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Wednesday, April 3, 2019

Bitcoin - Approaching Important High

In January 2019 analysis bitcoin was identified as likely to rise to 5,500.  That move is underway.  Once bitcoin broke out above the white trendline, the price spiked.

Bitcoin is approaching double resistance with the red horizontal above.  Once the price objective is reached, bitcoin is set for another fall with the same size as the November decline.  The measured decline with price target is shown.

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Before:

January 23, 2019 analysis: 

"Bitcoin is likely to be consolidating for a pop next.  Price has been holding in a tight range which typically occurs just before a stronger move.

A move up to test the red horizontal next is anticipated."

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Posted by at

49 comments:

  1. SCApril 3, 2019 at 8:58 AM

    Bitcoin is giving a big hint that an important peak is also coming soon for the stock market.

    ReplyDelete
  2. SCApril 3, 2019 at 8:59 AM

    Stopped out UVXY $37.20.

    ReplyDelete
    Replies
    1. SCApril 3, 2019 at 9:05 AM

      SVXY testing it's previous high therefore the head and shoulders pattern is likely busted.

      UVXY looks like it wants to test the September low of $35 and if that breaks next spot around $28.

      The high is coming though. Will look for another entry soon.

      Delete
    2. louis lombardiApril 3, 2019 at 9:31 AM

      sc are you thinking spx goes higher

      Delete
    3. SCApril 3, 2019 at 10:22 AM

      SPX still not overbought. Waiting for that.

      Delete
    4. FrankApril 3, 2019 at 11:13 AM

      sold all spxs now, they will do anything to keep this going up, trade deal to cover the brexit, threaten the Fed...

      Delete
    5. SCApril 3, 2019 at 11:35 AM

      It is frustrating isn't it. I will be looking again soon though.

      Delete
    6. louis lombardiApril 3, 2019 at 11:37 AM

      I'm big enough to buy more by another 25000 shares however it's very hard to pinpoint the top or the bottom I don't think there's no need to panic

      Delete
    7. FrankApril 3, 2019 at 3:28 PM

      yeah really frustrating, and with the high in July still 3 months away, would be over 3000+

      Delete
  3. louis lombardiApril 3, 2019 at 9:49 AM

    I also notice that your cost and UV XY was 42.80 did you sell half of your position or you sold a whole position

    Are you still holding your spxu

    ReplyDelete
    Replies
    1. SCApril 3, 2019 at 10:30 AM

      Whole position. SPXU holding. Once SPX becomes overbought it'll be time to increase.

      Delete
  4. louis lombardiApril 3, 2019 at 10:46 AM

    What is your target price for SPX for topping I have a rather large position in SPXS with an average cost of around 22 I prepare to buy more What if within a go up to 2950 will possibly 3000 I don't mind dump in it and buy it back I made a ton of money shortened UV XY

    ReplyDelete
    Replies
    1. SCApril 3, 2019 at 11:33 AM

      I don't see SPX doing that now. Just fine tuning UVXY.

      Delete
    2. SCApril 3, 2019 at 11:39 AM

      Volatility is very time sensitive. High soon for SPX.

      Delete
    3. rose2797April 3, 2019 at 11:53 AM

      Sc What u expecting. 2907. Then down

      Delete
    4. SCApril 3, 2019 at 12:55 PM

      SPX has reached my 2,880 level so looking for a high soon.

      Delete
    5. RobApril 8, 2019 at 11:08 AM

      SC - are we looking for the high now instead of July? Thanks.

      Delete
    6. RobApril 8, 2019 at 11:13 AM

      SC - seems like bitcoin/SPX may selloff together into June?

      Delete
    7. SCApril 8, 2019 at 11:48 AM

      Yes, agree. SPX high coming, with bitcoin.

      Selloff together. Bitcoin chart is very choppy, many highs and lows this year. So another high in July also. It looks good!

      Delete
  5. louis lombardiApril 3, 2019 at 11:39 AM

    Seems like that's the Top everybody selling I mean covering their shorts

    ReplyDelete
  6. SCApril 3, 2019 at 12:54 PM

    What I would like to see is SPX overbought and UVXY oversold on the dailys.

    Keep it simple. One more push would do it.

