bitdoctor

bitdoctor

Let me take you on a journey through my mind. When we tested 3775, I had a high degree of confidence that we were reaching a bottom. We did go a little lower but my key indicators were suggesting a bottom may be in. That shift in bias ended up being correct. Going into next week, it is possible we see a little push up at the open on Tuesday to fill the gap which I...

bitdoctor

As I look at the OP chart, it is hard to ignore the massive wedge that is forming but I ask you to take another look at the formation. Zoom out and lets not forget that the move leading into November 5, 2022 was a rejection at the 61.8 internal retracement level. This type of rejection, which is one of my favorite trades to take, has a target at the -23.6%...

bitdoctor

There's a ton of bears out there. There's no doubt about that. I am focusing on the structure here... Now that the narrative is there, I am going to outline what I currently see here. In the next couple days, it looks like SPX is going to find some key resistance at the 3900-3920 area based on a measurement of what I predict is wave 3. This means we've got...

bitdoctor

Take a look at this chart and you should be scared. Not that I want to scare you, but I feel it is very important to point out something that is key here. Ever since the high volume pump from $42 to $300 (which liquidated an inexperienced friend of mine for 10BTC), volume has been decreasing significantly and is close to zero. Point of control for the entire...

bitdoctor

Poor little cardano. One of the best performing alts in 2020 and 2021 has bled more than 90% from the all time high. Don't despair, though. Back in 2018, Litecoin (LTC) went from roughly $400 down to $20. That was a 95% decrease before going back to $350+ Now that we are where we are, don't expect a move to go straight back to $3 - expect a move similar to...

bitdoctor

Here's a quick take on ALGOUSDT - Not a whole lot to discuss here other than ALGO has fallen below a major support level at 0.2025 which was established in late 2019 and early 2020 during the covid dump. A 5 wave structure can be seen on the way down with wave 4 retracing internally only roughly 23.6% of the way to another key level around 45 cents. I would...

bitdoctor Updated 

The narrative here is quite simple. The futures chart is clearer, but I'm posting the actual index since sometimes the overnight session can see wild movements on low volume specifically around the 3AM (eastern) hour. We've seen a nice rally off of a test below 3900. Everything was oversold and there were many significant opportunities given to day and swing...

bitdoctor Updated 

Currently the S&P 500 can be seen in 3 views. I have a primary view and two alternates: First, the yellow path - my primary. After the FED comes out today, I think it'll cause a pullback in the market, but it won't be what everybody is expecting. I expect the pullback to complete a small correction from the top and pull back to around 3880-3900. Bears will...

bitdoctor

I was doing a stroll looking at Bitcoin while removing any previous analysis I've done on it and found something that I had previously missed. On the daily timeframe, We have continually been suppressed by major moving averages all the way down: March 28, 2022 - This is the last time we tested the 200SMA (Daily). April 21, 2022 - This is the last time we...

bitdoctor

There are a few things to discuss on this OPUSDT chart and they all revolve around the huge wedge we are currently in. Multiple tests of lower diagonal - We've tested the lower trendline of this wedge about 7 times already. A breakdown of this structure would indicate buyers have lost control and sellers are taking over. Fewer tests of upper diagonal - The...

bitdoctor

TL;DR - bearish below 3807 The last update I posted publicly here on TradingView was one where I said it was likely we'd see a bottoming formation. Not long after that, SPX and the market as a whole put in a very large 2-day winning streak. This winning streak was fueled by bulls and by bears getting squeezed out of their position. We are in a bear market and if...

bitdoctor

As an update to the idea I shared back on September 9th, we did make that rally on Monday to ~4100 as I stated and also I said we would have no idea what the catalyst would be, but we would break down. Look at the evidence. Now that we are where we are, I always look at evidence of a bottom forming. Right now, the only thing somewhat bullish is the way Friday...

bitdoctor

Disclaimer: I'm bullish long term on crypto. Is it possible Ethereum can go to $20k? There's a clear invalidation level to take a trade based on this if you can be patient. Let me talk through this complicated and truncated wave 3: First we start with a leading diabonal back in March of 2020 that barely retraces at all. Bears were calling for lower prices. As...

bitdoctor

The first thing I want to bring up is I'm a long term bull on bitcoin for several reasons that I won't get into here. Now that I have that off my chest, lets look at the most important things with bitcoin right now, that is moving averages ! The 100EMA and 200SMA, that is the 100 exponential moving average and the 200 simple moving average on the daily...

bitdoctor Updated 

There is a little hopium on Gold. The fact that it hit the 61.8 retracement on the drop back in mid-June shows some signs of life in an asset that everybody hates. It is possible to make money with Gold but you have to be very calculating with it. I see an upside target of about 1950-1980 from where we are. Certainly this could take many many weeks to play out,...

bitdoctor Updated 

Here's some detail on my short idea on Walmart. I'm giving you plenty of time to plan for this. We've seen a clear impulse on this little guy but I expect that things have stopped in late 2020 as we've been moving sideways for about 18+ months. I expect this to continue for about 2 more months. The closer we get to 21 months (if you've been following me, you know...

bitdoctor

The US Dollar Index has been on an absolute rip lately and reaching parity with the Euro. This is about to change with more and more people talking about it. Looking at UDN which is a bearish ETF of the US Dollar going back to 2015, we're approaching the lower rail of this downtrend. There have been many ups and downs, and I believe there's going to be a shift....

bitdoctor

Back in March, I estimated that NVDA had topped out and I was estimating that it would retreat back to approximately $100 - Well, it would appear we've cut a significant amount of value off the stock price and markets are continuing to dive. What next? From this juncture, I believe July is possibly going to be bullish, but I will continue looking for shorts. I...