as he spotted a broadening wedge formation taking shape. Fred couldn't contain his excitement, for this was a pattern he had studied and traded many times before. Fred was enthused by the look of his indicators on top of this. They're very oversold on the all important 12hr timeframe which recently has been a great indicator in decent pullbacks. "Resistance!" he shouted, startling his pet parrot, Satoshi. "ETHUSD is hitting resistance, and it's time for some action!" The parrot, not one to be left out of the excitement, squawked back, "Resistance! Resistance!" Fred grabbed his lucky red pen and started to furiously scribble his analysis on the chart. The broadening wedge formation Fred spotted had all the telltale signs: the price range was widening over time, creating an ever-expanding pattern that looked like a giant megaphone. Fred knew from experience that this could indicate a potential reversal in the trend. "A pullback is coming, Satoshi, and it's going to be a doozy!" Fred exclaimed, his eyes sparkling with anticipation. Fred's analysis led him to believe that ETHUSD could still reach a top of $2500 this year, but not before a significant pullback within the next couple of weeks. He couldn't wait to share this revelation with the other traders in the land of Crypto, for he knew that some of them would be as excited as he was. With a skip in his step, Fred donned his favorite Hawaiian shirt, fired up his laptop, and logged into TradingView. He began to type out his story, hoping that the humor and wit he was known for would bring a smile to the faces of his fellow traders. He imagined them chuckling at his funny analogies and clever wordplay, even as they eagerly considered his analysis. As Fred shared his story, he couldn't help but feel a sense of camaraderie with the other traders who read it. He knew that the wild world of Crypto was full of ups and downs, but through it all, they were in this together. And as long as they had their wits about them and their trusty charts to guide them, they would navigate the treacherous world of ETHUSD trading with confidence and a smile on their faces. And so, Fred's story spread far and wide, inspiring traders all across the land of Crypto to brace themselves for the impending pullback. Together, they laughed in the face of resistance, knowing that the mighty $2500 top was still within reach. For in the land of Crypto, even the most serious of traders could find humor in the patterns and trends that governed their world. And it was all thanks to Fred, the eccentric, pineapple-loving trader with a penchant for spotting broadening wedge formations.
BITSTAMP:ETHUSDShort
by bitdoctor
INJSDT: Facing Resistance, Overbought, Retracement PotentialInjective Protocol (INJSDT) has recently experienced an impressive rally that saw the price surge from a significant support level around $2.50 to a crucial resistance level at $4.65. As the market now seems to be in a range, various indicators are signaling overbought conditions, raising questions about the next possible move for INJSDT. Current Market Situation At the time of writing, INJSDT's price has stalled around the $4.65 resistance level. This level has proven to be a barrier for the asset in previous instances, making it an essential price point to watch. The support level at $2.50 played a significant role in the recent bounce, and this level is worth noting as a potential target in case of a retracement. Overbought Indicators One of the critical factors in the current market situation is the overbought condition of various technical indicators. These overbought indicators suggest that the market might be due for a correction in the short term. In such a scenario, the price may either consolidate at the current level, allowing indicators to reset, or it could undergo a retracement to lower support levels. Wave Master Indicator on the 4h Timeframe The Wave Master Indicator on the 4-hour timeframe has been a reliable tool for gauging price trends and identifying potential market reversals. As of now, the indicator is beginning to curl down after the recent thrust upwards, indicating that the bullish momentum may be losing steam. Potential Scenarios Consolidation: If INJSDT's price consolidates around the current level for a few days, it could allow the overbought indicators to reset, paving the way for a renewed push towards higher resistance levels. In this scenario, the price could potentially reach the $5.35 to $7.50 range. Retracement: Should the market fail to consolidate and the overbought conditions persist, INJSDT might experience a retracement back to lower support levels. The price could drop to around $3.00 before resuming its upward trajectory. This would still set the stage for a possible move to the higher resistance levels between $5.35 and $7.50. The consolidation or retracement scenarios will depend on whether the market can stabilize and reset the overbought conditions or whether a deeper correction is necessary. As always, exercise caution and utilize proper risk management techniques in your decision-making process.
