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Bitcoin bears currently hold a slight edge in the ongoing technical tug-of-war for prices. The ‘OG’ crypto is about to break below a two-month support level, leaving BTC bulls scouring the next series of local lows either to scoop up more of the crypto or to exit an increasingly toxic position.

Whatever’s going down, the technical environment seems a bit precarious from the heights of a 61% year-to-date performance. In a scenario like this one, some traders might start seeking the fundamental picture. But here’s the kicker: does such a thing exist for this ghost-town currency?

According to several lawmakers belonging to the UK Treasury Select Committee, maybe we’re looking at it the wrong way: in short, they’re sure these are “gambling” assets and not “financial” assets. Might they be right? It’s too early to tell.

Technically Speaking

Bitcoin’s technical headwinds are clear and numerous (see chart 1).

CHART 1: DAILY CHART OF BITCOIN TO US DOLLAR ($BTCUSD). Bitcoin is trading below its 50-day simple moving average, and the MACD and CMF indicators also look bearish. If Bitcoin continues falling, it could hit the $22.5k level or even lower.Chart source: StockChartsACP. For illustrative purposes only.

Having fallen below the 50-day simple moving average (SMA), the downtrending line starting in mid-April serves as a stronger resistance level the cryptocurrency must break through to maintain its upward trajectory. But that will likely not happen without a slight breather or a much deeper pullback.

Bitcoin is testing its two-month lows near the $26.6k range and will likely fall to $25k support. Notice that the Moving Average Convergence/Divergence (MACD) and particularly the Chaikin Money Flow (CMF) indicators both hold a bearish posture. Should Bitcoin continue falling, you can expect further support near the $22.5k and (further down) the $21.5k range.

There’s also another way to look at this chart.

CHART 2: A HEAD AND SHOULDERS TOP IN BITCOIN. The downside target could bring Bitcoin to the $23,170 level.Chart source: StockChartsACP. For illustrative purposes only.

Viewing it from a Head & Shoulders top perspective, you can calculate the downside target by subtracting the top of the formation ($31,023) from the neckline ($26,900) and then subtracting the balance ($4,123) from the downside penetration of the neckline ($27,292) to get the target of $23,169 or $23,170 (to round up). This downside target is slightly above the resistance level of $22.5k, as noted in chart 1.

But is Bitcoin Technically Bullish or Bearish in the Long Term?

This is difficult to answer, but if you were to apply longer-term technical criteria to the crypto, similar to what was done in chart 2 for the near-term view, wouldn’t it look like the chart below?

CHART 3: A LONGER-TERM VIEW OF BITCOIN. Maybe the target range of the smaller Head & Shoulders (H&S) will coincide with the larger H&S bottom.Chart source: StockChartsACP. For illustrative purposes only.

If you were to maintain this bullish thesis, then the smaller pattern (a break below the smaller H&S pattern) constitutes a break above the larger H&S pattern. In this case, you’d have to pick your time frame and monitor your trade accordingly.

The Bottom Line

Bitcoin’s near-term technical landscape seems to be brimming with challenges. Fortunately, it faces a scaffolding of support levels. While the potential for a bounce-back always seems to exist in the volatile world of cryptocurrencies, the present indicators lean towards a bearish outlook in the short term. The application of various technical analysis tools all point towards possible further downward movement, with support levels identified between $25k and $21.5k.

Nonetheless, the longer-term outlook remains more ambiguous. If a larger bullish pattern prevails, the current bearish trend could be a smaller part of a larger upward trajectory. As always, the key to navigating this turbulent market lies in carefully monitoring the technical indicators and adjusting trading strategies accordingly.

The ongoing debate regarding the nature of Bitcoin as a “gambling” asset versus a “financial” asset adds a layer of complexity to the scenario. Ultimately, only time will unravel the true identity and trajectory of this pioneering cryptocurrency. Whether you’re a bear or a bull, the thrill of the Bitcoin ride continues unabated.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

In this week’s edition of Trading Simplified, Dave shows his methodology in action with a recent Crypto trade where he’s “free rolling.” He also discusses how that’s the secret to longer-term trading success. He then resumes his series on the wisdom of Jesse Livermore, explaining how the earthquake news took a while to “hit” and how you should view news events. He also talks how Livermore allowed himself to get shaken out of a trade and why you should have no problem “paying up” on a position (vs. bottom fishing).

