MagicPoopCannon

MagicPoopCannon

Looking at the current four hour XRP chart, we can see that things aren't looking so great at the moment. After finding huge resistance at the top of the falling wedge pattern (blue upper and lower trendlines) price began to fall dramatically. Additionally, there was a bearish crossover of the moving averages, which just occurred a few days ago. To make matters...

MagicPoopCannon

This morning on the weekly S&P500 chart, we can see that price is well below the 50 week MA (in orange.) Today is the last day of the week. So, if we don't see a recovery above the 50 week MA, that would be a deviation of the fractal pattern shown on the chart, which I have covered in recent analyses. For those unfamiliar, this is the fractal... 1. Support on the...

MagicPoopCannon

I'm dedicating this chart to my friend Roger's sister-in-law, who I hear is an investor and LTC enthusiast. For her, and the other long-term LTC investors out there, here is my big-picture view of Litecoin. On the weekly LTC chart, we can see that price is currently in a clear symmetrical triangle (in black.) For those who are unaware, symmetrical triangles are...

MagicPoopCannon

Bitcoin is currently testing a convergence of two key support areas, here on the weekly chart. As you can see, BTC has printed a nasty bearish candle, which is sitting right on top of the 50% retrace for the 2019 bull market, as well as the 50 week moving average (in orange.) I think as far as immediate price action is concerned, this is pretty straight forward....

MagicPoopCannon Updated 

Looking at the weekly S&P500 chart, you can see that the fractal is continuing to play out nicely. Today, to S&P tested the 50 week MA (far right yellow circle.) You can see that each time we got a test of the 50 week MA, the market recovered and continued to climb for a while, until it eventually falls below the 50 week, and then finds support on the 200 week...

MagicPoopCannon Updated 

I first showed this fractal of the S&P500 September 9th, 2019, when the S&P was at 2982. In that analysis, I showed how a pattern had emerged on the weekly moving averages. You can see that, beginning from the left side of the chart, price first held on the 200 week MA (pink circle.) Then price rallied above the 50 week MA and held it twice (two green circles.)...

MagicPoopCannon

Looking at XRP, we can see that it has been struggling with a rising black trendline recently. That black trendline is generated off of the peak or 2014, then it catches a key peak in March of 2017, and we can see that price has interacted with it on several occasions since September 2019. While I generally don't like to draw trendlines that cut through price, I...

MagicPoopCannon

Alright, let's talk recessions. For those who aren't familiar with this chart, it's a recession indicator that I put together a while back, that I like to follow as a baseline indication of recession in the economy. There are other indicators that I look at in addition to this, but this is my favorite. The pink line graph on the chart is the S&P500 , and I'm...

MagicPoopCannon

Looking at the weekly Bitcoin chart, we can see that price held support on the 50 week MA (pink circle.) What's interesting about this, is that the only two other times where Bitcoin held support on the 50 week MA, it eventually failed, fell back below it, and dropped to the 200 week MA (in purple.) Now, that isn't an extremely strong indication that the same...

MagicPoopCannon Updated 

As you all know, I've been very bullish on gold for quite some time now. And at the moment, gold looks EXTREMELY bullish. However, it is in overbought territory. You can see that gold is holding the 30 week moving average (in orange) just as it did in 2009, 2010, and 2011. This shows us that gold has entered a bull market rally. If we look back at that previously...

MagicPoopCannon

Today, we're looking at the daily BTC chart, to understand the upside and downside potential in the short-term. In other words, we're assessing the upside and downside potential over the next few days/weeks — not months/years. Regardless of what happens in the short-term, it's important to remember that the big picture is still very bearish. In fact, even if BTC...

MagicPoopCannon

Don't lose sight of the BIG BEARISH picture! So many people are calling the bottom right now, but the big picture analysis says that the bottom is NOT in. BEARISH SIGNALS FROM THE MACD: On the left and right, we have two different weekly Bitcoin charts. Each chart encompasses the entire recorded history of Bitcoin. Looking at the chart on the left, you can see...

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We're taking another look at the monthly BTC chart here, and it is telling a grim story, that nobody is really paying attention to. On Twitter, I just saw someone respond to a comment of mine, saying that BTC has been in a "lifelong uptrend," and that I always say "the trend is your friend." That's true, the trend IS your friend, until it's not. That's why I...

MagicPoopCannon

The three charts in front of you are all monthly BTC charts. That means that each candle on these charts contains an entire month of trading. As you can see, we are looking at three different time periods in BTC's history. The chart on the left is focused on August of 2014. The chart in the middle is focused on June of 2018, and the chart on the right is focused...

MagicPoopCannon

People have recently been accusing me of flipping from bullish to bearish too frequently. There's a reason for that. If you look at this daily chart of BTC, you can see that it has several mixed signals but the overall trend is bearish. Allow me to explain. First, let's look at the formations. You can see that we have two conflicting formations in one. We have a...

MagicPoopCannon Updated 

The past two weeks have been an absolute war between the bulls and the bears in BTC. Thus far, BTC has managed to hold multiple converging support levels. If you've been following along with my analyses, we have been talking about how important this "do or die" area is for BTC. As you can see, the 7270 area has several converging levels of support. It has the...

MagicPoopCannon

This may be one of the best and most insightful XRP analyses I've ever created. I think I have finally cracked the mystery of how XRP will progress from here. Please, read this analysis in it's entirety, and try to understand how it relates to the chart. Looking at the daily XRP chart, you can see that I have most of the price action drawn inside of a blue...

MagicPoopCannon

Bitcoin has two conflicting formations on the chart right now. First, we have the descending wedge (shown in black dashes) which is a bullish pattern. However, we also have a head and shoulders pattern on the chart. There is a clear left shoulder, a large head, and a clear right shoulder. The neckline of the head and shoulders pattern is shown in red. The...