micah_trader

micah_trader Jun 20, 2023

From the chart, it is apparent that XRP has been in Wyckoff Accumulation for some time now, and is likely in the LPS (Last Point of Support) phase. XRP appears to be completing the C leg downward of an ABC correction, which will either end as an LPS, or which might unexpectedly drop into a Spring. ABC correction with Elliot Wave counts are shown for those...

micah_trader Nov 3, 2022

The MACD is displaying a Bullish trend for the Dow Jones on the weekly timeframe, indicating more potential gains on mid-term timeframe. (Short-term outlook is bearish on daily timeframe). I am still bearish on long-term timeframe, due to completion of up-trend Elliott Wave cycle and now in the early stages of a down-turn in the market on multi-year scale. But,...

micah_trader Oct 4, 2022

The S&P500 may reverse off the peak of 2020's Wave B. This would complete a downward 1-2-3-4-5 Elliot Wave pattern and then start a mid-term Bullish ABC corrective wave pattern upward. Looking for a bounce around 3550. If it comes, that could be a good re-entry point to ride up the ABC corrective wave, and then sell off prior to the .702 Fib Retrace.

micah_trader Sep 29, 2022

Overall outlook for S&P = Bearish. Already hit 4.236 Fib Extension this market cycle. Currently sitting below Moving Averages. Not oversold on mid & long-term RSI. For any chance of this being a "Bullish" ABC correction, the price would have to reverse above its 2020 top of Wave 1, forming a Double Bottom (to allow the Elliot Wave count to continue upward with...

micah_trader Sep 23, 2022

EOS is now at my Buy Target since it appears to be at the end of its first ABC correction. Bullish on EOS, as it has completed a Bear Market cycle after retracing, which means its next move should be a run up toward an eventual Fib Extension of its previous All Time High. EOS was also already sued by the SEC and settled, so it has more regulatory clarity than most...

micah_trader Sep 22, 2022

The S&P 500 has already reached out to a full 4.236 extension this market cycle, which makes it less likely that it would go on in the near future to new All Time Highs and puts it in a higher risk category for now being in a Bear Market. After its crash, it had reached back to a 0.618 Fib Retracement of its high, but fell short of the .702. It currently is...

micah_trader Sep 6, 2022

Assumption: Discrediting the abnormal wick down in Wave 1 as an outlier that does not affect the overall wave count. While the overall S&P 500 Index has already reached a 4.236 Extension this cycle (which typically marks the top and end of a Bull run), the S&P 500 Large Cap Value Index has not yet reached such heights. Wave 3 (ending at the C-19 sell-off crash)...

micah_trader Jul 14, 2022

Update: BTC tapped the $335.429B market cap (previous ATH) in June, followed by a small bounce. Currently sitting at ~ $389B. Would make sense if that was the bottom of the C-leg of an ABC correction, prior to a retrace, as it is a good position for technical support.

micah_trader Jun 30, 2022

Bitcoin has historically experienced an 83% correction after it tops. So, if it doesn't hold a V bottom here, it will likely drop to ~ $11,700 as its next level of support. Interestingly, this is also close to its 0.618 fib retracement level of its 2017 top.

micah_trader Jun 28, 2022

Being a newer coin, MATIC went on its 1st and 2nd runs in 2021, having 2 tops, in an almost identical manner to Bitcoin. So, it may be more likely that MATIC will simply retrace next, along with Bitcoin, rather than going off into an "Alt Season" with the other coins.

micah_trader Jun 27, 2022

Similar to XRP, EOS's 2021 run appears to be just a retrace of its previous 2018 market cap. So, one could assume that EOS would be in a good position to make a run in an upcoming Alt Season (whenever that may finally be).

micah_trader Jun 27, 2022

Unlike XRP, Cardano's (ADA) 2021 run was NOT a retrace of its market cap. It was a new 2.618 extension of its prior market cap. Does this put Cardano in more of a position to retrace its market cap during its next run (rather than set a new All Time High)? Does this mean that ADA is less likely to run as hot during the next "Alt Season" when it finally arrives?...

micah_trader Jun 27, 2022

According to the chart, XRP's run in 2021 appears to be much more in-line with a retrace of its market cap, rather than as participating in any sort of past "Alt Season" type run. So, if an Alt Season was due after Bitcoin's 2021 top, it has not happened, yet.

micah_trader Jun 24, 2022

When XRP ran in December 2017 - January 2018, it took only 23 days from the date it started running until it topped. Therefore, it wouldn't be surprising for it to take such a short timeframe again to hit its top, once its price finally breaks out.

micah_trader Jun 22, 2022

ETH is currently still holding the V bottom pattern on the daily and 4 hour charts (as of 6/22/22). If it continues to set higher lows and higher highs, that would likely signal that the bottom was in.

micah_trader Jun 21, 2022

When measured from its 2018 low, EOS has completed a 0.702 retracement of its All Time Low (similar to the 0.618 when measured from its 2020 low). Taken together, this could signal that the bottom is in for EOS.

micah_trader Jun 21, 2022

When measuring from the 2020 low, EOS recently hit a 0.618 retrace of its All Time Low. This may have signaled the bottom for EOS.

micah_trader Jun 14, 2022

Just like it followed the 4.236 extension for market cap, could Bitcoin now be headed for the final leg down of its ABC correction to its market cap? Would it stop at 335.43B before it reverses? Should we be looking at BTC more from a market cap perspective to predict its next move?