MagicPoopCannon

MagicPoopCannon Updated 

Many people are too lazy to read through my analyses. They look at the title, then MAYBE glance at the chart, and think they understand the analysis. However, they missed all of the conditions, including the counter trade warnings WHICH ARE ON EVERY ONE OF MY CHARTS! You people expect a crystal ball, but I'm handing out road maps and compasses. Then, after you get...

MagicPoopCannon Updated 

Hi friends! Welcome to this update analysis on Bitcoin! As you all know, there has been an enormous amount of volatility in the past 24 hours, but has it made a big technical difference? In the recent past, I have published articles about how BTC could be in a large bull flag. At the time of that posting (linked below) the flag body was more of a pennant shape....

MagicPoopCannon

This analysis is zoomed in on my multi-year chart, focusing on the recent daily action around the bottom of the large uptrend channel (in blue) that I have been covering. Please keep in mind that the green area of support and resistance extends much further to the left, and we are only looking at a very small segment on the bottom of an enormous uptrend channel....

MagicPoopCannon

Bitcoin is currently rallying into the death cross region, where it will likely find extreme resistance. Today's candle is currently a bullish engulfing candle, but that doesn't mean that BTC will necessarily continue to rally above the death cross. A sustained breakout above the death cross would change the outlook from bearish to bullish. However, that hasn't...

MagicPoopCannon

Taking a look at BSV, we can see that it's doing some interesting things right now. BSV was trading inside of this big falling wedge (in blue,) but has recently broken out above the wedge, tested it, held it as support, and it has began to trade higher. Additionally, price is above the 50 week MA (in orange.) Taking a step back though, we can see that BSV was in...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the weekly LTC chart, you can see that price did fall after failing to recover above the 200 week moving average (in purple.) If you recall from the last analysis, I said "Looking at the immediate price action, you can see that the current price is just below the 200 week...

MagicPoopCannon Updated 

Bitcoin is showing us that the entire rally since December has been nothing more than a bear market rally. Make no mistake people, this is NOT what you see in a bull market. Bitcoin failed to surpass the all time high. It failed to hold the 21 week moving average. It fell below the 50 day moving average, and defined it as resistance. Then, it dropped below the 200...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the weekly chart, we can see that there are a lot of really interesting things going on with LTC right now. Some of them are good, and others are not so good. First, I would like to draw your attention to the large POTENTIAL uptrend channel in blue. Now, I know that it...

MagicPoopCannon

Are we closing in on alt season? That's the million dollar question. In this analysis, we're going to take a simplified look at the alts, to try to determine how far we may be from alt season. This is a weekly chart of the cryptocurrency market cap of all cryptocurrencies excluding Bitcoin. On this chart, we can see that there are some similarities to the current...

MagicPoopCannon Updated 

As I showed in a previous analysis, BTC is setting up for a major retracement to the rising blue arc. The vertical red trendlines correspond to NVT sell signals on the weekly chart. Almost every single NVT sell signal has resulted in a decline of 70% or more, aside from the one that occurred in November of 2018, which resulted in a 52% fall. I believe that decline...

MagicPoopCannon

Hi friends! Welcome to this update analysis on the S&P 500, via the weekly ES futures chart. Let's get right to it! Looking at the weekly chart, we can see that there are so many beautifully symmetrical things to highlight here — many of which I have covered in recent analyses. Looking at the broad structure of the market, we can see that in the early to mid...

MagicPoopCannon

Hi friends! Welcome to this update analysis on XRP! Let's get right to it! Looking at the weekly XRP chart, we can see that XRP did break down below it's enormous lifelong uptrend channel. That actually happened about a month ago. Since then, XRP has been pushing up into the bottom of the channel. However, thus far, the bottom of the channel has mostly acted as...

MagicPoopCannon

Looking at my favorite personal recession indicator (two initial claims moving averages compared to the S&P 500) we can see that there still has not been a crossover to confirm the beginning of the next recession. With that said, the moving averages are converging, but nothing can be concluded until we see a confirmed crossover of the averages. Historically, this...

MagicPoopCannon

I know that I recently published an analysis on the S&P 500 weekly chart, showing how the S&P could enter a multi year bull market continuation here. The analysis was primarily focused on this pattern where there has been a hold of the 200 week MA (pink circles,) followed by a break above the 50 week MA, followed by two holds on the 50 week MA (green circles,)...

MagicPoopCannon

As I said in a recent Tweet, It's interesting that so many cryptocurrencies are breaking down below major support on their charts at the exact same time. With BTC it's the 21 week MA. With LTC it's the 50 week MA. With XRP it's the rising log channel. As you can see, the bottom of the rising log channel has been breached for the first time in the history of...

MagicPoopCannon

HI friends! Looking at the weekly LTC chart, you can see that we had a massive breakdown below the 50 week MA (in orange.) If you recall from the last LTC analysis, I showed how LTC was in a similar pattern to the 12345 pattern it made before the explosive move in 2017. So, yes we did break below the moving average, but the week isn't over yet. You can see that...

MagicPoopCannon Updated 

Well, if you've followed me for a while, you may remember a notorious Bitcoin chart that I published on May 27th, called "Bitcoin is Linear & This is A Bear Market Rally!" In that analysis, I showed a glimpse of why I believe that Bitcoin moves in a remarkably linear fashion, that most people have not discovered. In that analysis, I showed that I thought that...

MagicPoopCannon

Hi friends! Welcome to this simple, yet informative, long-term analysis of Litecoin! Let's get right to it! Looking at the weekly LTC chart, we can see that since the all time high, a very similar pattern has developed compared to the early stages of LTC. Beginning at the left side of the chart, you can see that LTC started at a high (1) then fell to a low (2)...