MarcoOlevano

MarcoOlevano

After breaking down from the strong rising channel that was in place since the beginning of the year, the total crypto market cap chart found support between the 200day sma & ema. After an aggressive bounce off the lows we have now seen price consolidate in a sideways fashion for the last 3 weeks with the possibility of a triple top formation in play. These...

MarcoOlevano

Weekly chart - uptrend since March 2020 pandemic lows is still intact. Shorter term moving averages still trading above the longer term averages and chart still looking strong. Daily chart - March 2020 uptrend still holding. Short term support level is $412 where we find both horizontal as well as uptrend support and 50day ma support. Resistance level - $423....

MarcoOlevano

Keep an eye on Ethereum. We seem to be building a reverse head & shoulders formation on the 4H timeframe which is generally a bullish reversal pattern. A convincing close above $2908 on the FTX-ETHPERP 4hr chart should then be confirmation that this pattern is in play, with a potential to retest $4100.

MarcoOlevano

As per my earlier RT (Retweet) on twitter, gold tends to display strong seasonality in the second half of the year. The end of May/beginning of June is usually the turning point where gold bottoms and rallies for the remainder of the year. With the USD under pressure and looking to move lower, Gold is in a perfect spot to continue its explosive rally of recent...

MarcoOlevano

The Crypto Total market cap chart has bounced off both its 200 day simple and exponential moving averages. Cryptos in general have their work cut out as there are some significant areas of resistance up front. Also interesting to note that the daily chart has printed a daily RSI divergence which is generally a bullish development. Volatility likely to persist...

MarcoOlevano

Amongst all the news flow driving these cryptocurrency markets in the last week which seems to be creating a lot of FUD amongst the community, I thought it would be prudent to set aside the noise and look at the total market capitalization chart to try and identify what is happening behind the scenes in the crypto world. From this chart you can see the chart has...

MarcoOlevano Updated 

No denying that the trendline that twitter has bounced from after its recent results is a very important level. This has been uptrend support since the stock bottomed at the onset of the Pandemic in March 2020. Tomorrow will be day 3 after the results announcement and if we can see the stock hold above this all important trendline by the end of 4th May session, it...

MarcoOlevano Updated 

Keep an eye on Dawn Protocal (DAWN). I have used the FTX 4hr Perpetual chart as this is the exchange i am trading on. For a more complete price history you can have a look at the code DAWNUSD from Bittrex or alternatively you can find it on coinmarketcap. Please note that pricing levels will change dependant on exchange used. Looking at the chart, you can see...

MarcoOlevano

XRP ready to rip? XRP relative chart is breaking out against BTC i.e. i am expecting a period of outperformance from XRPUSD against BTCUSD. Triangle breakout forecasts an almost 30 percent return (& relative outperformance) if pattern objective is achieved. If your broker/exchange provides the XRPBTC pair you can trade that by buying the pair, alternatively, you...

MarcoOlevano

XRP has broken the neckline of its inverted head & shoulders pattern this morning on the 4HR chart. Projected target is approximately 1.85 with the possibility of tagging the recent high at 1.97

MarcoOlevano

Bitcoin bulls watch out -> If we break down from this symmetrical triangle on the 4hr chart, we could revisit the liquidation lows from the weekend around the 51000-51300 zone.

MarcoOlevano

#USDZAR - would not expect much further rand strength from here on.. I would keep an eye out for a reversal off this 14.00 - 14.30 zone

MarcoOlevano

I don't want to spoil the party for the ZAR bulls, but what has popped up in my analysis for years is how sticky the ZAR is to the 200 week moving average (WMA). Look at the blue boxes i have highlighted and it is not difficult to see how often the rand retraces back to this 200 week ma before weakening. This moving average almost feels like a magnet that brings...

MarcoOlevano

Just did a quick observation on the US Dollar Index #DXY over the last 5 to 6 years. The technical picture is looking strikingly similar to the 2017-2018 period where we saw the Dollar exhibit some decent strength. If History repeats then we could expect the dollar to move to at least the yearly pivot at approximately 94.00 over the next few weeks into May...

MarcoOlevano

At the time of writing the Nasdaq100 index is lower by just over 3%. The composite is coming under sever pressure as a surge in bond yields are spooking investors, prompting them to dump risk assets, especially those in the high-flying technology names. Looking at the Weekly Nas100 index from a technical perspective, i see 3 technical factors which are warning of...

MarcoOlevano

Nice tripple divergence setup here on DRD Gold. (RSI lower highs not confirming 3 higher highs in price). After an insane rally doubling in price over the last month, we should start to see a pullback here to at least the 38.2% fib retracement @ R23.85

MarcoOlevano

The top40 index bumped into weekly downtrend resistance @ 52200 connecting multiple tops since 2017. Given the one-sided rally off the march lows, the probability favors a bit of a pause and retracement before an attempt to break out through the oncoming resistance. I would be quite surprised to see the index break out to new highs without some sort of...

MarcoOlevano

The S&P500 has bumped up against the downtrend resistance trendline (DTR) that has been in place since the highs back in February this year. Given the importance of this level, the bulls & bears will definitely have a major battle at this 3180-3185 level as the ability to clear this resistance could well set the S&P500 higher to try and close the gap at 3330. 3140...