This video was originally broadcast on May 17, 2023. Click anywhere on the Trading Simplified logo above to watch on our dedicated show page, or at this link to watch on YouTube. You can also watch this and past episodes on the StockCharts on-demand video service StockChartsTV.com — registration is free!

New episodes of Trading Simplified air on Wednesdays at 12:00pm ET on StockCharts TV. You can view all recorded episodes of the show at this link. Go to davelandry.com/stockcharts to access the slides for this episode and more. Dave can be contacted at davelandry.com/contact for any comments and questions.

The NYSE FANG+ index $NYFANG holds ten of the largest stocks in the US.

Alphabet – GOOGLSnowflake – SNOWMETA Platforms – METANVIDIA Corp – NVDAAmazon – AMZNMicrosoft – MSFTAdvanced Micro Devices – AMDApple – AAPLNetflix – NFLXTesla – TSLA

The index is equally weighted, so around 10% for each stock.

The price chart of the NYFANG+ index is characterized by a large complex H&S reversal pattern which was executed last week as the price broke above the up-sloping neckline.

Based on this formation, a price target for the index can be calculated at around 8000, which matches with the all-time high for the index set at the end of 2021.

From a relative perspective, the NYFANG index leaves the S&P 500 far behind and is steaming ahead to further outperformance.

The members come from three different sectors. Technology, Consumer Discretionary, and Communication Services. And all stocks are in the S&P 500 index except for SNOW.

Measured against $SPX

The first RRG for this universe uses $SPX as the benchmark. It clearly shows the strength of this group of stocks as a whole. All of them are on the right-hand (strong) side of the graph.

The strongest trajectories are found for GOOGL, AMZN, SNOW, and NFLX. The first three are either inside improving or leading and at a strong RRG-Heading. NFLX is inside the weakening quadrant but has just turned back up and is now rotating toward leading again at a strong heading.

META, NVDA, and AMD are all losing relative momentum but are still at high Jdk RS-Ratio readings, which suggests that they are merely going through a temporary setback rather than a turnaround of the relative uptrend.

The only weak(er) stock in this group is TSLA, which is moving straight down on the JdK RS-Momentum scale and more or less exactly at the 100-level on the RS-Ratio axis.

NYFANG as a Closed Universe

Plotting the same group against $NYFANG as the benchmark creates a so-called closed universe. This means that all stocks plotted on the graph are included in the benchmark. This gives a better insight into the (real) relative strength of the individual stocks against their peers in the universe.

The same names pop up as strong. No surprise there, but we are getting a better handle on their relative position vis-a-vis each other.

AMD, META, and NVDA are still strong and on the right-hand side of the graph but clearly hoping through a setback.

TSLA is now clearly the weakest member of this group as it is rotating into the lagging quadrant from improving at a long (strong momentum) tail.

AAPL seems to be halting its progress, but the other tails inside the improving quadrant continue to look promising.

Zooming in on Daily Time Frame

To further fine-tune the analysis, I’d like to look at the daily RRG to see whether the rotations on the weekly are getting any confirmation or follow-through on the shorter time frame.

On this daily RRG, AMZN, GOOGL, and SNOW confirm the strength seen for these stocks on the weekly RRG. This makes them potential buying candidates.

GOOGL

This is probably the least interesting stock from a risk/reward point of view. After breaking above its horizontal resistance at 109, GOOGL rallied sharply and is now nearing its next overhead barrier between 122.5-125. Therefore, limited upside potential to the next resistance level, while there is more risk toward the support level.

The rotation on the RRG is strong, but overhead price resistance is looming. Only when GOOGL takes out 125, new upside potential becomes available while at the same time limiting risk as 125 will then start to act as support.

AMZN

The rotation of the tail for AMZN on the daily RRG is not very well visible. When you open up this RRG in your own account and highlight AMZN, you will see that it has just turned back up after a rotation through weakening, and is now heading up toward the leading quadrant again.

Combined with the strong trajectory on the weekly RRG and the upward break on the price chart, AMZN shows an interesting setup with upward potential to the last major peak, around 145.

I wrote about AMZN in this article recently. The analysis presented here still stands.

