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Talking about BTC not INTV. Not a dead cat bounce. It's trying to come off a bottom from a normal correction. It's just that the bulls may not have enough firepower to make through normal resistance on the first try. Happens all the time like this in the financial markets. Sometimes requires a little patience.
So far what we have here is a bounce off a bottom. May or may not be THE bottom. BTC is currently at resistance on the hourly, 4hr and daily chart all at the same time. I don't see that very often so it may take a bit of an effort to get through this level. Lots of bullish stuff on tv today so that is suspicious. I'm trying to remember an old wall st adage about not playing the first bounce. Patience.
BTC up against resistance on the 1 hr and 4 hr chart and close on the daily chart at about 49400 so it came off one bottom and we will see if it might need another one or if it can break above these levels.
How about that
I think btc will turn back up sooner rather than later. It wicked down real close to Fib support around 42800. Wouldn't surprise me to see it complete a bottom tonite or tomorrow. Pretty soon at any rate
A couple of weeks ago I mentioned having laddered sells in place in this stock because the uptrend was very likely to end with a quick wick up and reversal. Well that is the way it turned out. When stocks go parabolic like this one did the rally is frequently three days. Now, although we are still miles away from (above) meaningful technical support I think I might try the opposite and put in laddered buys for a bounce once the stock reverses. You can look up meaningful support levels yourself. I am not expecting new highs for this stock or any other miner unless btc somehow rallies tremendously. Things change and then they change again.
Those are just informed targets I mentioned. None are set in stone. If btc gets to one of these we have to see how it acts then. I do not try to catch tops or bottoms. I try to buy stocks in an uptrend not in a downtrend.
There is some Fibo support at 42800 and strong MA support at about 42k on the daily chart. Bitcoin is sitting on 4 hr support right now at 830 am est. So far this pullback is very similar to the January pullback. Unless btc rallies really strongly after a reversal I suspect miners will participate but not like last time. This is due to general market conditions.
The bitcoin BB Squeeze on the hourly chart is hopefully coming to an end soon. This chart has a series of lower highs and higher lows and starting to look like a dagger. Gonna break one way or the other.
BTC trying to bounce off of the previous low level on the hourly chart. As I mentioned earlier it could be a good test of that low if successful. That could be a bottoming signal. Doesn't mean a big giant btc rally will occur right now. Time will tell.
SEC suspended trading in 10 otc stocks due to chat room pumping. CNBC said trading suspended in them for 10 days.
Kul, It might've. It got down to about 44300, pretty close to the target. If it can successfully test that area that would tell the story.
How do you know that Musk didn't use his telling the world about his great bitcoin buy as a pump and then sell into it? Just like everything else, Bitcoin is a trade not a religion.
The future of bitcoin stocks. Before you rush into riot, take a look at the 420 stocks charts. Things change and then they change again. Or else you can always pray for a 60% btc rally.
Bitcoin hitting 200ema support on the 4 hr chart and riot finally real close to 21dma target/support on the daily. Told you guys to look for moving averages on the way down. IF we have to go through this on INTV the plan is to have laddered buys in place a little above traditional MA's BEFORE the stock gets there as there will likely be only a quick wick down before a playable reversal.
On a technical basis Nasdaq is in a nose bleed overbot area it hasn't seen in years. A couple of days ago I posted about that and loaded SQQQ which is making money but so far not doing as good as I hoped it would. Not enough people believe the market can come down I guess. Yet.
I'm looking at a potential tweezer top for this stock on the daily chart.
No matter how much INTV corrects the thing to remember is that its not fatal.
I guess the news is out yesterday so that won't stand in their way. Before that interruption the stock was tanking hard.
There is a a lot of negative btc talk all across the media the last few days. I think that is pretty bullish in the intermediate term. Although btc is in a correction right now the target measured in points is not terribly far away, maybe 10 percent or less. However the correction in terms of time is a different thing altogether.
Spinning top on disappointing volume but not a bad day considering btc is in the middle of a correction which likely accounts for the low volume on an otherwise good news day for INTV.
Are we awaiting more news or is that it for now?
Re btc, of the typical ABC correction, so far we have A and B.
Looks like you scared some of the shorts.
What did that guy say? I think it was the bulls take the stairs while the bears take the elevator.
The way I see it there are two problems worth noting. One is take a look at the charts on the pot stocks. The other is the general market positioning for some big downside especially nasdaq. Both of these things can negatively affect btc and INTV in a pretty big way IMO.
The pressure is off
Given all the good INTV news, how much of that has already been discounted with the move from three cents to eighty cents? On another note at some point there will be a pullback in this stock but I have not posted correction levels for INTV as that would be wildly unpopular and guys can easily figure out various traditional moving averages for themselves.
Looks like my warning about the resistance around 55k was a pretty good call although btc went a bit higher. My next call of decent support (first support) around 44.5k is coming into view right now and I'll be a buyer. I always use a stop.
The fact is INTV outperformed most other miners today. MARA and RIOT among them.
If it continues down, btc next support is around 46,450. That would be pretty strong support. BTC was way overdue for this.
BTC bouncing off first support on the 1 hr and 4 hr charts for now. No point talking about overbot for btc or the various stocks as they are all overbot way out into outer space and not even low earth orbit.
Check this out. nicely bullish INTV.
If btc closes around here the weekly chart will show it closed at the resistance I have been mentioning around 55k.
The proof of what I am saying is how INTV is leaving stocks like MGTI completely in the dust. Buyers of this stock have been doing the right thing for the right reasons.
RSI and other TA indicators mean little right now. What you have is a stock that is finally starting to catch up with the crowd and this is more than warranted by all the recent good news.
Expect some btc resistance just under 55k.
Called a breakaway gap opening.
Starting Tomorrow we will very likely see a lot of pressure to make decisions regarding how high this stock might go. On another note most longtimers will agree that for a long, long time Casper has been a stellar contributor to this board.
Check This One Out Too.