bitdoctor

05:13

bitdoctor

Good morning nerds! Alright, quick 5 minute update on SPX. There's a motto for the update today and that is "We are not out of the woods yet!" We've seen a decent move the last two days off the 5400 test last Friday but even though it looks decent, a lot still needs to happen. We're still trading below the 21 day exponential moving average in a month that...

04:35

bitdoctor

Good morning everyone! Quick 4.5 minute update on Tesla! We're looking alright but in the short term, we'll need to see a move above our short term resistance at $233-$234 before we can see a move up into $240-$245. Very possible. NFP was just released today so make sure you take care for any intraday volatility, otherwise my view is Tesla is moving in a channel...

04:38

bitdoctor

Greetings! SPX is much clearer and more constructive than NASDAQ in my opinion. Keeping this short and sweet. Current bias is this drawdown is exactly what everyone expected and wanted. Currently leaning bullish for the time being while being hedged in the event NFP tomorrow causes a major market downturn. KEY level is below 5360, but I believe the more...

07:44

bitdoctor

Hello people of the world! Alright, apologies the video went a little longer than I would have liked, but ultimately what it boils down to is the fact that today was very choppy and volatile. Lots of day trading opportunities in both directions, but that certainly doesn't help the uninformed and novice traders. TWO LEVELS to pay attention to on these NQ...

06:40

bitdoctor

It's a great day! Quick update on SPX (however all prices quoted using ES futures levels). After the "great crash of 2024" at the beginning of August, we are now seeing the SPX index above the breakdown level which is a key point in determining where things go from here. From an ES level perspective, here's what I can see: KEY RESISTANCE: We have key resistance...

06:44

bitdoctor

Hey nerds! Alright, so here's the deal. In one of my previous updates, I discussed the 161.8% extension target which is the high probability target for a wave 3 and we hit it basically perfectly. Now that we've hit that target, mixed with channel resistance, I would have expected price action to pull back, which it did. The pullback target for wave 4 (at the...

bitdoctor

USDT Dominance continues to look weak. Last update I gave was around the retest of the major trendline that started formed in late 2018 when BTC crashed to $3100. Back then USDT dominance started to pick up as alts got decimated even though BTC did find a bottom there. USDT Dominance bottomed around 0.85% at that time. Now here we are where USDT Dominance is at...

03:55

bitdoctor

There are some opportunities in Bitcoin. We can see a new trendline support that I've outlined in the video. Break below that and there's a good scalping opportunity to go short, but if we break above a declining resistance level (both are forming a compression wedge), we can see a move up (probably very quickly) to the 100/200 Daily Simple Moving Average (SMA)...

05:01

bitdoctor

It's a great day here for all you BitDoctor patients! Quick update on NVDA - Last update stated that NVDA was in wave 3 territory and we discussed termination of that wave 3 roughly at the 161.8% extension level around $131. We stopped just shy of that yesterday and now we're seeing a move down to $122. In the coming weeks (yes, this trading stuff takes time...

08:33

bitdoctor

From a short term standpoint, BTC continues to be in an area where we're just chopping, which has been the narrative since early August. This narrative is not changing and won't until we start to see a break of the series of lower lows and lower highs. I've been starting to pay attention to the 50 day simple moving average in both the stock market and in BTC. As...

07:44

bitdoctor

Slightly longer video today. If you're not interested in the historical view, you can start roughly half way through. The SPX is certainly starting to show even more signs that we're in a phase where something is ending. On higher timeframes, there are potentially several more years ahead of upside, and trying to catch tops can be a fools game, so take great care...

05:42

bitdoctor

As I've outlined several times over the last week, BTC has really done nothing. The money to be made, especially yesterday, was in SPX. Very directional all day in the stock market yesterday. As for BTC, we're still at the same price as we were on August 8th. Not really anything worth trading, however, things look much better above 60k now. I'd like to see a...

04:57

bitdoctor

Once again, NVDA is proving to continue to be the bubble that keeps on inflating. We pushed through that $118 level that I was eyeing and kept plowing. I am certainly not interested in shorting this asset and I've spent the last few trading days doing nothing but daytrading options for NVDA. I'm still interested in buying back my equity at some point, but likely I...

05:00

bitdoctor

NVDA is currently at the $118 resistance we discussed previously. I've moved that position to cash for the time being. Swinging some options in case we do get continuation to the upside, though. I'd like to see NVDA come back to $100 where I'd be buying back my equity but for now, just waiting to see what the price action does. Short term upside targets if we...

07:02

bitdoctor

No real substance in the price action overnight. Really garbage price action. Very corrective and not impulsive, which means there is no direction at this time. Just trading in a range. Certainly there are short term opportunities but this range trading tends to lead to reckless trading. Don't get caught in the crossfire unless you know what you're doing. Traders...

04:58

bitdoctor

SPX did have an uptrending day yesterday and we're now positioned. Managing risk is an important part of the game and I don't recommend taking risky trades. If you are in this for the long haul (and you should be!), then you need to be able to understand what managing risk is. Let me take a moment to explain something. I was a heavy buyer back on August 5th on...

05:03

bitdoctor

From a short term perspective, NVDA may find significant resistance at the 117/118 level, and how it acts there will determine the coming months. What I want to see is a nice consolidation / falling wedge / falling channel from that zone to set up for more upside. If we fallback into the channel I've defined, then likely we see further downside, even if just a...

04:46

bitdoctor

Not much to discuss today. Mostly the same consolidation pattern as before. We're bouncing between two support and resistance clusters and until we break out in either direction, I'm not making any hasty moves. Only quicker, riskier trades are available at this juncture so best to just sit on your hands and wait if you're a leverage junkie. Be careful and don't...