BITCOIN: This once volatile entity is in the tightest of ranges (chart). When and which way does it "break?" Statman commentary and opinion.
Welcome my friends this Saturday late afternoon.
Let's look at the up to the moment chart of Bitcoin and see tight tightest of trading ranges for the past month or more.
Some may recall our last positive remark was in mid-August when at 6000 we said some buying can be done "here". Why? Sentiment quickly rose on that recent decline to about 40 percent "shorts". Then at 7400 we said "end of the line for this one". You can look it up! Sentiment quickly turned to about 82 percent longs, 18 per cent short.
Looking at the yearly chart, we called Sell at 15,000 in late January. Sentiment at that time was at an alarming (and always a sell) 90 percent bulls.
Here we are at 78.5 percent bulls and 21.5 percent shorts (bears). We are holding strong at the mid 6500 level and sentiment is slowly improving. One could say "we are going lower". One could say we are going sideways indefinitely.
I'm saying the downside is limited to about 6200. And the bias will soon be to the upside but only after enough folks throw in the towel. Sentiment can improve with more of what we are seeing;
I'd like YOUR opinion! Thanks you for your support.
Good analysis @yankee-statman. I’m not sure the downside is capped at $6,200, but I do think sentiment is slowly shifting bullish. Still, without a catalyst of some sort, I feel price may need to drop (possibly to new 2018 lows) to bring in new money. Regardless, this time next year I believe many will wish they'd bought at these prices.
right! And could not agree more!..thank you again. WE need improved sentiment and a drip below 600o is sure a distinct possibility.
I think a little more consolidation can't hurt too much. Let's enjoy the anticipation of the awakening
Agree and thank you for your support and comment!
Good one, best strategy now is to start accumulating with the whales 🐳🐳
absolutely....and thanks for your support!
Bitcoin is coiling up. I think prices are being suppress while the Smart Money put all their infrastructure in, before being able to buy and push prices beyond $20k....mid-next year.
very close to my take as well...and thank you again!
Exciting times! Another great analysis.
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Thank you! Very exciting times. I believe things start to "cook" mid-November.
Good to see those bands narrowing (as expected) as the triangle tapers to an apex. Some very interesting times coming very soon...
absolutely...we need some better "sentiment numbers"..more bears..but the bias is very slowly upward, I do believe...thanks...and you do fine work.
Thanks, you too!