ItisCalvin

ItisCalvin Updated 

The quick and dirty of this chart shows that there is a double top that is currently forming. Will it sustain? Possibly and I will see what happens tomorrow before making any plays. This has the potential to not only blow through one but two of the recent formations of short-term bullish trends which wouldn't be a good case for the bulls anymore. Many of the...

ItisCalvin

The News Is this finally the end of the long trend down or are we do for more turmoil as the unemployment claim numbers are released? So far, the market has been on a rally as the stimulus bill is being hammered out in Congress. There are a few who are holding out over key details of the bill. COVID-19 is only continuing to grow exponentially with the...

ItisCalvin

As we face the harsh reality that the world around us is shutting down, we must come to terms with just how low this market can go. The 5-wave pattern has failed to fruition which is expected if there is no bounce. The next target level is 16,834 in about a week if this continues. Until the economy ramps back up, more bad news is on the way. News The...

ItisCalvin

This has been a wild few weeks of extreme volatility. You can go in it blind or use your skills as a technical analyst and news junkie to determine what price action we may see in the next few days. The Winners and Losers We are likely to see more downside in the next weeks with a bottom potentially in 2 weeks. There will be a bounce between now and then so...

ItisCalvin

What a rodeo it has been for BTC as we enter the new year. Complete opposite of 2019 start which had us at ~3700. Is this a repeat of 2015 & 2016? Time will tell as we progress in this new year. Over a week ago, we successfully broke through the mid-term downtrend to establish a quite a steep short-term uptrend . That uptrend is now broken and we are in an...

ItisCalvin Updated 

What a crazy few days of trading we have been having during this time. I am currently in fiat. There is a falling wedge that I have been following for the past six days and I am amazed that the price has traced neatly inside of it. If the price can break 9030 then it is a sure bullish sign written in the stars. Failure for it to break out with a decent volume...

ItisCalvin

Here we are, days before the possible split of Bitcoin to Bitcoin Cash (BCC). This could have a number effects on the cryptocurrency, least of which is some price movements. It appears many are buying for the sake of having some BCC when the split happens on August 1st. These buyers could turn really aggressive bear after August 1st after they get their BCC. On...

ItisCalvin

Currently, the indicators are pointing towards some downward movement here in a few days. There is an overall positive uptrend, but for now, a correction looks to be in order. Stoch RSI - A bit too overbought for my liking, I can see it swinging back the other direction. If it hits around 20, I'd expect prices in the range of 2400-2500; any lower, 2300s. RSI...

ItisCalvin

Honestly I have no idea I have done. An hour of extra time I decided to slap together this. A couple of 3D shapes and some indicators. Let us get right to it. So, for the past 3-4 weeks I have been on a total bitcoin blackout. I have no idea what (still don't) news has gone on and had not looked at a BTC price checker. If it went mainstream that is the only way I...

ItisCalvin

We have reached down below 300 for the first time in 3 months. This is not looking so good for the bull of the market. The bears all but own this trend right now. It seems like the whole long term trend is about to go bearish if we cannot turn it around. Maybe we should let it since it is quite a struggle to work against those who see the USD as a more lucrative...

ItisCalvin

This market has been god awful boring (for Bitcoin that is) for quite a while. Quite frankly I have not been charting it as much during these past few months. I think my brain has just drained all the TA information as I picked up such terms as float, degree of operating leverage, days sales outstanding, covenant et. al. In any case, Bitcoin seems to be just about...

ItisCalvin

What I have generally been noticing on the price ticker on my phone is the lack of any big downtrends on the long term trends. For instance, the previous high we made this month happens to have made it all the way up a big chuck of the way. Not characteristic of what we had been in previously (blue box). So, for the moment it is a giant stability period. An...

ItisCalvin

So, as we have seen PayPal news did have a positive effect on the market, but it was short lived as we tumbled back down again. This is characteristic of being in a bear trend still. The chart that I have decided to do was looking at how up trends and down trends length can tell you the dominant trend of the market. The greater the length means that the market is...

ItisCalvin

This chart is a disaster of colors and lines. Yet, it isn't too hard to read. There are your Fibonacci retracement lines which are good points to look at for your profit zones. Two Gann fans, I believe, are in here. The third may be on the outskirts of the chart. A pitchfork as well that is the same is my 2nd to last chart. In general, as long as we can remain...

ItisCalvin

Right now the market has been unable stay above 476 very well. There are many other indicators that are getting bearish as well. The one thing I was noticing when the candle was about to close was that it was on the edge of shooting star and doji. It ended at a gravestone Doji (almost) which means it closed and opened around the low. What this suggests based upon...

ItisCalvin

So, I’ve had some lack of motivation for a while. Prepped this 7 days ago and then got caught up in something strange that made me feel like junk for two days. Well, I’m back and ready to see what the market has to offer. Today I am using my all-time favorite modified Schiff pitchforks. I always seem to come back to them since they seem to fit so well. This one I...

ItisCalvin

The current short term trend remains bearish until we can get above 520. The mid-term trend is still bullish until 356. I really do not think that we will break down below the mid trend target unless there is a good reason to do so. What is for sure is that there is going to be some nice swings that you can capture some $ if you can time them right and follow...

ItisCalvin

What I am seeing right now is Bitcoin has moved to the other most pitchfork. Please take note that I did add an extra parallel line since BTC is highly volatile. The red line seems to be most fitting for Bitcoin since it never seems to want to go higher very quickly. We will have to wait and see on that. For a time it had been following that original orange line...