    ReplyDelete
  7. louis lombardiApril 3, 2019 at 1:06 PM

    I think we're going to see 0 5 10% pullback in the market when it hits it's high

    ReplyDelete
  8. SamApril 3, 2019 at 1:18 PM

    they don't even let spx drop more than 20, futures still going up again, where u see spx for uvxy $28?

    ReplyDelete
  9. louis lombardiApril 3, 2019 at 5:45 PM

    https://imgur.com/a/eDi2S1q

    ReplyDelete
  10. louis lombardiApril 3, 2019 at 6:01 PM

    https://imgur.com/a/0wHQE5V

    ReplyDelete
    Replies
    1. FrankApril 4, 2019 at 5:42 PM

      for this we need to turn down right now, and they sure watching the market, using the "epic monumental" trade deal again

      Delete
  11. louis lombardiApril 3, 2019 at 6:10 PM

    https://imgur.com/a/0tlKVVi

    ReplyDelete
  12. louis lombardiApril 4, 2019 at 6:36 AM

    3 29 3/30 gap 2840 has to be filled!!!!!

    ReplyDelete
  13. FrankApril 4, 2019 at 10:02 AM

    all premeditated as they will keep saying trade deal almost done, but don't sign the deal yet as coverup for all the bad news, recession concerns earlier, Mueller report, brexit, obstruction report today still nothing

    ReplyDelete
  14. FrankApril 4, 2019 at 6:44 PM

    earnings season must be not that good as they now need another 4-6 weeks for the deal

    ReplyDelete
  15. rose2797April 5, 2019 at 1:26 PM

    GBTC ran. And this market will never come down

    ReplyDelete
  16. SCApril 8, 2019 at 11:56 AM

    Bitcoin approaching important high then suddenly very weak.

    ReplyDelete
  17. louis lombardiApril 9, 2019 at 8:44 AM


    Louis M Lombardi
    11:43 AM (0 minutes ago)
    to Brad

    there is also a gap on feb 11 to feb 12 that has to get filled which is around 2716
    The march gap 3/29 to march 3/30 is about 2837

    ReplyDelete
  18. louis lombardiApril 9, 2019 at 10:17 AM

    Gaps are always filled just look at the daily spx feb and march gaps will be filled in my opinion at some point i have to ely on other measures bedides elliott wave etc the question is how high before a drop any thoughts

    ReplyDelete
  19. louis lombardiApril 9, 2019 at 1:46 PM

    https://imgur.com/a/Tn5sffP

    ReplyDelete
  20. rose2797April 10, 2019 at 11:53 AM

    Block chain u again

    ReplyDelete
  21. louis lombardiApril 11, 2019 at 6:00 AM

    https://imgur.com/a/M7ppWr8

    ReplyDelete
  22. louis lombardiApril 11, 2019 at 6:02 AM

    In my opinion i am expecting spcx to drop to march lows

    ReplyDelete
  23. R RApril 11, 2019 at 8:33 AM

    SC: only to understand your thought: are you always waiting a pull back in april? also if SPX is not overbought? and that run up around 3000 for end of may , beginning of july?

    at the moment what is your target price for the pull back?

    Finally good call 4 bitcoin. Start to revers at 5500 as you predict..!!!

    many thanks

    R.R.

    ReplyDelete
    Replies
    1. SCApril 12, 2019 at 7:02 AM

      Let me update the charts. SPX just starting to move into overbought as suspected.

      Bitcoin has effectively achieved its 5,500 target.

      So we have everything working as it should.

      Delete
  24. louis lombardiApril 12, 2019 at 5:30 AM

    Looks like melt up instead of meltdown sickning market

    ReplyDelete
  25. louis lombardiApril 12, 2019 at 6:03 AM

    https://imgur.com/a/2P0zepp

    Coming up against long term trendline 2930

    ReplyDelete
  26. louis lombardiApril 12, 2019 at 6:44 AM

    https://techstockstandard.com/signal-check-span-a-is-below-span-b-for-direxion-sp-500-bear-3x-spxs/67999/

    ReplyDelete
  27. SCApril 12, 2019 at 7:04 AM

    Chart updates coming shortly!

    ReplyDelete
  28. SCApril 12, 2019 at 7:44 AM

    Chart posted!

    ReplyDelete
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    ReplyDelete
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