Bitcoin Technicals

Bitcoin is up 2.6% in the last 48 hours, currently hovering above 31,000 in a bull flag pattern. A break above this resistance would signal a bull flag breakout, potentially leading to the next price target at 35,000. Staying bullish is advised as long as support holds around 29,500.

Apple stock rose by 0.41% today, reclaiming its position above all the moving averages and maintaining the breakout above 190. Resistance levels to watch for are 192 and 194. Should the bull trend continue, the price target falls just below 198.

To summarize SPY’s overall trend, it’s clear that we’re in a bull trend based on the price action. It’s essential to recognize this trend until it shows signs of reversal. If one intends to adopt a bearish outlook, it’s important to manage risk at critical levels of resistance, particularly in the 451 to 453 range. Breaking through those levels would lead to a retest of the previous all-time high. Remember, the trend remains your friend, and it’s crucial to manage risk when trading and avoid taking on excessive risk in any single trade. This approach will likely lead to better trading outcomes.

Cheers

Larry Hanover