MichaelHua

MichaelHua

Top of the triangle/wedge/pennant formation of spx. Inverted hammer at the upper BB. TIGHT

MichaelHua

Avoiding BTC for a few weeks/months. Anticipating a drop based on current technicals and chart pattern all screaming top.

MichaelHua

Based on RSI, MACD, and ATR we might finally have hit hte top of the frustrating dead cat bounce. Looking for a continuation of the COVID bear trend.

MichaelHua

Just based on Stoch RSI and 1d MACD Cross as well as the current trendline

MichaelHua

Though our trend is still bearish based upon cloud and BB on the daily. We are Bullish on the 4h. 4H Stoch RSI is near 0 which signals to me that we are pretty close to the bottom of our 4 wave. Expecting one final push and corrections afterwards.

MichaelHua

3h is still getting there but not yet. There's a decent chance we are witnessing a reversal

MichaelHua

Just some thoughts and exploring the EW points before I enter a position. Currently looking at the 4h chart under the bear trend. Looks as if we potentially havent completely bottomed out yet and possibly have one more wave til we change back to bull trend after a long 3 wave. Looks like we have descending triangle at the tail end of this wave. Stoch RSI...

MichaelHua

Textbook EW formation. C correction wave might drop even further but I'm taking profit.

MichaelHua

LONG??? SHORT??? Why can't we just be neutral? The 4h chart is exhibiting a channel back and forth on the 4h BTCUSD chart in between the Upper and Lower BB, which are parallel. Wouldn't be surprised if we hit both 6500 and 6000 in the next few days. Global sentiment considering.

MichaelHua Updated 

Reasonable to expect to hit the 6k bottom Bollinger Band level with the 4h chart at the current trend. Stoch RSI still high, ICLOUD mark is at 6700. cf 1h chart (heavy break out pattern at the bottom should continue).

MichaelHua

General rule/doctrine of trading: trade the trend til it ends. Upper BB nowhere near the ICloud, on the weekly chart. Simply no sign of any upward trend in sight. Should have exited with the lambos and yachts a year ago. Short/Sell while it is foreseeable to hit the lower BB (weekly) of 5300 in the near future. I believe the big sell off of ETH today (8/13/18)...

MichaelHua

TA memo to myself charting possible contingencies. USOIL to follow fundamentals/EIA/API/Rigs and channel/squeeze until September OPEC meeting. Currently at 46.60ish. EIA report was bearish but less bearish than the API report. I am still tempted for potential break-out buy point is at 46.00ish? But another more realistic possibility for me--if last week was...

MichaelHua

EIA reports are bullish. Fundamentals are bullish. The rug will be pulled when OPEC does not fall through and I see a huge short position when that happens. Until then, BB is over 1 and MFI is over 80 on the 1D textbook breakout confirmed.