mercury_rising

mercury_rising

Like a little ray of sunshine after a brutal storm, BTC has finally broken local resistance. However, there's still a major fight ahead. BTC's next task is to break above two massive converging trendlines as well as heavy resistance from overhead EMAs. The recent bullish divergence on the daily chart, as well as seller exhaustion after 2 months of heavy bearish...

mercury_rising

SXP looks really interesting here, and if you're a gambler, this might be a bet worth taking. The bearish case is that we have a large Descending Triangle. The bullish case is that we have Extreme seller exhaustion and may soon be printing bullish divergence. It's important to point out that while normally I would look at seller exhaustion as being a good...

mercury_rising Updated 

NEAR may still have some juice in the tank vs BTC, but we're entering buyer exhaustion on the daily chart. Too much risk to enter long here with the way I trade. I'm anticipating a bullish cooldown, perhaps back to the 50 EMA, in the next couple weeks and will look for a potential entry. ------------------------------------------------- These are my personal...

mercury_rising

ETH has continued it's retrace back towards both the major support line and the 200 EMA as we discussed in the linked ideas. We are now partially in my Buy Zone and seller momentum is slowing. I'm interested in a small long here, and will add if it drops. Good Luck. ---------------------------------------------------------------- These are my personal views...

mercury_rising

COIN is down 37% since its high in November and appears to be in a clear Falling Wedge pattern. We've also entered my Buy Zone and we're seeing Tier 1 Seller Exhaustion. This is a prime value play for me and I'm interested in starting to average into a long position here... However, I'm waiting to see bullish divergence on the Daily chart before I go more heavily long.

mercury_rising

Let's take a closer look at BTC on the 4-hour chart. So far price is following the projected path of our last update (see linked idea). The question now is when are the bulls going to take control? We've seen a flourish of buying activity today with high volume, but will it be enough to trigger the reversal here? I'm showing the 4-hour chart (instead of the...

mercury_rising

Netflix is down 22% from its high in November. There is a lot of downward momentum/pressure in this move and market structure is broken. Price has returned to the most recent Supply Zone, we've entered my "buy" zone, and sellers are ready to take a break--for now. I think a small bounce could happen from this level, but I'm expecting bearish momentum to carry...

mercury_rising

So far, UNI is following our projected path (see linked idea), but will it continue? The signs point to continued bullishness, but I'm waiting for a Higher Low to form. I'm looking for bullish divergence around 3300 sats--that will give me confidence that UNI is ready for a stronger bull...

mercury_rising

After falling 64% from its highs over the last 5 months, Roku appears to be heading into solid support. We appear to be at the bottom of a Falling Wedge (bullish)... The tip of the wedge lands in a Supply Zone... We have bullish divergence on the daily chart... and we have multi-level Seller Exhaustion. On the down side, we still appear to have heavy resistance...

mercury_rising

AXS has pulled back to the 200 EMA and is looking for support. I don't see an obvious Trend Support line, so I'm looking to the Supply Zone (area where a lot of trading has taken place in the recent past) to provide a respite for the bulls. We've entered my "buy zone" but I want to see divergence/confirmation before I consider an entry. Sellers appear exhausted...

mercury_rising

SAND is currently holding on to it's bull trend against BTC. We're currently testing support at the 50 EMA and we just had bullish divergence on the 4-hour chart. This makes me moderately confident that the bullishness will continue, at least in the short run. Will it have enough momentum to break resistance? I think there's a decent chance. This isn't my...

mercury_rising

The breakdown from the Rising Wedge happened a little sooner than expected (see linked idea). From here I'm expecting a short-term bullish move off the 50 EMA and then a retouch of the SUPPORT-TURNED-RESISTANCE line. From there I'm expecting the "Handle" of the Cup & Handle pattern to develop. I'll be looking for a buy opportunity at the end of the handle. ...

mercury_rising

In our last look at SHIB-USDT (see linked idea), we were hoping for a Higher Low to form which would signal short-term bullishness. Instead, price action has followed our bearish path and is now retesting the support line. I think a bounce from this level is reasonable, but it might just be a temporary bounce as we run into further overhead resistance. Overall,...

mercury_rising

XRP is currently following the first leg of our predicted path (see linked idea)... This is an area where I might normally look for an entry. There appears to be bullish diversion and seller exhaustion, *however* there is still a lot of negative pressure (likely due to the broader selloff in the market). For now, I'm adjusting my expectations to be more bearish...

mercury_rising

Adobe is down 26% from highs and has just returned to a long-term support zone (ADBE traded in this range for almost a year). Lower indicators suggest this is a good range to consider a long. My only hesitation is an all-but-certain looming Death Cross (where the 50 EMA crosses below the 200 EMA). ADBE hasn't seen a Death Cross on the Daily Chart since July...

mercury_rising

Price action on AVAX-BTC has been moving as expected (see related idea). Price needs to either hold here at the 50 EMA, or find support at the Channel Support line. I'm not seeing any particular weakness in the trend, so I'm considering a small long in this price range. I'm waiting for bullish divergence or seller exhaustion on the 4-hour chart to enter....

mercury_rising

On the positive side, CELO has broken the Trend Resistance and the 4-hour chart (not shown) suggests we may bounce off the new support line. That bullishness, however, should be tempered with the Daily chart which suggests Buyer Exhaustion is on the horizon. In addition, I'm seeing negative pressure that could signal a sharp downward move. The chart is too...

mercury_rising

SOL-BTC is following our predicted path almost exactly (see linked idea). Trend Support broke and we're now looking for a support zone and seller exhaustion. Currently, I'm targeting the 200 EMA as support, however I'll be looking for some bullish divergences before I get excited about SOL again. ...