by bitdoctor
AAPL has some pressureOnce upon a time, there was a guy named Jack who was obsessed with trading in the stock market. He spent every waking moment analyzing charts and studying market trends. His favorite company to trade was AAPL, and he had been eyeing it for weeks, waiting for the perfect moment to buy. Jack had set a goal for himself to ride AAPL up to about $168, but unfortunately, the time hadn't come yet. He was patiently waiting for the price to dip a bit more so that he could pounce on it and make a fortune. He spent hours each day checking his charts and watching the news, hoping for a sign that the time was right. One day, while Jack was staring intently at his computer screen, his roommate walked in and asked what he was doing. Jack excitedly explained that he was waiting for AAPL to retreat so that he could buy in and ride it to $168. His roommate looked at him skeptically and asked, "Why are you waiting for it to go down? Isn't the goal to buy low and sell high?" Jack chuckled and replied, "Yes, but I have a secret weapon, the wave master indicator! It's showing some downside pressure, so I'm exercising patience and waiting for the right moment." Be like Jack. Use your indicators. Check the chart and you can see when a buy has triggered, it resulted in a big move down. We haven't see a 4h sell signal since 2021 and we just got one. Wait for the green wave to reset.
NASDAQ:AAPL
by bitdoctor
6
Ethereum Important supply & demand zonesI am a time traveler and I come from the future. This is a story that is told to our children. Once upon a time, there was a cryptocurrency called Ethereum. People who traded Ethereum watched the price carefully. They noticed that when the price reached $2300, it would go down, and when it reached $800 (if $1200 didn't hold), it would go up. But something strange was happening. Banks were playing games with the money, and the range wasn't behaving normally. People watched and waited for a big change. Finally, the price went down a lot, and people who were watching carefully made some money. They learned that it's important to pay attention to the price and the key levels, even when things are strange. We are in this range now. As long as $1200-$1350 holds, I believe will get to the $2300-2500 target this year. If that $1200 level fails, I think ETH can drop quickly to $800 which would be a 33% drop. Watch that weekly hidden bearish divergence (in white). It may be a significant sign of weakness if we don't get back into the diamond I've been discussing for a week or so.
BITSTAMP:ETHUSD
by bitdoctor
AAPL has turbulence incoming - path is intactAs Bart would say, yo, what's up dudes? So, like, if you're checkin' out the AAPL stock right now, it's lookin' pretty gnarly. It seems like it's gonna go down more, but the real question is if we're gonna hit the top of the channel or not. Personally, I think we're gonna hit the median of the channel and then bounce from there. But, you know, you gotta be super careful right now 'cause futures just rolled and who knows what kinda turbulence that's gonna bring. So, keep an eye out and don't have a cow, man. Look at the wave master indicator. significant sell signal with ALL. FOUR. WAVES. in overbought right now. If AAPL breaks the median, then we've got one heck of a drop coming. The last time the waves looked like this? January 3, 2022 near ALL TIME HIGH .
NASDAQ:AAPLShort
by bitdoctor
SPY Setting up for a bounce soonOnce there was a guy who talked about an outcome that nobody believed in. He was laughed at and ridiculed for his ideas. He tried to explain his point of view, but people dismissed him and thought he was foolish. However, he remained persistent in his beliefs and continued to speak about his theory. Then one day, something happened that proved him right, and suddenly, nobody was laughing anymore. They realized that they had been wrong and that the guy had been right all along. The guy's persistence and belief in his ideas had paid off, and he was now recognized for his unique and innovative thinking. Oh wait. That guy is me. We're likely going to bounce soon, though. Look at the fib measurements I'm providing in this chart. We tapped the 100% extension perfectly. This does look wave 3-ish so be cautiously optimistic. I discussed 3900 in a recent video as well. Well, here we are. Almost 150 points lower from my previous idea that I shared here that was laughed at. But seriously - look at that perfect bounce off the 100. Probably just a bounce, but a bounce will come overnight, then tomorrow when NFP is released... we'll see if this is a wave 3 or not.
