STATMAN looks at BITCOIN (now 8850) after issuing a short term SELL at 9750. What to expect of the correction! Today's chart and commentary.
Wecome Steemian friends this Thursday morning (USA, Eastern Time).
Well let's continue to tell it like it is. And I'll base everything I write on almost 40 years market experience; that's metals stocks and of late "cryptos". And I'll rely on who and what I have learned to trust and give them the credit they deserve.
It's about BEING RIGHT. Not blowing smoke. Check out yesterday's post, or any previous BITCOIN commentary.
This is (today) a tougher call than the sell I issued at 9750. Or the buy I issued at 6950 on April 13th. After a 38 percent gain in about 11 days and trading above the upper Bollinger Band, a trader sells if bought at 8000 or less.
So I called for a 10 percent correction and I'm NOT ruling a move down to about 7700, or the 20 day moving average (see the chart). We are now sitting at the 50 day, about 8800. THE 50 DAY MAY WELL HOLD! Longer term HOLD here.
This is not bearish, but bullish action. Why? Sentiment right now is improving. We need a period off basing and consolidating that can take place without going to the 20 day moving average. Sideways action as I called for and we had (around the 6500-7000 level)would be positive. Do NOT be a seller here. Please look longer term.
The above chart (seasonalcharts.com) is your friend and the friend of silver and gold. I believe it will be quite accurate this year. The "late, great" US dollar is doomed. I have in previous reports spelled out why. The Chinese and Russians loading up on the precious metals will dictate the demise of the dollar. China just last week (our admin. is not telling you) just downgraded the US treasury to BBB+. This is very serious.
So stay "LONG" right here and be a bit patient. This correction is necessary and may be rather short lived. We must unload some "weak hands".
Thanks! Have a great day. UPVOTE and FOLLOW.
Volume to the downside is not as high as previous corrections so it could just be a healthy pullback needed to consolidate.
exactly!!! and that's my take! thanks..
Good morning and thanks for update. I just went short Facebook, shot up on earnings but has a lot hanging around it's neck. What's your take, and on the rest of the market today and Friday?
The market rest of today probably hold up well...Tomorrow? Tough..and I don't mean to hedge..it is a neurotic market and so very short term news driven..FB popped above the upper bollinger band..prob. a good short..I have said to sell this market on strength. But sentiment indicators are not so negative at all. (short term) I am long term real negative..hard to tell you what it does tomorrow...the best to you..
We have had a lot of down Fridays. It seems many do not want to hold over the weekend. Should be interesting. Thanks for the reply and input, much appreciated. Please follow me if you can. Very nice to meet someone to talk markets with.
following you.....( for me the put/call ratios are healthy to support rallies) and that 24000 level dow wants to hold well..) so for me not the best shorting opp. (yet)..of course Just my personal opinion..
Great thanks for your input. Amazon earnings will push the market around. Should be interesting.