SNOW

SNOW ended up in a large triangle consolidation after dropping from 400 back to 120 in less than six months’ time. It looks like the market has absorbed all this supply, and last week SNOW broke above its most recent high and out of that large triangle formation. This is definitely a good sign.

On the weekly RRG, SNOW is inside the improving quadrant but at the lowest RS-Ratio reading. On the daily RRG, SNOW pushes deeper into leading and is at the highest RS-Ratio reading. This combination of rotations, together with the upward break in price, means that the outlook is strong. When the tail on the daily RRG rolls over, that will most likely signal the start of the first correction after the break, which will very likely offer good new entry opportunities.

#StayAlert, –Julius

Following yet another disappointing early exit from the NBA playoffs, the Philadelphia 76ers fired coach Doc Rivers on Tuesday, a person with knowledge of the situation told USA TODAY Sports. The person requested anonymity because they were not authorized to speak before the team made an announcement.

In three seasons under Rivers, the Sixers have posted a 154-82 record (.653) and finished either first or second in their division. However, they have been unable to advance past the second round of the playoffs in any of the past six seasons.

The Sixers confirmed the firing later Tuesday morning.

‘Doc is one of the most successful coaches in NBA history, a future Hall of Famer, and someone I respect immensely,’ Philadelphia president of basketball operations Daryl Morey said in a news release. ‘We’re grateful for all he did in his three seasons here and thank him for the important impact he made on our franchise. After having the chance to reflect upon our season, we decided that certain changes are necessary to further our goals of competing for a championship.’

This season looked like the Sixers’ best chance for a deep playoff run. With center Joel Embiid winning league MVP honors and shooting guard James Harden playing in his first full season with Philadelphia, the team posted the third-best regular season record in the league.

Follow every game: Latest NBA Scores and Schedules

However, after defeating the Atlanta Hawks in the first round of the playoffs and going up three games to two on the Boston Celtics, the Sixers reverted to their old form.

They unraveled in the fourth quarter to lose Game 6 at home, then had no answer for the Celtics’ Jayson Tatum and his record-breaking 51 points in Game 7.

The loss dropped Rivers’ record as a head coach in Game 7s to 6-10.

Overall, Rivers has a 1097-763 record (.590) in 24 seasons with the Orlando Magic, Celtics, Los Angeles Clippers and Sixers.

This leaves three premier coaching openings: Milwaukee (Giannis Antetokounmpo), Phoenix (Devin Booker, Kevin Durant) and Philadelphia (Embiid). Morey inherited Rivers as Philadelphia’s coach when took over basketball operations, and this gives him a chance to make his own hire.

Rivers thanks Sixers and Philadelphia fans

‘I really enjoyed my time in Philadelphia – what a great city. I want to start by thanking my staff, the players, and the ownership group for their suppport. We got a lot done in a short amount of time.

‘I’d also like to thank the 76ers fans. Whew … you guys are tough, and I think you’ve learned I’m tough too. I absolutely love your commitment to the city and its teams – never lose that. I wanted, just as badly as you, to bring another championship to Philadelphia. Thank you for giving me the opportunity to lead, to learn, and to love this great city.’

This post appeared first on USA TODAY

Las Vegas Aces coach Becky Hammon was suspended two games without pay after an investigation into allegations a player was bullied for being pregnant. The team also lost a 2025 first-round draft pick for violating league rules regarding player benefits, the WNBA announced Tuesday.

The rulings were made after a monthslong investigation into the team stemming from comments made to former Las Vegas forward Dearica Hamby about her pregnancy. The team lost it’s 2025 first-round pick since the Aces do not have a 2024 first-rounder due to a prior trade.

‘The Aces failed to adhere to league rules and regulations and have been disciplined accordingly.  We are also disheartened by the violation of our Respect in the Workplace policies and remain committed to ensuring that enhanced training is conducted and standards are followed across all WNBA teams,’ WNBA Commissioner Cathy Engelbert said in a statement.

Becky Hammon made comments to Dearica Hamby, WNBA says

Hammon’s suspension comes after forward Dearica Hamby said in January she was ‘bullied’ and ‘manipulated’ by the Las Vegas Aces after she got pregnant with her second child. The two-time all-star, who was drafted by the franchise in 2015 when it was the San Antonio Stars, signed a multi-year contract extension with the Aces in June prior to the team winning its first WNBA title in September.

