BITCOIN hits resistance as expected. Has anything changed? A STATMAN look at the markets.
Good morning Steemian friends.
Let's call this a brief follow up from the weekend report. The regular followers here, saw last week's call of the TRADER'S BOUNCE. 7150 and our sell at 7550. Remember this is not my "investment style". I learned long ago if you want to sleep, stay away from the short term! But if something stands out I'll call it and hope to be right most of the time....
The chart above (compliments of barchart.com) simply shows the strong resistance we hit. It used to be support if you'll recall! But there is good news. As I wrote yesterday, I am NOT in the camp we need to, or will see 6000 and below to firm things up for the big move so many are calling daily to 11,000 next week. This is not happening with the SENTIMENT I'm reading. But it is improving slightly. We'll do well to trade sideways for a while and that's what I've called here; a tight trading range with a break out to the upside. At least that is what I'm hoping for. And, I see slight improvement in sentiment, but not yet enough "fear".
The greatest market timer I've ever followed, the legendary Arch Crawford (look him up) now in his 41st year of CRAWFORD PERSPECTIVES is extremely bullish of Bitcoin long term. He calls the dollar "toast" as do I and sees much higher metals prices, of course. Crawford does not miss major tops or bottoms in markets.
Gold should do better after the FED meeting in mid June where you'll see another rate hike. The dollar then should start to decline.
See the dollar seasonal chart above. That is what I'm seeing going forward. It is not always so exact but I'm quite confident in it this year. And the dollar demise, you can thank trade wars and coming currency war with China, will help propel gold and silver to heights that are going to surprise.
The equity markets are showing strength again exactly as we called it. Sentiment is plenty good to propel the Dow with the help of manipulation of phony markets as well as "misinformation". We stand by the statement we saw a most significant top in January. Any new highs (and you may see them ) will prove insignificant. 2019 will not be pretty, except for the metals and hopefully the cryptos.
Thanks so much for the fine support we have been receiving and you r compliments. UPVOTE,FOLLOW,RESTEEM!
Remember to do your own due diligence!
I'm giving crypto until the end of the year to hit an ATH, if not then i'm selling this garbage because each day of this crap bear market I see more and more risk of total collapse...and the chances of a huge success after 1 year of horrible performance are close to zero
thanks! And I don't disagree...(not at all)..I have a much more understanding and feel for the equity and gold markets..but the dollar demise and it is going to be serious may take BTC up quite a ways..
Charts, at a certain degree, are merely seflfulfilling prophecys. You tell people to buy because you see an uptrend and maybe people start buying and then more people are buying because of FOMO or the opposite happens. You cannot rely on them as we all have seen in the last months. There just has to be some bad news and you can forget all the curves and lines.
that is why sentiment to me is much more important..thus I called sell15,000 BTC..buy 6950, sell 9750 , buy 7150 (trade only ) and the resistance at 7700..before the market reacted...must NOT follow the crowd..and understand support and resistance...thanks for the visit and great to see you. But you are right...the vast majority are trend followers...and I learned long ago, these type "traders" buy late, and sell late..
LMAO, Dollar is about to get absolutely SMOKED the rest of the year... RESTEEMED
thanks very much...you are spot on and very very astute!!
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Thanks for the info.
and, thanks for the support..