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SPY Hangman or FakeoutYesterday the SPY broke above an important level (GAP) at 302. It also confirmed two consecutive days above the 200sma. Interestingly enough on the last close it printed a bearish hangman candlestick. It'll be interesting to see what happens into the end of the week. If we can keep above the 200sma and print a proper bullish structure (double bottom etc), then the potential upside is pretty impressive. If we break down through the 200, I recon we get stuck in a trading range somewhere between 290s-300.
AMEX:SPY
by ncorreia
S&P500 Rally Reached 200 EMA. Fundamentals remain bearish.SPY ETF (S&P500) has reached its 200 EMA at $294 (purple line). This is a significant level, as it may serve as resistance. If we break through $300, then the market may continue going up to $340. 50 day EMA (red) is close to crossing 100 day EMA (green) from below, pointing toward higher prices. MACD chart is near the top, but is still pointing upward. Based on technicals, the rally may continue. Caution may be a good approach to taking long exposure, as traders are selling into these rallies. The fundamentals remain bearish.
AMEX:SPYShort
by chartplay
BNB, Resist @ $26.25, $30, $35, $43 – eventually $200I started buying BNB when it was around $2.50 but had sold all my holdings last year to pay for software development. I recently started buying back in as BNB broke out of a 7 month descending pattern at the beginning of February. But it was more than just breaking out of a 7 month descending pattern that is worth noticing. BNB had also crashed through the 2 year ascending trendline in a clear retention of the 7 month descending pattern over the 2 year support. It should be noted this very closely mimics BTC which had an almost 7 month descending channel, saw a bottom on the same day (16.Dec.2019) but BTC broke out of its descending channel mid-January, 2 weeks before BNB. There are still numerous others reaching breakout points soon, BTC willing. As of yesterday, 9.Feb,2020, we managed to surge back up above the two year trendline but we were stopped at a fairly strong historical horizontal resistance around $26.25. Not shown completely in this chart, this line also is the cap of a previous ATH along and as acting support last summer. This could be a fairly tough resistance to break and we haven’t even fully established that we will retain our position back on top of the major ascending trend line yet. This seems to leave a fairly good opportunity for a small wedge to form here. In the event that we do wedge here, look for a break out very early march. We could keep running up from here but just as we stumbled at $26.50, we can expect a good chance of another noticeable hiccup at $30 where we see $30 logical resistance, some recent previous soft resistance/support and a potential diagonal trend resistance. Past $30 we will see 2x or 3x soft resistance at $35 and then a potential hard resistance at our previous ATH around $43. I believe gauging against similar traditional market valuations, not even counting future growth, BNB is hugely undervalued and really should be around $200 a piece, conservatively. So what to expect next, -A fairly significant resistance at $26.25 , less but notable resistance at $30 , a small hiccup at $35 and a fight for the ATH after that. In the short term keep an eye on that 2 year resistance, if we fall back under and find it as resistance again, it’s a strong sell signal. Long-Term, I see a hold to $200 then re-evaluate. It may take a couple years but $200 is coming . (See fundamentals overview below) Fundamentals: I can trade BNB long with confidence because I have a great deal of faith in its long term price action. There is a lot of angst against Binance in the crypto community but not only did/does Binance provide a lot of projects liquidity that they needed to get this far, they have worked tremendous legislation efforts enabling numerous countries a gateway into crypto. Binance has also have been buying back and burning BNB with some of their profits every quarter. And lets talk about those profits, $1Billion profit a year with a $3Billion market cap. Schwab and TDA trade at a 30 P/E and here, BNB is literally the only crypto traditional markets can valuate with a 3 P/E, its valuated at 1/10th of traditional stock brokers. It should also be noted not only do they own the majority of the lucrative and ever growing crypto exchange market, they now have a BAAS chain to compete with Ethereum, they have also started making a lot of really smart acquisitions, making them closer to a “google of crypto”. I think that this is one of the provably most undervalued crtypto’s in existence today. This is not investment advice, merely observations from my point of view, DYOR. Also please consider looking at depth metrics at vcdepth.io, we have partnered with TV to bring TV charts to the site. Here is a snapshot showing how we often see a prelude to a price drop when there is a spike in bids that is not directly related to a price run.
BINANCE:BNBUSDLong
by EncryptShawn
1
Whales and Institutions EAT up over leveraged gamblers in BTC!Time and time again we see whales crush over leveraged positions - today it is a combination of institutional investors and whales taking YOUR gambled money! We have seen these wide range trends since BitMex and it has only gotten worse as more leveraged trading exchanges are available globally. Don't lose your hard earned money GAMBLING in a market you do not understand and cannot T/A reliably. Blue box = liquidation zone for over-leveraged longs and shorts Do not rely on T/A in the Bitcoin market, time and time again, the charts setup for "obvious" moves in T/A and whales/institutions crush the 10/20/100x leveraged traders because the market has such small liquidity and can be moved very easily.
BITSTAMP:BTCUSDLong
by MSMiner
1
Back @ That Top Resistance Line AgainAfter a ridiculous day, BTC has somewhat settled. Xi said the magic words, Trump continues to be less qualified then a carton of curdled milk to run our country and our our (coincidentally) 4 month exactly lower trend line held intact. Both the Upper Trend Line and an extension of the lower triangles support line were broken, However our massive pull back has us position above the 200sma and the extended top resistance line from our previous triangle. BTC most likely grinds away at the purple resistance line for day or 2 before volume forces another large move. The Closer the 200 gets to that purple trend line the more likely we flag and continue higher, Next resistance being the 10k psych and 10.9k from our last local high before the break down.
COINBASE:BTCUSDLong
by F0urL34f