After the Aces’ title, Hamby said she was expecting her second child and the team claimed she ‘didn’t hold up my end of the bargain’ due to her pregnancy. Hamby and a 2024 first-round pick were traded to the Los Angeles Sparks for a 2024 second-round pick and the negotiating rights to forward Amanda Zahui B in January.

The league said after Hamby’s comments, it conducted an investigation, including interviews with 33 people and ‘a review of numerous texts, emails and other documents.’ The WNBA said a violation occurred when Hammon made comments to Hamby in relation to her pregnancy.

Las Vegas Aces impermissible player benefits

The Aces violation included promises of impermissible benefits in connection with negotiations with Hamby for a contract extension, the WNBA said.

During its investigation into Hamby’s comments, the league said several individuals raised concerns regarding the Aces’ conduct during the free agency period. The WNBA previously said it was looking into the franchise after allegations of the team paying players under the table, which surfaced after the team signed two-time league MVP Candace Parker and forward Alysha Clark.

The league said its investigation was ‘not able to substantiate any of those additional concerns.’

‘It is critical that we uphold the values of integrity and fairness, which create a level playing field for our teams,’ Engelbert said.

WNBAPA: Decision ‘misses the mark’

The WNBA Players Association said the league had an opportunity ‘to send a clear message’ it abides by the collective bargaining agreement, but the decision ‘misses the mark’ and the penalty wasn’t appropriate based on recent league rulings.

‘Where in this decision does this team or any other team across the league learn the lesson that respect in the workplace is the highest standard and a player’s dignity cannot be manipulated,’ the WNBAPA said. ‘While taking away a future draft pick is significant and has never been done in the league’s history, it penalizes a future player by removing an opportunity to compete for a job.’

Aces stand by Hammon

The Aces said in a statement it is ‘deeply disappointed’ in the disciplinary actions from the WNBA, disputing Hammon’s actions and allegations the team paid players ‘under the table.’

‘The WNBA’s determinations about Becky Hammon are inconsistent with what we know and love about her. Becky is a caring human being who forges close personal relationship with her players. We stand by Coach Hammon as she continues to lead the Las Vegas Aces,’ the team said. ‘We look forward to continuing to support our players, coaches, employees and the Las Vegas community.’

 The Las Vegas Aces will begin their title defense Saturday, opening the regular season against the Seattle Storm.

This post appeared first on USA TODAY

Sports fans can’t seem to hide their excitement about the new owners of the Washington Commanders.

Days after a group led by Philadelphia 76ers and New Jersey Devils co-owner Josh Harris reached a deal with Daniel Snyder involving the sale and purchase of the NFL franchise, a minor league baseball team wants to celebrate the end of the Synder era.

The Bowie Baysox, the Double-A affiliate of the Baltimore Orioles and located in Maryland, will celebrate the new ownership on Thursday for its home game against the Altoona Curve by offering anyone named ‘Josh’ or ‘Harris’ a free ticket. The team also announced anyone wearing a Earvin ‘Magic’ Johnson jersey will get a free ticket, since he is part of the ownership group.

Anyone in Washington gear will be able to receive a game box seat for $10.

‘IT’S OVER!’ the team said on Twitter. ‘Celebrate the long-awaited ownership change of the Washington Commanders with us on Thursday, May 18!’

Follow every game: Latest MLB Scores and Schedules

‘Going away’ cake for Dan Snyder

As part of the celebrations, Bowie said the game will feature a look back on the last 25 years of the Washington NFL franchise, including a ‘going away cake in honor of the Commanders soon to be former owner.’ One person named Josh, one named Harris and one wearing a Johnson jersey will get to throw out the first pitch.

Baysox general manager Brian Shallcross told the Washington Post that the front office had considered a celebration for weeks, but wanted to wait until it was official. The original idea was to throw Snyder a retirement party, but they didn’t want ‘to acknowledge Dan that much’ and wanted it to be for fans who have been waiting for the team to be sold.

‘We wanted the promotion to be positive and forward-looking,’ Shallcross said. ‘It’s hard to find somebody that has positive things to say about the organization and the ownership, so we just thought it was the right time for a celebration.

The Baysox play at Prince George’s Stadium, which is less than nine miles east of FedExField, where the Commanders play.

