Wheat is experiencing a bullish reversal with the inverse head and shoulders. Price is making a series of higher highs and higher lows. The first target is equality of the head and shoulders at 0.96. Central banks can print currency but they can't print wheat!
The Bitcoin chart may be ugly this week but I don't think the top is in for this cycle. In both previous cycles the RSI hit an overbought reading of 90 twice. This cycle we have only hit it once suggesting another blast higher towards $200,000 is possible in coming months.
The short term picture for silver is not looking good. The March 2020 trend is starting to break down and will continue to do so if we get a selloff in the stock market. To the downside $21 cannot be ruled out. Either that or we are setting for one giant bear trap.
The Ethereum/Bitcoin ratio is not a reliable indicator since we only have 5 years of data (since Ethereum inception). However, Ethereum seems to behave like a volatile Bitcoin, much like how silver behaves with gold. When Bitcoin peaked December 2017 the Ethereum/Bitcoin ratio also peaked (with a 1-month lag). Assuming the relationship holds, we need to see a...
Using a log chart we can see the long term trend in Bitcoin made by the 2013 and 2017 peaks. Reaching this resistance level would trigger a sell signal, currently between $200,000 - $300,000. Notice how the RSI peaked twice in 2013 and 2017 at around 96. In the current cycle we have not reach this level once, indicating we are not at a top yet...
Silver is lagging gold and will need to rise 110% to complete the multi year cup. Once completed a backtest to significant support at $34 can be expected before a huge rise and resumption of the 2001 bull market.
Gold is completing a massive multi-year cup and handle pattern. After breaking 2011 ATHs, price is back testing the breakout and forming a handle. A break about the 1900s would signal a resumption of the 2001 bull market.
Coffee is bouncing off long term support. The RSI is making higher lows and stochastics are turning up. We could retest the recent lows over the coming months as the right shoulder is established but the picture looks constructive. We are still in stealth mode so but how long is that going to last?