MAGIC

Legendary Analyst • Master of Charts • Economist • Crypto, Stock, and Options Trader

[MAGIC @MagicPoopCannon]

#WeWantDestiny3
#DestinyThegame
@Bungie
@Sony
@PlayStation

[IGN @IGN]

PlayStation's highly-anticipated State of Play event was flooded by demands for Destiny 3. During the opening of the show, PlayStation's official Twitch chat was almost completely dominated by cries for a new Destiny game. https://t.co/9Q8ZpVPQZI

[MAGIC @MagicPoopCannon]

@CryptoToneLoc No, their sale of 32 BTC was rather insignificant. However, I believe that sustained price action below say 50K and especially at or below 30K would turn Strategy into forced sellers, especially if they can't raise capital. That could generate a selling feedback loop of sorts.

[MAGIC @MagicPoopCannon]

Strategy is selling #BTC...

https://t.co/ndcbRMOwRT

[MAGIC @MagicPoopCannon]

https://t.co/Bua22cSqZN

[MAGIC @MagicPoopCannon]

#BTC has had multiple rejections below the head and shoulders neckline (in red) increasing the odds of a decline to the blue trendline, then the 200 week MA around 69K. I still think 58K and even 38K are in the cards, but BTC needs to break the 200 week first.

[MAGIC @MagicPoopCannon]

#XLM has had a phenomenal weekly rally, but it's now running hard into a big long-term support/resistance level (lateral red trendlines). A breakout (like 2024) would be huge, but this resistance may prove to be too strong for the first test.

[MAGIC @MagicPoopCannon]

Join Destiny 2 live for the final update June 9th!

#WeWantDestiny3

[Bulkergamer @BulkerGamer]

Destiny 2. June 9th. Be There.

#WeWantDestiny3

[MAGIC @MagicPoopCannon]

On the weekly #BTC cloud chart, price was rejected by the red span, and it's now attempting to break below the blue span, which is the final cloud support level. This is almost a full-bore bearish weekly cloud setup for BTC. It must hold the blue span or 🔥 💀 🔥.

[MAGIC @MagicPoopCannon]

If you are a Destiny fan, sign the petition for D3!

#Bungie
#Destiny

https://t.co/wxPjyC20j4

[MAGIC @MagicPoopCannon]

@Ferrari 🤦‍♂️ WTF is that? A Ferrarius? 😂 You should be ashamed of putting the Ferrari badge on that thing.

https://t.co/ifk5nNeKfF

[Dexerto @Dexerto]

A petition calling for Sony to greenlight Destiny 3 has hit over 170,000 signatures online

“We believe in the potential of Destiny 3 to inspire new generations of gamers and to keep the fire of the Guardian spirit alive”

[MAGIC @MagicPoopCannon]

#BTC is trying to hold support on the 50 day MA (in orange,) after failing to hold support on the teal trendline. If the 50 is lost, that will probably be all she wrote for BTC/crypto in this little countertrend rally.

[MAGIC @MagicPoopCannon]

@alexmarquez73 @GresiniRacing Forza, Alex!

[MAGIC @MagicPoopCannon]

@bc1313z There are no shorts to squeeze. Everyone is long. 😆

[MAGIC @MagicPoopCannon]

It's probably true that the best thing to do right now is to short crypto and... dare I say... stonks. 💀💀💀

Not financial advice or trading/investing recommendation.☝️

[MAGIC @MagicPoopCannon]

https://t.co/igOHX9rbkq

[MAGIC @MagicPoopCannon]

A long squeeze may be incoming. Leverage/margin debt as a percentage of GDP (currently around 4%) is far greater than the .com peak (~2.6%) and the GFC (~2.5%).

[MAGIC @MagicPoopCannon]

The #SPX may be forming a bearish rising wedge, as it runs into trendline resistance above the current price.

[MAGIC @MagicPoopCannon]

If we look at AVWAPs on #BTC, a somewhat ominous picture emerges. The AVWAP from the ATH (blue) is falling and just above price, and the AVWAP from peak 2024 (purple) is converging above price, increasing the resistance. You can see how well respected both have been.

[MAGIC @MagicPoopCannon]

@Defionbtc Oh, if a crash of that magnitude happens in stocks, crypto is likely fked for a while. Crypto has been unable to rally when stocks are falling. That would likely continue to be the case. So, crypto bulls don't want to see this happen in stonks. 😁

[MAGIC @MagicPoopCannon]

The #S&P may be forming a fractal similar what lead into the COVID plunge. In 2017-2020, price moved up 21%, down 21%, up 46%, then down 36% to the red trendline and 61.8% retrace. The current setup looks almost identical. What do you think?