This post appeared first on USA TODAY

Was Aaron Judge cheating when he cast a quick glance to his right before slamming a mammoth 462-foot home run to dead center Monday night in Toronto?

The uncanny timing of the blast, aided by close-up television replays and some questioning commentary by Blue Jays television announcers Dan Schulman and Buck Martinez certainly made for some interesting postgame discussion.

Just moments before Judge’s second home run of the game, Yankees manager Aaron Boone was ejected for arguing a called strike on his 6-foot-7 slugger. Judge said his sneak peek was in response to ‘a lot of chirping from our dugout’ while he was in the batter’s box.

‘I said a couple things to some guys in the dugout and especially after the game,’ Judge said. ‘Hopefully, it won’t happen again.’

While Judge may have hoped to put a lid on any controversy, the Blue Jays weren’t as willing to put the incident behind them.

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Toronto manager John Schneider acknowledged seeing video of Judge, calling it “kind of odd,’ according to The Athletic, and concluding that ‘he’s obviously looking somewhere besides the pitcher for a reason.’

It’s possible Jays reliever Jay Jackson was tipping his pitches or catcher Alejandro Kirk was setting up so the Yankees could see what pitches he was calling. Schneider said the team would take a closer look at potentially closing those loopholes before Tuesday’s game.

Aaron Judge ‘not happy’ about cheater label, MLB in contact with Blue Jays and Yankees

Judge spoke with reporters before Tuesday night’s game in Toronto, adding he didn’t appreciate the comments made by the Blue Jays and its broadcast team.

‘I’ve got some choice words about that, but I’m just going to keep that off the record,’ Judge said, according to the Associated Press. “I’m not happy about it, but people can say what they want,

‘I’ve still got a game to play, I’ve got things I’ve got to do. I told you guys what happened and everybody else can make their own story about it if they want.”

Schneider revealed his team reached out to MLB about the positioning of New York’s base coaches, and commissioner’s office told Toronto it was aware of Monday’s situation. Schneider added it’s up to his team to make sure they aren’t tipping pitches, and he didn’t think much of Judge’s postgame comments from Monday.

‘It’s a really accomplished hitter who won the MVP last year. I know that he means nothing but business and wants to win. I just found it a little funny that he was worrying about his dugout while he was in the batter’s box.”

Boone said his team also had been in touch with the league, and was told no investigation would be done ‘because nothing that went on last night was against the rules.’

In his first plate appearance Tuesday, Judge was met with heavy boos from the Rogers Centre crowd before grounding out.

No matter what really happened, sign-stealing is part of the game ― and has been throughout history ― as long as it doesn’t involve the kind of electronic surveillance the Houston Astros were caught doing in 2017.

So while Judge’s actions may certainly look suspicious, especially in light of the monstrous home run he hit moments later, they may end up being remembered mostly for the internet memes they generated.

This post appeared first on USA TODAY

When it comes to Bronny James playing for Southern California, men’s basketball head coach Andy Enfield doesn’t feel pressure coming from his superstar dad.

Enfield spoke with ESPN after the eldest son of LeBron James committed to play for the Trojans on May 6, saying parents Lebron and Savannah James have been ‘extremely supportive’ of their son’s college choice.

‘They have a great understanding of what it takes to become a great player,’ Enfield said. ‘I think the expectations − there are certainly expectations − but the expectations are not unreasonable as parents. They want what most other parents want. They want their son to come get an education, develop on the basketball court, play with other good players and to have a coaching staff that can help them develop and help him become a better player.

‘We think, as coaching staff, LeBron and Savannah have a great understanding of what it’s going to take for Bronny to be a great college player and get to the next level.’

Lebron James celebrates son’s commitment to USC

Lebron James has been vocal about his excitement for his son to play for USC. The same day Bronny James committed, he told Spectrum SportsNet after the Lakers defeated Golden State, 127-97, in Game 3 of the Western Conference semifinals it was one of the best days of his life.

In the postgame press conference, James congratulated his son for ‘his next journey and picking a great university,’ adding to his knowledge, he will be the first person in his family to go to college.

 ‘It’s very, very, very, very exciting, very humbling and a great moment for our family,” James said.

Pressure on USC?

