Bitcoin Technicals &The Dow Gets The Bull Breakout
![6](https://bitcoinprofitsnow.com/wp-content/uploads/2017/11/6.jpg)
G. Allan Collins
Good Evening,
The S&P 500 Tracking ETF SPY was up 0.74% and closed outside the Upper Bollinger Band. This breakthrough of the critical resistance zone between 448 and 453 suggests the possibility of more short squeezes ahead. However, it’s important to note that after a short squeeze, there is a chance that the market may move lower, and we could possibly come down and fill the gap at 443. To confirm this idea, we would need to see price action showing lower highs and lower lows. While it is likely that the gap will eventually be filled, the exact timing remains uncertain. It is possible that the market continues to push higher and fills the gap later. Therefore, it is advisable to refrain from shorting the bull trend until a clear reversal is observed. If SPY moves above 453, the next price target would be 460. However, if tomorrow’s price action shows a high-volume rejection, it could indicate a false breakout, and the market may see lower prices by the end of the week.
The Triple Q’s **Currently we have a sell on the QQQ However,
For aggressive traders, it is worth considering the following information. The NASDAQ 100 QQQ was up 0.82% today, pushing towards resistance at 387. If this resistance is broken, the next target would be 393, and if surpassed, the market could potentially move back up to the previous all-time high. Like SPY, there are gaps to fill on the downside for the QQQ. But a reversal on high volume would be necessary. In the event of a pullback, the market would target the gap fills at 374 and slightly below at 369.
As for the Dow Jones, it experienced a bullish breakout today moving up 1.08%. This breakout above the critical resistance at 346 is highly bullish. The breakout suggests a potential return to the previous all-time highs, with the next resistance at 353. After a breakout, it is possible to retest the breakout level before resuming the upward movement. Therefore, if a pullback occurs, critical support can be found between 343 and 346, particularly at the gap level of 346.
Bitcoin, is currently down about 1.14% and we’re at the bottom of the bull flag right here at 29,500. And that means if we break down below it, we’re likely going down towards that support at 28,000. And that could mean we’re breaking down bearishly out of the bull flag, which is possible because not all bull flags have to break out bullishly. However, if we break above 31,000 on a High volume buying event out of the bull flag then we’ll be looking for the upside price target at 35,000.
Happy Trading!
Cheers,
G. Allan Collins
Cheers,
G. Allan Collins