CME_MINI:ES1!
by bitdoctor
Stock Market Pivot IncomingThe market sways and shifts its course, Pivoting with great force, A dance of bulls and bears, With twists and turns that no one dares. Investors and traders are closely watching SPY SPX QQQ and NDX as they approach an important supply level, anticipating a potential pivot to the downside. This key level is viewed as a point of resistance where selling pressure may increase and buyers may become less willing to continue buying at higher prices. If the market fails to break through this fibonacci level and instead begins to retreat, it could signal a shift in sentiment and a potential reversal in trend. As a result, many market participants are preparing for a potential downside move by adjusting their portfolios and risk management strategies, while also keeping a close eye on other key indicators and technical levels to confirm any potential shifts in market direction. I plan to watch for a reversal incoming at the coveted 61.8% fibonacci level as the primary area of supply and watching for a move down to 3900. That's a significant move from here if I'm being honest with you. Watch key indicators and note that the 4h wave master has significant hidden bearish divergence forming. The green wave is the highest it has been since January 9th. The momentum indicator is also red as well. Be careful friends.
CME_MINI:ES1!Short
by bitdoctor
3
INJ is an altcoin and you know what that meansThe numbers rise and fall like waves, A game where no one saves, For fortunes are made and lost, In the blink of an eye, at great cost. When investing in a volatile asset, it's important to not let greed cloud your judgement and instead focus on seeing the big picture. While it may be tempting to chase quick gains and try to time the market, this can lead to risky and irrational decisions that ultimately hurt your portfolio. Instead, it's important to take a long-term perspective and assess the fundamentals of the asset, such as its underlying value and potential for growth. By keeping a level head and making informed decisions based on the big picture, investors can navigate the ups and downs of a volatile asset with greater confidence and potentially reap greater rewards over time. I'm going to be focusing on the range we are currently in. This is a range clearly defined by support and resistance levels identified early on. Late 2020. It was solidified in early and mid 2022 as we went back through this range. Now we're right in the middle of it creating some price acceptance. But what comes next is what matters. Support and resistance trading is a popular strategy used by traders to identify key levels within a specified trading range where the price is likely to encounter buying or selling pressure. Support refers to a level where the price has historically found buying interest and is expected to hold up, while resistance refers to a level where the price has struggled to break through and is expected to face selling pressure. By identifying these levels, you can enter long or short positions accordingly, with a view to profiting from price movements within the trading range. However, it's important to note that support and resistance levels are not always precise, and the price may break through them or bounce off them with varying degrees of strength. As such, youshould use other indicators and risk management strategies in conjunction with support and resistance trading to improve your chance of success. With these other indicators, I would like to focus your eye on the wave master indicator at the bottom of the chart. Notice it's very undecided right now. A great buy was alerted in December 2022 and as of right now, the daily green wave is resetting but the yellow/red waves are overbought. I would expect a bounce to come, but if we break the lower bound of this range that I've defined, I'd be very careful. Also notice the momentum indicator was flashing red in mid February but has gone away as we are resetting the daily green wave on the wave master. I'd be bullish right now. Cautiously bullish. There's important levels below to watch out for but ultimately a bullish pivot at my white level would be important to hold over a couple days. Bullish targets would be around 7.75 and then around 13.00
Long
by bitdoctor
1
Cardano - Is ADA heading to $10 or $0.10?Taking a close look here and through the duration of 2022, the white wave on the daily wavemaster has been oversold ever since about April. This is the most bullish it has looked in a year. Watching the green/yellow/red, things are still pointing up but not for much longer. Give it another 2 weeks or so and we'll get a decision. Until then, lets look at some key horizontals. Right now, we're at the resistance from January 2021 around 40 cents. That's right around where we are now. Having some discussions with others online, I adamantly pleaded with people to be a buyer below 30 cents and to buy more at 25 cents. Well, here we are. ADA has risen 56% from there and only now you're interested. This is a reason why I am being very picky with what I would like to buy. Right now, Cardano is not a net new buy but rather I'm watching for a profit take area. It's quite interesting that we've seen a great reaction off the 50% internal retracement from the March 2020 low to the August 2021 high. The target for that kind of a bounce is around $10 if we go to new highs but I am skeptical at the moment. Sure, more upside is likely, but I'd be more interested if we dropped to the golden zone instead. The perfect path would be for Cardano to go to roughly $1, then return to about $0.10-0.15 before making that move to $10.
Long
by bitdoctor
3