Bronny James will be joining a coveted recruiting class, as the four-star prospect, according to 247 Sports, alongside  guard Isaiah Collier (No. 2 overall via 247 Sports) and center Arrinten Page (No. 51 overall via 247 sports). Former Washington State forward DJ Rodman, son of Naismith Memorial Basketball Hall of Famer Dennis Rodman, announced his transfer to the Trojans last week.

With a strong recruiting class, and the Trojans playing less than two miles from where LeBron James plays for the Lakers, Enfield said he’s prepared for the pressure, and it seems Bronny James is too.

‘It’s so refreshing to see a young man deal with all the celebrity status of his dad but be such a humble young man,’ Enfield said. ‘We recruited Bronny because we think he’s a great fit for our basketball program as a player and the type of person he is.’

This post appeared first on USA TODAY

The National Collegiate Basketball Hall of Fame will honor the winningest coach of all time this summer.

Former Duke coach Mike Krzyzewski headlines the Class of 2023, the college basketball hall of fame announced Tuesday. The legendary coach will be joined by one of his former players, Johnny Dawkins, as well as decorated North Carolina great Tyler Hansbrough, longtime Thomas Jefferson University coach Herb Magee and Tom Konchalski, a famous scout of high school players.

Coach K and Co. will be enshrined on Aug. 30 in a ceremony in Chicago, Krzyzewski’s hometown.

Here’s a quick look at their resumes, which earned them hall of fame honors:

Mike Krzyzewski

Krzyzewski, who was also honored by the Hall as part of their massive inaugural class in 2006, retired in 2022 after a 42-year run at Duke that made him the winningest coach in NCAA history. Before his time with the Blue Devils, Krzyzewski coached Army, his alma mater, for five seasons.

But it was at Duke that he became a legend. Coach K finished with 1,202 wins and five national championships in 13 Final Four appearances.

Johnny Dawkins

Viewed as one of the first great players under Krzyzewski at Duke, Dawkins was named the Naismith Player of the Year as he led the Blue Devils to the 1986 Final Four — their first under Coach K — and a 37-3 record. He finished his four seasons as Duke’s all-time leading scorer, a record he maintained until JJ Redick broke his mark 20 years later.

Tyler Hansbrough

The intense Hansbrough left UNC as one of the most decorated players in program history — which is certainly saying something. The Tar Heels’ all-time leading scorer capped his career by leading North Carolina to the 2009 national title.

Herb Magee

Magee led Division II’s Thomas Jefferson University (previously called Philadelphia Textile) for 54 seasons (1967-2022). He finished his tenure with an impressive 1,144-450 record and won the 1970 NCAA Division II tournament.

Tom Konchalski

Konchalski produced the ‘High School Basketball Illustrated’ newsletter popular among college basketball coaches. Konchalski died in 2021.

This post appeared first on USA TODAY

Zay Flowers fulfilled his dream of being drafted to an NFL team when, last month, he was selected in the first round by the Baltimore Ravens in the 2023 NFL draft.

Now, he’s giving back to one of the people who made it happen, his father, Willie.

The former Boston College standout surprised his father with a brand new car.

The NFL shared a video of the heartwarming gesture Tuesday on its Twitter page. Flowers is with a group of people as he presents his father with a key and then walks him out to a black Mercedes crossover with a big red bow on the hood. His dad lights up with a smile and the two share a high five and a hug.

2023 NFL DRAFT: Baltimore Ravens’ round-by-round selections

Flowers credits his father with teaching him the importance of hard work. When Flowers’ mother died in 2005, his father raised the family of 14 children on his own.

‘I used to see him get up and go to work at 4 a.m. in the morning. He did that every day Monday through Friday,’ Flowers told the Ravens website. ‘Then he would get up Saturday, wash our clothes at the wash house, cook everybody breakfast and take us to football games. Then, do the same thing Sunday, and then go back to work Monday. So, just seeing him do that, it gave me my drive.’

The quarterback suggested that he could throw for 6,000 yards with all the tools at his disposal.

‘I love that, let’s do it. I’m with it,’ Flowers said during a press conference. ‘Whatever he want to do, I’m with it.’

This draft season, another rookie receiver shared a special moment with a parent. Former TCU wide receiver Quentin Johnston told his mother she could retire after he was drafted to the Los Angeles Chargers in the first round.

This post appeared first on USA TODAY