MagicPoopCannon

MagicPoopCannon

Now that BTC is holding above the 50 week moving average (in orange) we have to consider the upside potential. Not only did BTC hold the 50 week, it also held the bottom of the falling wedge formation that it's in, as well as the 61.8% retrace for the bull run from 3150 to 13800. Since these levels are holding right now, I have decided to remove the head and...

MagicPoopCannon

While it's true that XRP is hanging on by a thread right now, it may also be true that we may be on the cusp of a massive explosion higher. I know that I just recently said that "I fully expect XRP to reach 0.15," but I may have been wrong about that. In this analysis, I'm going to explain why I may have been wrong about XRP reaching 0.15, and what has to happen...

MagicPoopCannon

Bitcoin is currently holding above the 50 week moving average (in orange) and has found support on the bottom of a falling wedge that it has been forming since the 2019 high near 13,800. Looking at the MACD, you can see that its forming a bullish divergence, as it prints a higher low while price has formed a lower low. This shows that the sell pressure is...

MagicPoopCannon

I've recently shown why there is a high probability of BTC falling to 3000 or lower, based on technical developments on the chart. That's what the big picture suggests right now, but that doesn't necessarily mean that it will happen. As analysts, when we identify the most likely longer-term trajectory (such as the one described above) we have to constantly monitor...

MagicPoopCannon

On today's BTC analysis, we're going to take a look at a formation that is projecting a fall to 1000. Here on the weekly chart, you can see that BTC has formed a head and shoulders pattern (in red.) It isn't the most symmetrical head and shoulders pattern, but that doesn't mean anything. There is clearly a left shoulder, a head, and a right shoulder. Also, there...

MagicPoopCannon Updated 

Taking another look at my recession indicator, you can see that there still has not been a crossover of the orange and purple moving averages, which has historically been a precursor of recession. For those who aren't familiar with this chart, it's a recession indicator that I put together, that I like to follow as a baseline indication of recession in the...

MagicPoopCannon

Alt season. It's like an elusive mythical legend, only known through campfire crypto tales and the fables of old. In this update analysis, we're going to take another look at the development of the total crypto market cap excluding BTC, to understand how the next alt season is developing, if it's developing at all. Looking at this weekly chart, you can see that...

MagicPoopCannon Updated 

Just thirteen days ago, I told you that this little known cryptocurrency called Centrality was about to skyrocket 100% against BTC. (Original analysis linked below.) Since then, there has been a 75% gain on this chart! This thing has been moving straight up since I gave this call, literally to the day! That's the power of good technical analysis. As an update,...

MagicPoopCannon

Looking here at the daily chart of BTC, you can see that it is currently holding the 50 week moving average (in orange) as support. What I've noticed about BTC's interaction with this moving average, is that (in recent history) BTC usually holds on the first test of this moving average, and then breaks out above or below it on the following test. Looking from...

MagicPoopCannon

XRP (along with the vast majority of crypto assets) looks immensely dangerous right now. I've published several analyses talking about this big blue uptrend channel that XRP was in. When XRP was approaching the bottom of it, I suspected that there was a decent chance for a significant rally if it held support. Unfortunately, price never held the bottom of the...

MagicPoopCannon

This is why I think BTC is about to shock the world, with an epic meltdown into halving that nobody expects. I'm sure many of you know that I don't really use Elliott Wave too often, usually because I think it is too prone to misinterpretation. As an analyst, I like to keep things clear and simple on my charts, so that I can decipher what is going on in an easy to...

MagicPoopCannon

Bitcoin remains trapped inside of a downtrend channel (in black) which it has been forming since the 2019 high near 13,800. Despite several attempts to rally higher, BTC has formed nothing but lower highs and lower lows, proving that it is in a strong downtrend right now. During the past few days, we have seen BTC fall below the 50 day MA (in orange) and...

MagicPoopCannon

Next up on the hunt for mega bullish charts is Link! This one is a thing of beauty. As you can see, Link has broken out substantially higher than the high that was created in late 2017. If you recall, that was (and still is) the all time high for BTC, ETH, XRP, and so many others. Link, on the other hand, has managed to break out above the 2017 high, but not only...

MagicPoopCannon

Hi friends! Welcome to this analysis on Centrality, via the Centrality/Bitcoin chart. In the coming days, we're going to look at several little known charts that have potentially powerful setups, particularly when compared to BTC. After combing through hundreds of charts, I've found several that have bullish setups, varying from pre-breakout formations, to charts...

MagicPoopCannon

The S&P 500 is at new all time highs, and this market is well positioned to head significantly higher. I've featured the pattern on this chart in several other analyses, and it shows that the market is setting up perfectly for an upside continuation. From my perspective, as an analyst, this is strong evidence that the bull market is entering a new continuation...

MagicPoopCannon

BTC has remained above the 200 MA (in purple) for seven consecutive days now. If BTC continues to hold above the 200, we should expect to see a breakout attempt above the downtrend resistance level (in blue.) However, if we do get an upside breakout attempt, BTC will immediately have to contend with the 21 week MA (in green.) So, little has changed since the last...

MagicPoopCannon

BTC has been in a clear downtrend since the recent high of 13,800. It broke down below the 21 week MA (in blue) which is not characteristic of former BTC bull markets. I know that in 2013, BTC broke down below the 21 week MA, It also broke down below the 200 MA (in purple,) which has never happened after the start of a bull market in BTC. We have also had a death...

MagicPoopCannon

For some reason, I've been seeing a lot of people who are suddenly claiming that when the 50 day MA (orange) crosses below the 200 day MA (purple,) it isn't a "death cross," unless the 50 and 200 MAs are both falling. I'm assuming that a bunch of people must have seen that on a YouTube video or something, but let me make one thing clear — whoever told you that is...