BITCOIN: A bullish pattern is emerging. Have we seen a major bottom? Dow Jones and the GOLD and SILVER commentary!

Good morning Steemian friends. Bitcoin is continuing to hang around the 6600 level. As I mentioned yesterday it will have major trouble at this time moving above 6700 and staying there. Does that mean we revisit the recent low around 5800?

Not according to Jim Wyckoff a top analyst at Kitco. See his chart below.

Wykoff BTC.jpg

We have seen a good corrective bounce as called at 5850. SENTIMENT currently is holding up fairly well. I do not see a major decline from here and would buy weakness if you did not come in below 6000.

With the Dow Jones at 24,415 we have a tidy little bounce off 24,100 we called earlier in the week. For me, I'd probably close it out and say "thank you". That's what I did in my rather successful "trading" days.

My felling is sentiment right now in the DOW can support a rally to 25,000 or beyond before real trouble sets in.
I will of course allude to in a report soon out of the myriad of reason why equities are going to seriously "take it on the chin" and the metals probably around Sept. begin an upward surge of big proportions. Let's just say the tariff situation will prove a disaster and that's just for openers.

While gold and silver continue the summer malaise, gold around 1255, silver about 16.00 lots is going on under the surface in preparation for a big move. Not just JP MORGAN continues its massive accumulation of silver now over 140,000,000 ounces, but get this: GOLDMAN SACHS just came out again with a strong buy rec. on the metals! They are expecting 1450 per ounce by next year (gold) and 21.00 (silver). That is precisely what I've been saying if you've been reading this blog. I'm no fan of Goldman Sachs folks, but they "know something". Just do as they (and Morgan) do, we used to say in the business.

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Remember, Russia has unloaded half it US debt replacing it with gold!
China has downgraded our debt to BBB+. That is what Standard and Poors call "junk bond rating".

Be patient my friends. It will be rewarded! And this is the time to be accumulating gold and silver.

Thanks for your support! And remember, the opinions here are mine.

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the big boys are just prolonging and positioning themselves. They know that the FED has truly backed themselves in a corner with HIKING RATES AND DCREASING THE BLANCE SHEET so rapidly. QT is so obvious at the end of every month and it has killed growth....Dollar is next down here...Metals rocket ^^^

thanks my friend..and keep up your fine work!! You are MOST insightful.

The prospects for gold and Bitcoin are looking better and better with each passing day. The autumn is going to be exciting!

I could not agree more my friend..IN fact it is the best looking "setup" I've seen in about 10 years....thank you..

I like your opinion and @heymsnuffles's. Thanks for it.

@heyimsnuffles is another to follow and respect. thank you.

Looking forward to a September upward surge in gold.

A lot of great and insightful information here. I do hope this is the turnaround for the crypto and metals market. We have all been in the red for awhile. Thanks @yankee-statman!

and thank you again!

always holding hope. Gold and silver has been held down along time, but I don't think it will change until something dramatic happens in the world. Crypto can be our "financial savior" in the near term, so GO BITCOIN!

Thanks @fat-elvis. Our patience is going too be rewarded.

Thank you for your continued support of SteemSilverGold

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