ChrisPtaco_32

ChrisPtaco_32

This is a 3-day log chart of Bitcoin showing the trend that it has been in since inception. According to this, we will hit about 290k by January 2022. I don't necessarily expect it to get to that point and I will most likely take profits starting at 140k since the risk will be too much at that point and I don't want to have a heart attack. I do expect several...

ChrisPtaco_32

This is a 3 day chart of Litecoin on a log scale and looks like it could reach as high as $3,000 by 2022 and even possibly higher if it continues on its current trend. Cloning the bottom trendline gives us good targets to look out for. It has cleared the $145 resistance and will need to stay above this to make a run at ATH around $350. After that, I think it will...

ChrisPtaco_32

Bitcoin has been on a tear since March 2020. The breakout in November followed up by the breakout in December, we have only seen one small pullback of about 16%. Taking the fib levels from the 2017 high to the March 2020 low, the levels almost perfectly match up with 20K and 30K being levels of support and resistance. We've only seen a minor 15%-20% pullbacks in...

ChrisPtaco_32

While covid cases rise amid a new strain and the stimulus bill stalls as the government looms on a shutdown, the charts do not show any real type of bearishness at all. Actually, quite the contrary. Looking at this last runup, we have a big pop the week prior to the elections and we were able to break through the downtrend, retest, and resume off of it. The SPX...

ChrisPtaco_32

I took some puts on the SPY this week as I think it will pull back a little bit before we see a monster rally and blow off top. It broke the 12 year trend line in after hours and I think it has some more downside to come. The $340 level is my first target and anything less than that I will be attacking to the downside aggressively. We could finally be seeing fear...

ChrisPtaco_32

Alibaba got way oversold after it's ANT IPO was shat on by the Chinese government. They are just scared they are losing control with Alibaba's payment system AliPay. No reason why the stock should pull back 20% though. Alibaba is an enormous growth engine sure to continue to compete with Amazon and other online retailers in the future. I took this trade with some...

ChrisPtaco_32

I took this trade today with a breakout of a nice consolidation bull flag and retest with resumption. First target is $342 and second is $400. Nice momentum on the MACD in positive territory on the 8 hour chart. This is not financial advice! Good Luck!

ChrisPtaco_32

Apple is forming a nice bull flag. It looks like it was almost a false breakout from an inverse head and shoulders and now has been consolidating in a channel that could be indicative of a bull-flag or cup & handle formation. Both scenarios are very bullish. It is also sitting right below is long-term lower trendline it has held since March. If we pop back up...

ChrisPtaco_32

I decided to take a look at Fedex on the monthly chart and found this really nice parallel channel going back to 2000. A massive 213% gain since the march lows and it just took out the all time highs. We are getting close to the top of that channel but even a pullback and bounce off of 274 would present a decent R/R ratio. That is some crazy price movement and I...

ChrisPtaco_32

I don't typically look at Walgreens or CVS because I honestly do not get excited about retail brick & mortar at all. Although, the recent pandemic may have helped them in many different ways, one of which is that pharmacist are allowed to give ALL vaccines. That is HUGE for these companies and honestly horrible for small practices. Hmmm, I wonder if that seems...

ChrisPtaco_32

Pinterest is finally starting to look a little weaker after a massive 40% pop in July. I have been watching that gap for quite some time just wondering if it will ever get filled. Clear divergence on the MACD and RSI as it has just continued to chug higher. I am hoping it comes back down to the $25-$35 dollar range so I can actually pick up some shares. This one...

ChrisPtaco_32

Amazing to me how one tweet about cancelling stimulus talks takes silver down 4% after it was looking great. We have broken a key trendline and I am leaning towards the downside. I refuse to short the precious metals because I think more stimulus is coming and it is just a matter of time. Nevertheless, this does not look good and I would expect the 22, 20, and 18...

ChrisPtaco_32

The entire market is relying on stimulus to pass. It is so evident that if the stimulus does not pass before elections, we will ultimately see the downtrend continue. It looks like we had a bull trap and and a potential island reversal pattern after the breakout from the falling wedge. We closed above the 50 day MA but then fell right back below it after the news...

ChrisPtaco_32

I think we are going to see a nice bounce back in the tech sector this upcoming week but we still remain in a downtrend for most stocks. I can see Amazon retesting the 3200 level before meeting a couple of resistance points. It had a really nice bounce off of the 100 day MA but I think momentum is waning now and we will see a deeper selloff heading into October....

ChrisPtaco_32

Apple managed to rally and close above the 50 day MA on Friday. We had two bear traps last week so I am questioning now if this is a bull trap? The MACD is below the zero line and is gaining some momentum to the upside. The RSI is in a good range right now but has not become oversold. I highlighted a major gap that I feel like will be filled before we see...

ChrisPtaco_32

Taking a look at the Nasdaq, we seem to be forming a descending wedge pattern after breaking the main trendline that has acted as support since March. We have a lot of reasons to be bearish but so far the price action has not swayed me into any shorting opportunities. There is RSI divergence and an MACD crossover on the weekly chart. Not looking too good into...

ChrisPtaco_32

Tesla has had two perfect bounces off of the 50 Day MA, one of which was off of the 61.8 fib level measured from the March lows to August highs. The charts do not reflect the overvaluation of the company. I remain super bullish on Tesla and will continue to remain bullish until I see a suitable competitor. That does not mean that I am willing to pay $387 for...

ChrisPtaco_32

I am very skeptical about this trade but the reaction from Jerome Powells speech has been a clear indication that the equity markets need more stimulus to keep the sinking ship afloat. Fundamentals aside, we have had a clear breakdown of apple and are very close to confirming a downtrend. It is still holding its trendline from the march lows but I think that will...