This is getting unsustainable, I don't see it going anywhere but down over the next 3 months. Could this be the bagholder's last ride after the end of QE? Just when they thought that the end of QE isn't going to affect stocks at all, it'll hit them even harder by surprise. I'm adding more short position here as we move on...
Shorted it this morning at 1945.6. Still it is a pretty good risk reward area from here. A re-test of the last SPX highs at 2019 would make a good drop afterwards. (1400-1700)
Thoughts about this? Ever since June, Bitcoin have been in an almost perfect sync with Gold's movement. I don't see such a relationship for the past 3 years of Bitcoin's history, could it be due to the strong Dollar or Bitcoin is currently being controlled by the same algorithms of some institutions?
First reliable breakout signal off the downtrend after the long 7 months bear market for Litecoin. (Correction from 48 USD -> 3.3 USD. 14x decrease in price) We also have a double bottom made on 22.10 CNY (3.3 USD). This is an extremely good risk/reward place to be taking position on Litecoin with stops at 21.69 CNY.
2 setups in play for the next 6 months.
Current daily trend signals an impending temporary reversal to silver's parabolic decline since the peak of $52.
Pretty decent risk:reward ratio in this setup for a breakout of the falling channel. Stop loss: 1.25610 Take profit: 1.27297 (0.5 retracement)
RSI divergence in the 4H, and USD index will probably pull back a little over the next few days. Take profit: 108.063 Stop loss: 110.5
All in the chart, self explanatory :) Strategy for the next few days: Sell the rally, buy the dip.
A couple of things to watch out for at the moment: OVERSTOCK CEO PATRICK BYRNE PROMISES “INTERESTING ANNOUNCEMENTS” AT LAS VEGAS BITCOIN CONFERENCE insidebitcoins.com NEW YORK (InsideBitcoins) — Promising some “interesting announcements” regarding Bitcoin on Twitter (see below), Patrick Byrne, CEO of Overstock.com, will deliver the final keynote for the Inside...
PayPal news seems more likely to be a reason/excuse to pump rather than a catalyst to the temporary bullish momentum in the current bear market. 4 hours RSI today still shows an underlying weakness in the market with its inability to break out of the trend developed over several months since the fall from the 680 rally. We are also hitting an upper resistance...
Short area: 2852 CNY / $460 Completes the exact elliot wave I've been looking for ever since the slump from the 500s: We are not done with the bear market yet, don't get converted to the bull camp!
BAM! Bagholders united, here we come. Never buy in an IPO, wait for it to settle down.