My bullish confidence comes from the 3M and 6M charts which show a much more positive price structure. What piques my interest on this timeframe is our EMA stack and the flagging nature of our short term EMAs now coiled inside our Long Term EMAs.
It make some time to play out but in regards to r/r BA has that look. If BA fails at this level and our EMAs confirm...
No this is not a top call, but this is not the r/r to be taking new longs.
Trends can stay long overbought before correction but data points to a breather on the horizon for tech and the Qs.
Selling CCs, Buying puts, etc.. to offset some delta is wise at this stage in the daily cycle.
The market breadth is about neutral as it gets which could be argued to either side.
QBTS is trying to regain its bullish daily trend. While we have had 3 consecutive days back in the green candle (bullish) territory, the momentum has not been long enjoyed by the bears. Today had the glimpse of bull traction but close wasn't the most convincing.
Nevertheless, EMA stack looks solid and daily closes are looking promising. Don't be surprised if we...
Smalls caps seems to be building a base in which momentum will play out sharply one way. The million dollar question is which direction that momentum releases. In instances like this I don't hate the idea of being long premium (straddle).
EMA stack is bullish so probability favors the bulls.
We will see how this plays out in the days/weeks to come.
Zooming out really gives you a bigger picture of what this move could be the beginning of. In my time studying price behavior I find the best r/r opportunities come on retests of a negative divergence on the RSI. As you can see on our Weekly chart, we have moved below our RSI moving average. I would really start to worry from a bullish standpoint when the moving...
Today we had a bearish trend change on the Daily. This is significant given the last bearish change occurred back in April '24. The bears can't celebrate just yet as we are sitting on our long term EMAs but bears will have an opportunity to defend shortly. I'm keeping an eye on our RSI possibly going to retest our downward sloping RSI moving average around the 50...
Pullback on the bullish trend here looking on a large timeframe. Discount prices at these levels and I certainly know my wife hasn't slowed her obsession. Long term believers should rejoice at a these levels.
3 month timeframe zooms things out for us. I like to use my EMAs on longer timeframes for this very reason. If you are a long term believer in the coffee giant then this is a value add level. I don't love that lower high that was created previously which give the overall picture of a H&S. Overall, this doesn't scream super bullish BUT long term believers are being...
Bitcoin daily trend is currently in a bullish price structure indicated by the green bars. We tested lower EMAs where we bounced. I also see a nice bull flag on the wkly which gives the move higher some coiled pressure if we continue the momentum higher!
