BTCUSD (Coinbase) is still in consolidation and has not broken the enormous range of the 19 May candle. BTC will need to stage a strong upthrust through the upper range to re-energize bulls, but overhead resistance is robust.
Today BTC is running into broken head and shoulders trendline resistance and then faces 200 day SMA before the dreaded death cross...
IPI in Wyckoff Distribution, get ready for Markdown phase!
Don't like Wyckoff? Consider downside targets on traditional head and shoulders break measures to same area.
PSY = preliminary supply
BC = buying climax
AR = automatic reaction
ST = secondary test
SOW - sign of weakness
UT = upthrust
LPSY = last point of supply
Source for labels: Stockcharts.com
BTU has bottomed and is moving up on a breakout of an inverted head and shoulders pattern with a successful retest. Short term (4 - 8 weeks) target is 9.80. While coal is the most hated commodity today from a political perspective, price action is bullish.
UUUU broke out of consolidation today with a strong move off of the 50 day moving average. Target price on pattern measured move is $9.30. Failed breakout at $5.22, set stop.
A break of 540 is bad news for TSLA bulls. Andrew's Pitchfork shows trend and timing!
First support at 418 based on Hurst theory lagged moving average bisection.
Second support way down at 190 is the full measured move from the peak at 900 to the pattern break at 540.
Broken head and shoulders neckline indicates downward measured move to 30K. Fib retrace from last summer consolidation to ATH indicates downward move to 30K.
