Swing trade ideas on a couple of cruise line stocks; NCLH & CCL, followed by trade ideas on Bitcoin & various crypto-proxies such as IBIT, $BTC, MSTR, RIOT, COIN, MARA, HIVE, & more.

YouTube link: https://youtu.be/Z0UD_K-oQp0

In this video from Right Side of the Chart, host Randy Phinney provides a technical analysis update on several stocks, cryptocurrency, and financial assets based on technical chart patterns.

Here is a breakdown of the key trade ideas discussed:

1. Cruise Line Stocks (NCLH & CCL)

  • Norwegian Cruise Line Holdings (NCLH): Phinney highlights that NCLH trades well strictly based on technical analysis patterns like divergent highs and lows. The stock is currently sitting in a massive symmetrical triangle pattern on the weekly chart. Because it is an “indecision pattern” and the stock does not yield a dividend, he views it as a sideways grind rather than a strong immediate trade.

  • Carnival Corp (CCL): Phinney maintains an active short trade on Carnival. It hit its initial price target (T1), bounced slightly back to its 200-day moving average, and he still expects it to move lower. Because cruise lines track together, he leans bearish on the sector as a whole.

2. Bitcoin & Crypto Proxies

  • MicroStrategy (MSTR): Discussed as a leveraged play on Bitcoin. After successfully playing it long off the lows, it hit heavy resistance at its T2 target zone. Phinney has since opened a short trade on MSTR, placing a suggested daily stop-close above $180. He expresses a strong fundamental skepticism regarding MSTR’s leverage model if Bitcoin ever drastically unwinds.

  • Bitcoin (BTC): Looking at a 5-year daily chart, BTC is currently testing its long-term downtrend line from previous highs. He notes that Bitcoin has developed a near-perfect correlation with the QQQ (Nasdaq 100) as a “risk-on” asset. He predicts a significant downward move if a broader stock market correction forces an unwind.

  • Other Crypto Proxies (RIOT, COIN, MARA, HIVE): Phinney walks through various charts, noting that most of them (like MARA and RIOT) are currently hitting key resistance levels or moving averages, making them objective short entry targets. He points out HIVE as looking slightly more technically bullish due to a falling wedge pattern, though he remains skeptical because it must ultimately follow Bitcoin.

3. Bed Bath & Beyond (BBBY)

  • Phinney unexpectedly notes a clean bullish falling wedge breakout on BBBY. The stock recently rallied up to its 200-day moving average, faced a rejection, and is undergoing a technical back-test. He suggests it could be a viable long buy with a tight stop below recent lows to see if the move plays out.

The video serves as an analysis of risk-on assets showing signs of technical resistance before he shifts his focus to semiconductor stocks in a subsequent video.