DSchutz

DSchutz

As the selloff since Nov 2021 continues I'd expect to see a retest of $29k where there's quite a bit of support. Historically when the 200D MA is broken for the first time in a twelve month or longer period we see a correction of about 20% to 50%. As of this post BTC is already about 20% below that 200D MA cross. With the slowing negative momentum (see RSI at...

DSchutz Updated 

Keeping an eye on this one after a recent gap fill. After a large 43% decline over the last 3 months things may finally be shaping up for a long play on RBLX. The setup is promising with a strong intraday reversal on a bullish hammer bar on 1/10/22. Ideally I'd like to see it stabilize a bit more, form a floor around 86 and break trend higher before taking a long...

DSchutz

Little late to the party on this one. Starting in May 2021 the transports started to diverge from broad market indices. Over the last two weeks that divergence has reversed a bit, but worth keeping an eye on this.

DSchutz

Watching the daily close on SPX. If we get a close below 2974 that will setup a bearish engulfing, which could signal additional weakness, and we could see a retest of the pivot low from last Thursday near 2850. You will also notice a few other indicators, some solid white lines that represent various levels of support (zoom out to see how those line up), along...

DSchutz Updated 

Watching a head and shoulders formation here on the weekly. What’s interesting is the lack of support below the pivot low at 285. If that pivot is tested and doesn’t hold, this thing is a falling knife. Keep an eye on this for a potential short opportunity.

DSchutz

Watching a promising setup on the daily for BTC. We’ve seen two stick saves right along LTS-2 (12/18/19 and 1/3/20), and we’re now seeing a nice little price floor establish around 7200. Furthermore, there’s a tiny inverse head-and-shoulders forming as well. For the bulls, watch for price action grinding higher along LTS-2 and towards the top blue line of our...

DSchutz

*Just a heads up, this is a weekly chart, as opposed to the usual daily chart* As previously discussed, we are now seeing price action test LTS-2 (Long-Term Support level 2). This is a significant event given the downside risk if that level fails. Outside of LTS-2, there is some support around 6000-6500 from the previous consolidation and price floor back in...

DSchutz

Something that brought a smile to my face today, seeing all these “Top Contributors” who pump out long-term predictions and price targets on the daily, yet nothing has changed in terms of our current price structure. I’ve been telling y’all for a few months now, we’re in a descending channel. For the bulls, I wouldn’t get excited till that breaks to the upside....

DSchutz

In my last update, BTC was trading at LTS-1 and the 200-day MA, with some hope that things could turn around quickly. With those levels now broken, and BTC actively trading below AND rejecting reclamation of both levels, we may see continued weakness. However, the blue downward channel appears to be intact. With that in mind, I wouldn’t be overly bullish until the...

DSchutz

We finally got that big move that’s been the hot topic for the last few weeks. Unfortunately for the bulls, it was a nasty drop. However, price action may be stabilizing near some key levels of support: 1. Selling pressure halted at 200-day MA 2. May be finding support near LTS-1 (long-term support 1) Despite these two levels of potential support, we may still...

DSchutz Updated 

Little change since my last update, but what has changed, is my short-term outlook. In my last update, price action was constrained to a triangle, and bound between two very close levels of support and resistance. However, volume and volatility remained subdued, and we never got the big move many were expecting, while BTC traded sideways, slowly moving past our...

DSchutz Updated 

See my chart update from yesterday, June 26th, 2019, for additional context. This is exactly the type of correction we were looking for, as BTC was a bit overextended. The current daily formation is starting to setup for a pipe top or bearish engulfing (feel free to google those for more info), both of which are reversal formations. If we get a daily close on...

DSchutz

Legend: STS: Short Term Support LTS: Long Term Support There are multiple levels of support and resistance that are labeled using the above terminology, and they are differentiated simply using numbers (e.g., STS-1, STS-2, etc.) The culmination of the following structures, and there converging paths, may prove significant: --Bull flag (blue parallel channel),...

DSchutz Updated 

This may not be the best time to put out a technical update, but given the hysteria surrounding this rally, I figure I should add my opinion to the mix. To clarify my first point regarding the bad timing of commenting on a technical update, BTC is very much in the void at the moment. If you look at the chart, you will notice there are absolutely no reference...

DSchutz

After a steep sell-off, things are stabilizing. 9000 did end up being a significant level of resistance, as evidenced by the reversal near that level. On the bright side, we retested support at 7400 yesterday, 6/4/19, and it appears to be holding. Expect some chop, and perhaps some consolidation, considering we surged 80-100% in just two months.

DSchutz

Once again, if you’re looking for additional context, see my previous charts. It turns out that my original levels of support and resistance proved accurate, with 7300 forming support on the mid-May retest. 8300-8400 was a level of resistance till the pennant structure broke out to the upside (see illustration below). We saw a retest of 8400 at 5/28 and 5/29,...

DSchutz Updated 

Quick update: Starting to see a bearish divergence on the 14 period RSI (higher highs on BTC price, but lower highs on RSI). This divergence forming at the peak of a large move might be a sign of some weakening, which may lead to a small pullback, perhaps to 7400 where there is at least one point of support (top from September 4th, 2018).

DSchutz

Big moves since my last update on 4/4/19. At that time, we were breaking out of the 16 month bear market. Price action consolidated and bounced around in the 5000s for a month, and then it finally happened, the breakout at 5800 to 6000, which followed after a Golden Cross of the 50-day MA crossing above the 200-day MA. I know these crosses are divisive among...