Razak_Yorou

Razak_Yorou

According to MarketWatch, The FDA approved the Alzheimer's drug Legembi from Eisai and Biogen A quick look at the daily charts for $BIIB shows that it's already trading on or above major moving averages (ie. 9,21,50 SMA's). Also, seeing as this is a nice, green day for the SPY and BIIB has been beaten down recently, it's a nice long option for medium term traders...

Razak_Yorou

So there's a couple things I'm looking at. First off all, the new yellow line support is holding and you can see a clear double bottom off that. Secondly, we had good "buying" volume yesterday after the recent exhaustion of Bears. Third, the RSI divergence just crossed above the neural white line. Fourth, the daily bar is bouncing above the red midline of the...

Razak_Yorou

Well, BTC closed the week below the lowest support drawn. I had some thoughts but I'm not in the right mind to rant. So maybe, we're headed to 0. OR Maybe we have a new support at the yellow line, set a week ago and being retested now for the final bounce that restarts a new uptrend (forming a double bottom). I'll do some research to see if this inflation-fueled...

Razak_Yorou

I saw a post yesterday suggestion we might be headed for $0. I didn't finish it so I don't have an opinion yet. But if we close below that bottom blue line, then that might be the case.

Razak_Yorou

So BTC closed below 20K and bounced back above the next day. Last daily bar is a red doji, but that's ok. That just means the price closed lower than it opened but only just, since the candle body is tiny. But the fact that it closed somewhere between two support levels is great. Price is also inside the Bollinger bands. This MIGHT be the best buying opportunity...

Razak_Yorou

I've been watching BTC lose the top support level and free fall to 20K today. This is a proper long support level. If BTC doesn't close above this bottom blue line, I honestly have no idea where it's headed next. This is where long term investors pile in and wait patiently for the ride up. I wouldn't go long just yet though. I'd wait for a daily close inside the...

Razak_Yorou

Now's a great time to buy. The weekly bar closed inside the Bollinger bands and Memorial Day brought the first green close (in a minute) with huge volume. And BTC price is over the midline of the squeeze of the bands. Target is the red line of the downtrend.

Razak_Yorou

Based on the weekly inside bar, if price breaks last week's low, we're likely to see the next support level drawn in blue. If the high of last week is broken, we're likely to see a rally towards the downtrend line resistance.

Razak_Yorou

That long tail on the weekly means the buyers were excited to see Bitcoin price below that green level. But that doesn't necessarily mean that the downtrend is over. On the contrary, I'm looking at the current weekly bar rapidly approach the green. The most optimistic scenario this week for bulls is that price holds that level. Likely though, it's just going to...

Razak_Yorou

As suspected, BTC bounced hard shortly after dipping below the green line, and ending the week above that level. However, based on the buying volume I've seen so far, the bulls still don't have control yet. Likely scenarios: a) price goes up until it meets the red midline of the Bollinger bands then get smacked down back to the green level. b) sharp drop back to...

Razak_Yorou

Expecting a bounce from BTC here. The blue lines indicate the next support levels if this price drops. More analysis and possibilities coming soon.

Razak_Yorou

Now that the HOD and LOD have been set, I'll be watching these FIBS, looking for the extension to the 0.5 level, which is also past support

Razak_Yorou Updated 

I noticed a slight pump earlier with BTC breaking out of the recent range. It's still hanging close to the top of the range but we'll have to see it breaking out above the descending trendline before a retest of 42K can happen. In the meantime, if you have to trade, look at our current position on the daily and weekly charts but do well to look for entries on the...

Razak_Yorou

It's been consolidating for a whole 23 hours now, and closely approaching that triangle. I expected more volatility in the past 24 hours than we've seen. I see a higher likelihood of breaking out towards 42K, before a downward trend towards sub 30K. Just my thoughts. Oh, and the volume's below average, but in the past couple weeks, I've noticed that the volume...