This is a stock that is down because of the Bill Hwang liquidation at the end of March. I am long ($41.62 avg) with a first price target of $52.30 and a second at $60.73.
Reasons why:
1) RSI is just above oversold levels (35).
2) It's holding the long term trendline from the bottom in March 2020 at $10.10.
3) It's holding the 200SMA and the 9EMA just caught up....
It's been an incredible week of selling that has brought lots of fear into the market and shaken a lot of people out.
At this point here at the 50k level, I am bullish for a short term reversal up to the 56k level. After that, another analysis will need to take place.
Reasons for expecting a reversal.
1. Daily RSI is at its lowest since March 2020. Only slightly...
Bitfarms has had a clear rejection of the bottom trendline and didn't even respect the 50 MA (which it did the last time it touched it on Jan 27 and 28). Those factors accompanied with a crossing of the 9 and 20 EMA mean I am bearish.
It's a shame too because Bitcoin mining should do well as Bitcoin has been on a tear, plus they've applied for an uplist to Nasdaq...
Hut 8's revenue is EXCLUSIVELY Bitcoin so when Bitcoin is pumping, it's rough watching Hut 8 declining. Anyone who's held this stock for some time, has felt that pain at least a few times. Today was especially frusterating with Bitcoin reaching all new highs and this stock dumping from the open, down 6.17%.
But today's decline was technical in nature. We're...
\I was bullish until today. Here is what happened which made me swap bias.
1) The last three days we have put in lower highs (12320, 12147, 12020). That is bearish.
2) We rejected the daily trendline which was set from the all time highs this year on June 25. This is a mega-trendline (thick black on my chart).
3) We rejected, re-tested, and then re-rejected the...
Today the bears lost control and the bulls are now back in control. As of today, I am now long.
Here are my bullish indicators.
1) After the dump down just below weekly support to $9500 I started a trendline from the low. We are now above that.
2) The $9600 level is a major support level on the weekly timeframe. BTC was not willing to stay below it. Tested it...
Recently we did a monster break out of a descending triangle. This was bullish. However, we've yet to re-test our bottom trendline. If we test it (currently just under 10k) and it holds, that will be bullish.
Likewise, if we break out of our upwards trend line that will also be bullish (both are pictured with arrows).
Looking at the next week of trading, I have...
See notes on chart to show why I swapped bias today to go long.
I'm bullish to $11500 where there is major historical resistance and another downwards trendline.
Bitcoin has been showing continued signs of weakness. While I have been neutral for the last week, it broke a key trendline at the bottom of an upwards parallel channel (see my last chart to see that). This made me confirm my suspicions that I should have a short bias. I am anticipating a bottom in the $8000 to $8725 range depending on how fast we fall.
We are...
After bad guidance and downgrades, $ILMN was destined to fall. My theory for initiating a swing trade is the selling was too overdone. This is not a long-term "long" but an idea for a short-term "long". I think it is very likely to recover to the 200 EMA (purple line) but watch there is a daily trend line (black line) which will likely be strong resistance too....
Looking at the hourly chart it looks like Bitcoin is in an upwards parallel channel. As long as the bottom of the channel trendline holds as support, we could be looking bullish. However, there are numerous indicators that make me believe it might not hold.
1) The seller volume has been much higher, engulfing all buy volume.
2) The recent "M" pattern (bearish)...
