marketmind3

marketmind3

We're in the area where I'm looking to nibble on longs. I'm almost not even looking at price levels. I'll almost only be watching for momentum technicals to flatten or turn up. At least the MACD histogram to put in a pink bar. My process is less concerned with what prices of a stock or index are doing, & more with how they're doing it. This revisit of the...

marketmind3

#Bitcoin is finally giving up and breaking down. I've been on the sidelines and ignoring all of the fake breakout attempts. Time to be patient, but a big buying opportunity could be coming (eventually). Ideally we drift down for a few weeks/months. #BTC $BTC $BTCUSD #Crypto

marketmind3

Bitcoin chart has been going sideways for months now. Technically we're still below the resistance of the broken uptrend line (blue line). But I'm starting to see too many traders expecting a move downward (like I have for the past few weeks). The longer it lingers in this range, the increased chance we might actually breakout higher. I'll let the market tells...

marketmind3

#Bitcoin I've been quiet on #BTC as it chopped in a trading range for weeks. Staying on the sidelines has been the right move as we waited for the next big move. Technicals have pointed to weakness all the way, so let's see if we're finally getting a real sell-off. I'll be watching time as much as price, would prefer an extended bottoming process much lower.

marketmind3

Checking in on #Bitcoin. Nothing to see really. I'm not missing much being on the sidelines. We're trapped in this cage, and might be for awhile. Yes, I know it's boring posting "Neutral" directional calls, but good traders know that neutral is a position too. Momentum technical still pointing down, so that will weight on any upside for a few weeks at least.

marketmind3

Like I said, expect fake-outs, and this morning's $SPX gap down looks like it might be a big trap. Stepping back, some will see a successful re-test of the Monday lows as a bullish sign. So next stop will be the resistances in the 2,900-2,915 range.

marketmind3

The most common tweets I'm seeing this morning are "yesterday's/overnight lows should be re-tested" and "sell the rally at xxxx level." Feels like the more uncomfortable trade would be to hold (or add to) my longs from yesterday. So yeah, that's what I want to do

marketmind3

#Bitcoin got the expected mini-rally up to resistance. Looks OK, but what it does here will be telling. Most likely it will fail and resume down somewhere around here. Daily technical look OK, but weekly charts still hint at a few more weeks of sideways or down. I have no positions. Patience.

marketmind3

$SPX has broken rally and first levels of support. After being bullish from May 31 until late July, a few weeks ago I pointed to 2,940 in my weekly-email as a level where I might get more bearish and we're right there now. We'll see how the market closes, but unless it closes above 3,000 (unlikely) I'll be cautious for a few weeks. Cautious doesn't mean I'm...

marketmind3

#Bitcoin Still chopping around and grinding lower. I like buying when sentiment is overwhelming one-sided and we're not there yet. We might get a couple days bounce, but there's too much resistance overhead for me to consider it tradeable. Timing-wise, still feels like a few more weeks of weakness. Join my free e-mail list for my free weekly newsletter where I...

marketmind3

#Bitcoin - Checking in on my buy set-up last week. Looks like a fail so far. Officially I'll stop out around $11,000 and then just stay on the sidelines. If it does breakdown, it can move quick so I'm impatient with it.

marketmind3

#Bitcoin might be setting up for a little multi-day rally here. Its worked off its overbought condition by going sideways and now turning up again - that's a bullish sign. My last few posts I was expecting a choppy period, which we got. The charts were and still are bullish on multi-week time frame. Its a decent buy here since when it moves, it can run hard. #BTC #crypto

marketmind3

#Bitcoin is following the path I laid out. My sell levels were respected. It might find support here at 11,000, but with momentum indicators turning down, the path of least resistance is down in the near-term.

marketmind3

#Bitcoin got smacked down right in the target area I posted last night. Actually, it couldn't quite get to my target - weak. It might try to tag that line again but unlikely. We now have multiple resistance/sell levels: Right here at 11,900, 12,350, and back at my blue line in the 12,800 range. BTC is going to have to at least break through some of these...

marketmind3 Updated 

Still like it long-term, but I don't like risk reward here. If I had any, I'd sell on the touch of the blue trendline. In the 12,500-12,800 range. I'm looking to reload and get long again later, but think we get a better spot lower. Long-term still super bullish, so it might try surprise me to the upside, no big deal. But trading the 4-hour charts has been...

marketmind3

#Bitcoin can be nasty Even when I’ve been bullish on a multi-week time frame, I step aside often when there are signs of short-term weakness. When it moves, it doesn’t mess around. I’ll look for re-entry points and post live when the dust settles. The 4-hour charts have been a good guide for short-term trading. Breakout was a nice buy & the break of the...

marketmind3

#Bitcoin - not for the faint of heart. For a gambler like me, its fun Since buying the breakout in the 4-hour chart worked, I'm selling here with a little profit as it breaks its steep uptrend. We have some technical indicators turning, so we could see a few hours of weakness. Maybe. But there was no technical divergence, so its possible we keep testing these...

marketmind3

Possibly breaking a long downtrend. Had positive MACD divergence going in. Good for at least a short-term move possibly to $8.25 if it breaks out today. But if the move is strong, we could also turn the weekly chart higher, which would lead to a multi-week rally.