MagicPoopCannon

MagicPoopCannon

Now that we can see BTC is potentially re-entering a bull market, I really want to assess the dominance to understand what its performance could be like compared to the alt space. As you can see, BTC dominance has entered what appears to be a HUGE trading range, with the topside resistance around 74% dominance, and the bottom support around 40% dominance. What we...

MagicPoopCannon

Hi friends! Looking at the weekly chart, we can see that BTC appears to be holding support on the 50 week moving average, in an atypical display of strength. I'm calling this "atypical," because (as I showed in a previous analysis) BTC has always broken down below the 50 week after an initial test of it after a bull market. Literally, after every single bull...

MagicPoopCannon

So, we can see that BTC has been following the projected pullback, but will it fall even deeper? To answer that question, we can look at the past performance here on the weekly chart. Interestingly, each time BTC has tested the 50 week moving average (in orange) from above, it eventually failed and dropped below it, initiating a continuation of the bear market....

MagicPoopCannon

Here on the daily BTC chart, I want to point out that BTC is currently finding resistance below the 61.8% retrace, but is holding support above the 50% retrace, which also happens to be just above the 200 day MA (in purple.) So, there are two levels of support, and a level of important upside resistance there, and BTC is trapped in a range between the two....

MagicPoopCannon

Here's one of the major technical reasons why BTC most likely has not bottomed, and we are simply experiencing a bear market rally. Looking here at the weekly chart, you can see that in every bear market in BTC's history, when it initially tests the weekly gaussian channel, it eventually fails, and the bear market continues. In 2011, BTC had its first bear...

MagicPoopCannon

Behold! Alt season hath cometh!! So, naturally, and my recent objective has been to diversify further into alt coins, in order to capture the massive pumps that await. DASH is one coin that I have recently added to my portfolio. Here's why. Looking at the weekly chart here, you can see that price has formed a clear, long consolidating bottom. In fact, DASH has...

MagicPoopCannon

Behold! Alt season hath cometh!! So, naturally, and my recent objective has been to diversify further into alt coins, in order to capture the massive pumps that await. Zcash is one coin that I have recently added to my portfolio. Here is why. Looking at the weekly chart here, you can see that price has formed a clear, long consolidating bottom. In fact, ZEC has...

MagicPoopCannon

On the top, we have the current XRP chart. On the bottom, we have a close look at XRP in late 2016-early 2017, just before it exploded. You can see it broke out above the pink falling resistance, on both times. It also has fallen below the 200 day MA (in black) on both times. I just showed in a BTC analysis how there is a lot of evidence to suggest that BTC could...

MagicPoopCannon

Bitcoin appears to be in fifth wave extension style impulse wave. You can see that there have been five major waves since the low of March 2020, with the fifth wave obviously being massively extended. Fifth wave extension impulse moves almost always retrace to 61.8% of the fifth wave. Currently, that's at 22100. Building on the technical evidence for a breakdown...

MagicPoopCannon

Looking at the 15 minute XRP chart, we can see that XRP did not have a sustained breakdown of the head and shoulders pattern featured in the previous analysis. While price did briefly break down below the neckline of that pattern, it quickly recovered back above it. Since then, XRP has printed this Adam and Eve formation on the chart. You can see the dotted blue...

MagicPoopCannon

After today's explosive rally, XRP appears to be forming a large head and shoulders pattern on the 15 minute chart. Some people may not be interested in fifteen minute charts, but this applies to the traders out there. You can see a clear head and shoulders pattern forming on the chart. If it breaks down below the black neckline, the target would be 0.21. I'm The...

MagicPoopCannon

What if I told you that despite the Ripple/SEC lawsuit, the impact of XRP trading halts, and the absolute panic selling that has taken place in XRP, XRP remains well positioned in a long-term bullish setup? That's what I'm seeing on the chart at the moment. Now that could obviously change, but currently, I don't see any real reason to panic. In fact, I see the...

MagicPoopCannon

How do you get a 250% high bull flag to break to the downside? You file a massive lawsuit against Ripple! Hi friends, Welcome to this update on XRP! Looking at the daily chart, we can see the absolutely dismal breakdown that has sent XRP into the depths of 0.20 hell. If you recall from the last analysis, I warned that "If the flag plays out to the upside (as we...

MagicPoopCannon

I'm an XRP fan all day, but this BTC dominance chart shows that Bitcoin is setting up to explode to new levels of dominance, leaving all others in the dust! Here on the weekly BTC dominance chart, we can see that BTC dominance has printed a series of inverted head and shoulders patterns. Additionally, they're combining to form a massive cup and handle. This is...

MagicPoopCannon

Hi friends! I hope you're all enjoying this beautiful new era in price appreciation for crypto. Looking at the 4 hour chart for XRP, you can see that after it rallied 248%, it has basically formed a bullish consolidation. Analyzing the consolidation, you can see that XRP has printed a bullish falling wedge (in blue.) Additionally, XRP has broken out above the...

MagicPoopCannon

Looking here at the short-term price action for XRP, we can see that after the recent explosion higher, XRP formed a clear pennant/symmetrical consolidation triangle (in blue.) From there, price broke down below the pennant, and rallied back up to the apex. We can now see that the apex has acted as resistance, and XRP has turned lower from that point. This is a...

MagicPoopCannon

Hi friends! Looking at LINK, we can see that the daily log chart has formed a huge uptrend channel (in blue.) Currently, the 50 day moving average (in orange) is converging with the bottom of the uptrend channel. So, LINK is in a really important technical spot at the moment. If price continues lower, it will take out the bottom of the uptrend channel, as well as...

MagicPoopCannon

Hi friends! Welcome to this update analysis on Bitcoin! Looking at the daily BTC chart, you can see that BTC has pulled back just as expected. In the last analysis, titled "A BTC Signal With 100% Accuracy For Your Viewing Pleasure," I showed how the extreme separation between the Gaussian Channel, combined with the parabolic rise in price, and the extremely high...