ETH/USDT

Over the past two weeks, ETH (Ethereum) has seen significant price appreciation, rallying by almost 15% from $1,160 (on December 20th) to $1,320. However, the STOCH RSI (a technical indicator measuring the relative strength of an asset) is currently overbought on all time frames, suggesting that the price may be due for a correction. 

The price is also approaching a range-high area of resistance at $1,340-$1,352, which may lead to a rejection and possible retest of the $1,270-$1,290 range. This area may provide a good entry point for a long trade. Since the beginning of November, ETH has been trading within a range of $1,077 (range-low) to $1,350 (range-high). If the price is able to break through the $1,352 resistance level, it could potentially test the $1,400 and $1,500 areas.

Dick’s Sporting Goods (DKS:NYSE)

I am bullish on DKS (Dick’s Sporting Goods) as long as the stock remains above the $115.00-$116.00 range. My upside target for the stock is $195.00-$200.00. Dick’s has recently launched a number of new stores and product lines, including the Dick’s House of Sport, Golf Galaxy Performance Center, Public Lands, and Going, Going, Gone! 

These new brands have been received well by the market. Additionally, the company’s free quarterly cash flow is currently a solid $294.36, which is another positive sign for the stock. Overall, I believe that DKS is well positioned for future growth and success.

Iridium Communications (IRDM:NASDAQ)

I am bullish on IRDM (Iridium Communications Inc.) as long as the stock remains above the $51.00-$53.00 range. My upside target for the stock is $75.00-$80.00. Iridium recently announced a joint venture with Qualcomm to enter the satellite messaging market beyond smartphones. The service will be similar to Apple’s emergency SOS feature via satellite. 

In addition to this partnership, Iridium has also reached an agreement with SpaceX to launch up to five of the company’s remaining ground spare satellites from the Iridium NEXT program. These developments suggest that Iridium is positioning itself for future growth and success, and I believe that the stock has strong potential for appreciation.

BTC/USDT

There is a lot going on here, so take a second to familiarize yourself with where everything is. 

First, draw your attention to the white lines. On the daily chart, this is a falling wedge pattern – a bullish formation. If it holds true and plays out, I expect a possible relief rally with the price running as high as $29,000 – $30,000. That number (on a high time frame) is the main underside resistance and a strong order block level which led to the breakdown to $17,000. However, failure for this formation to play out would mean a rejection from the trend line of $18,000 (give or take), bringing the price back down. At that point, I would look at two targets.

The first would be the bottom white line forming the lower part of the falling wedge – currently at $14,500. The second one would be the $12,000 region which is not only strong horizontal support, but also the middle of a downward parallel channel. You can see this level marked out by a blue dashed line. 

Ultimately, until a new higher high is established, we need to remain patient and defensive. If bitcoin clears and holds above $21,500, a new higher high will have been established.