MagicPoopCannon

MagicPoopCannon Nov 24, 2020

Hi friends! Welcome to this analysis on Ethereum! Let's get to it! Looking at the daily chart for ETH, we can see that after spending about two years below a major resistance zone (in red,) near the 23.6% retrace, ETH has exploded higher! However, the volume isn't that impressive, and the RSI is rising deep into overbought territory. Speaking of the RSI, you can...

MagicPoopCannon Nov 24, 2020

Here is the technical case for how XRP could possibly rise to $440. Now before we get into the analysis, I know there will be people who comment how that would make XRP worth trillions (around $20 trillion according to my calculations) and that such a feat is impossible for a cryptocurrency like XRP. I just want to end that argument by reminding everyone that the...

MagicPoopCannon Updated  Nov 22, 2020

Hi friends! Welcome to this update analysis on Bitcoin! Looking at the daily chart , we can see that BTC has smashed through the pivot high resistance level at 17115 (yellow trendline) like it didn't even exist. While BTC is currently showing no signs of slowing, the parabolic nature of this rally has me anticipating a pullback. With that said, a pullback is...

MagicPoopCannon Nov 17, 2020

The stock market... Where to begin... I would say that it's strange and unexpected how the market had such a powerful recovery after the onset of the global pandemic, but it really isn't strange or unexpected. When you consider how and why the market got to where it is in the first place, it all makes sense. The answer is simply the Fed. When the recession of...

MagicPoopCannon Nov 17, 2020

Hi friends! Welcome to this analysis on XRP! Looking at the daily XRP chart, we can see that XRP broke out above a massive falling wedge pattern in July. Since then, we can see that XRP retraced to the top of the falling wedge pattern (in blue) and tested it multiple times for support. Each time, XRP held the top of the falling wedge as support, and now, we can...

MagicPoopCannon Nov 17, 2020

Hi friends! Welcome to this update analysis on Bitcoin! Looking here at the daily chart, we can see that BTC has rapidly risen towards 17,000, after breaking out above 14,000. In my analysis titled "BTC Tests HUGE Resistance! Upside Break Could Reach 17,200!" from May 16th, we can see that has happened EXACTLY. At the moment, it's important to know that 17,000...

MagicPoopCannon Nov 4, 2020

Bitcoin continues to follow the most beautiful pattern in the history of charts. Look, I have been analyzing charts for well over a decade, and NEVER in my time as an analyst, have I encountered a chart with a pattern like we see in Bitcoin. The rising arc (in blue) has persisted since the days of Satoshi, and there is STILL no sign of failure. Looking back to the...

MagicPoopCannon Oct 15, 2020

MagicPoopCannon here! LOL I just love saying that. Today, I'm doing a special analysis for a friend of mine on NIO! Let's get to it! Looking at the daily chart for NIO, we can clearly see that the stock has been in a powerful bull run, which kicked off in May of 2020. NIO has been in a well defined uptrend channel (in blue.) This uptrend channel helped to...

MagicPoopCannon Sep 21, 2020

Hi Everyone! Welcome to this weekly analysis of gold! For those who have followed me over the past few years, you know that I've been consistently bullish on gold. I repeatedly called for a new all time high, while gold was trading in the 1200 to 1300 range, and as you can see, gold was recently able to produce a new all time high! The question now, is how much...

MagicPoopCannon Sep 16, 2020

Here on the weekly XRP chart, there are a few things that I want to point out. Bearish indicators: Trend: The trend is clearly down. You can see that price has been consistently printing lower highs and lower lows, since early 2018. Moving Averages: You can see that price first fell below the 200 week moving average (in purple) in the summer of 2019. XRP has...

MagicPoopCannon Updated  May 16, 2020

Here on the daily BTC chart, we can see that it's currently contending with massive resistance. That resistance has been generated by a convergence of a two-and-a-half year-old falling trendline (in black) and the 38.2% retracement level of the 2018 bear market (in red.) Now, before we get into the analysis, I think it's really important for people to understand...

MagicPoopCannon May 16, 2020

Here's a very simple analysis of the longest living money on Earth — gold! This is the weekly gold futures chart, which extends all they way back into the 1970s. You can see that there is a rising blue trendline, which originates on the peak of 1980 and connects with the peak of 2011. Considering the bullish bowl formation that gold has been forming for the past...

MagicPoopCannon May 16, 2020

So, now that things are mildly returning to normal, and economic activity is beginning to ramp up, so too has the demand for oil. With that in mind, we can see that oil futures have returned from the depths of negative price action in hell, and have actually made a strong bounce to the upside. You can see a quasi-inverted head and shoulders formation, and crude...

MagicPoopCannon May 16, 2020

Here is another updated look at my S&P 500 analysis. Here on the weekly chart, we can see that the general story remains the same. Despite the sharp recovery that we've seen in the stock market, it is behaving EXACTLY as anticipated. In fact, if you look at my S&P 500 analysis from the lows of the coronavirus breakdown, you can see that I called for this upside...

MagicPoopCannon May 16, 2020

Here's another crypto asset that really has my attention right now — BCH. You can see here on the three day chart that there are a couple of interesting things happening. 1. There is a three day golden cross that just occurred. 2. Price is holding resistance below the 50 and 200 three day moving averages. Another thing that I think is potentially a good...

MagicPoopCannon May 16, 2020

One cryptocurrency that really has my attention right now is ZRX. You can see that there is a very well defined range on the chart (in grey) which ZRX has reacted on numerous occasions. I've circled some of the key reactions in green and red. The green circles show key/initial support, and the red circles show resistance. What we can see now is that ZRX was...

MagicPoopCannon May 16, 2020

XRP is looking pretty interesting here. We can see that it's in a very clear falling wedge formation (in blue.) For those who are unaware, falling wedges are bullish formations, that typically create upside breakouts. In the case of this particular falling wedge, we can see that there is an upside price target of about 0.77, which corresponds to the high from...

MagicPoopCannon Updated  May 8, 2020

Bitcoin is starting to look bullish for the first time in a while, after it broke above the long term falling resistance (black trendline) today, which originates at the all time high and catches practically every major pivot high since then. The question is, will BTC be able to remain above this major resistance level, and potentially hold it as support? In...