MagicPoopCannon

MagicPoopCannon Updated 

Fear not XRP army! XRP has been in a massive uptrend channel it's entire life! So many people out there in the crypto community have negative opinions towards XRP, but here's what it boils down to. Despite what you may think, cryptocurrencies aren't going to destroy governments' and banks' monopoly on money. Banks and governments are going to adapt and they're...

MagicPoopCannon

What's up friends, family, lovers, haters, my crypto brothers and sisters!?! I know it's been a long time, but I'm back from a much needed hiatus, and ready to kick some crypto ass!! So, without further ado, let's jump right into this lovely Bitcoin analysis! Looking at the daily chart, you can see that price fell substantially after my last analysis, which is...

MagicPoopCannon Updated 

Oh-em-goodness friends. Oh-em-GOODNESS! Lets dissect the carnage, the chaos, the absolutely brutal volatility, that took place in the crypto markets today. If you remember from my post on June 14th (attached below) I showed how BTC had broken out above my blue downtrend channel, and then held the top of it as support. I also showed that the price target of that...

MagicPoopCannon

While the whole world is ultra bullish on crypto, we need to keep in mind that this is a highly volatile market, and there is a TON of risk. I'm not trying to spread FUD, or say that this is going to happen — I just want to use this as an exercise, for us all to assess the very real downside risk. Looking at the daily BTC chart, we can see that BTC is printing...

MagicPoopCannon Updated 

Hi friends! Welcome to this exciting update analysis on Ripple! Let's get right to it! Looking at the daily XRP chart, we can see that a lot of constructive changes have been taking place. First off, XRP has formed a "Big Bottoming Formation" on the blue region of the chart. Looking at the volume profile on the right, we can see that XRP has based out on the...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, we can see that BTC continues to move in a way that is very similar to what we saw in early may. If you recall from my last post, I showed how the area prior to what is now "Move A" had two distinct peaks, followed by a bull flag and then an explosive move...

MagicPoopCannon

Yesterday I showed you why I believe that we could be heading to the 13500 level. Today, I'm going to show you why that could happen in a matter of days, or just a few weeks. If we look at "Move A," you can see that it has two distinct peaks, and then a hard rally that follows. That rally was 83.16%. At the time, I thought that move A would most likely roll over...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Bitcoin! Let's jump right in! looking at the daily chart, we can see that Bitcoin has printed a powerful hold on the top of the downtrend channel (in blue) that I posted about on May 20th. When you zoom in, and look closely at how the recent low held the top of that channel, it's really a thing of beauty. Not a single...

MagicPoopCannon

My charts are not meant for you to trade off of. These are my opinions, which I create with enormous amounts of research. If you trade based off of the opinions of others, you're putting your investments at risk. So, do yourself a favor. Learn from the analyses of others, but only trade based off of YOUR OWN RESEARCH! If you don't, you deserve to lose every penny...

MagicPoopCannon

Allow me to be one of the only analysts to inform you that Bitcoin is in a bear market rally. It held the top of the channel that I showed in my last analysis and rallied higher. However, I'm becoming increasingly convinced that the bear market is not over, and that this is a bear market rally. It's hard to know for sure though, because there really is a lot of...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily BTC chart, you can see that Bitcoin is testing the top side of a huge downtrend channel, which it has been trading in for over a year. To those who don't believe that this is a downtrend channel, I can quickly prove that it is, by showing the reactions that BTC has...

MagicPoopCannon Updated 

Here's why this whole rally could be a huge fake out, instead of a real start to the bull market! In front of you, I have the weekly Bitcoin chart. In this study, I have compared the signals given by the weekly money flow index (MFI) and the weekly network value / transactions (NVT.) Starting from the left side of the chart, you can see that there was a massive...

MagicPoopCannon

Here's why Bitcoin could rally all the way to around 9500. If we look back at the 2014 chart, on the right, you can see that we are in this same parabolic move that we saw after the inverted head and shoulders at the bottom of the chart. On today's chart to the left, we had the same inverted head and shoulders bottom, and then price entered this parabolic rise....

MagicPoopCannon

If you follow me on Twitter, you may have seen my warning this morning that Bitcoin may have topped out. Since then, price has fallen even deeper into negative territory. We can see that BTC was not able to close above the 7402 resistance level, and the sell side pressure is starting to pick up. This is the daily chart, but on the smaller time-frames the sell...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily BTC chart, you can see that it has exploded higher, almost reaching my target from yesterday's analysis! In fact, BTC came within a mere hundred dollars of the target. Clearly we're in a parabolic state here. The MACD has broken out above previous divergence...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it! Looking at the daily chart, you can see that ETH has EXPLODED to the upside, rising nearly 13% since yesterdays bullish analysis. As you can see, ETH is running into resistance at the red horizontal trendline, but could still print more upside. The only reason that I don't like the...

MagicPoopCannon

I wake up this morning and what do I see, Litecoin has EXPLODED above the resistance just as I had anticipated! BEAUTIFUL! ABSOLUTELY BEAUTIFUL! Welcome friends, to this update analysis on Litecoin! Let's get it! Looking at the daily chart, you can see that LTC has printed a massive breakout to the upside, completely destroying the resistance of the falling pink...

MagicPoopCannon

Ethereum is looking increasingly attractive right now. If I could draw your attention to the 50 EMA (in black) you can see that it was major resistance all throughout the bear market. Now, ETH has been consistently hodlding the 50 EMA, making it increasingly likely that we will see a breakout to the upside. Interestingly, ETH is being pinched between the 50 EMA...