Statman's weekend commentary on the markets: BITCOIN-STEEM-METALS-DOW JONES.
Good Saturday my friends.
Let's get right to it and of course we'll "pull no punches".
April 13 having called "BUY" (6950) we said traders should EXIT at 9750. Long term investors were and are advised to hold.
We also called a sell at 15,000 in January.
I had said on the way down (before going under 7000) that 8000 would be important and a BUY as well. I am saying here we may visit 8000 (see the chart above) but would be a buyer here realizing there is a lot of resistance at 9000.
The bottom line, and I reiterated previously, we were NOT going to punch through 10,000 without basing for some time either sideways or just what you witnessed this past week. This is BULLISH!! We now have stronger sentiment (more fear). This was a huge missing ingredient. Just visit the crypto blogs with all the charts (10 a day) and 90 percent bullish! WRONG! We are long term positive and at 8500 we can buy if you are patient.
Steem:
Folks, Steem incresed 330% in three weeks, from 1.40 to 4.50.! This is a given it is not going to hold. We wrote here I was hoping 3.50 would hold. It struggled to do so. I like it to recapture the three level and slowly work its way higher. Strong support lies just below the current 2.75. We are bigtime cheerleaders of course. We must put emotion aside!
Gold and silver:
The bottom line here is both a screeming buys. For a variety of reasons dollar related, international potential crisis related, trade war and currency war related, we are going dramatically higher with possibly another small leg down June or July.
see silver seasonal above. (seasonal charts .com)
seasonal gold above: seasonal charts .com
I see gold punching through 1400 by autumn and a quick dramatic move upward ensues. Silver should visit this year, 20-22 and in 2019 much higher prices.
Chart of Dow -Jones above: barchart.com
We said sell in Jan. at 26,000 plus. Also April 13th a buy at 23,650. The Trump bull market is over. And this rally can go well above 25,000. It is my believe it will be looked at as the "Mother" of market traps. Once again we have mounting factors that will work in favor of commodities, not the equity markets.I'm not picking a number but I'll take the 1000 points of the rally we called and put my money in Silver and Gold right here.
The above opinions are mine. Please do your own "due diligence".
UPVOTE, FOLLOW AND RESTEEM! Thanks for visiting!
Only a true market professional can put things together the way you do. Being able to leave emotion out it it sets you apart from the crowd....crowd of crypto cheer leaders, there for, for me you are #1!
Keep up the great work and watch your blog grow!
From Tampa Florida - Dan "World Travel Pro"
Yankee is great! We have been seemingly on the same wavelength because we take a step back and take the emotion out of it. All the crypto newbs use 97 indicators and are all geniuses on the way up and crypto has traded very technically. It has changed now and Everyone gung-ho Bullish is in for a rude awakening likely with this sideways chop for a bit.
thanks my friend..and your opinion is MOST valued, as you know.
Yankee is great, however I prefer to call him "Statman!" lol You've got a lot of sense yourself. It's always great meeting like minded people on steemit!
Thank you for your continued support of SteemSilverGold
Great stuff. Yeah all the crypto newbs don’t understand true markets in a sense of...(they are all very very similar). I have a theory i am working on that i believe is likely to commence late 2018-2019. I will be writing a more in depth post on it later.
I believe you are going to see a massive spike in commodities and inflationary assets...silver and gold are building up unbelievable energy...and i don’t think the dollar can handle and inflationary move, on top of what the debt the US has and the credit issues that are continually forming. A dollar crash would actually allot the government to repay the debt at a much cheaper cost but would kill the economy and start the Bear...inflation spikes. Interest rates spike. Metals spike. But more importantly that will be the major move of our generations into crypto related assets...
This is when the next crypto bull commenced and bitcoin heads to 500k. Full fledged adoption.
thanks! frankly (emotion aside)..I have not been this bullish on the metals in close to 20 years..
The pattern is there, the bottom is in, just needs the catalyst to send gold to the moon
You have been spot on!
thanks MUCH!
I like the way you tell us what is in the charts and what is not in the charts. The not-charts conclusions are always sound.
Do you have any idea why SBD is devaluing opposed to steem? For a few days I have been paying more SBD to buy the same quantity of steem.
I believe they will in the end trade in tandem, but seriously this is a great question for someone like @lukestokes. He really specializes in this area. I appreciate your support and I am most interested myself.
I also want to refer you to @heyimsnuffles who is very astute on the crypto scene. Let's see what he says. the best to you..
Thank you. I will follow both.
SBD have been overpriced for a long time. They should be closer to $1, but unfortunately there is only a peg in the downside direction, not the upside. You can learn more about it here. I always sell my SBD as soon as I get it. The blockchain is printing more and more to try and get it back to $1 where it should be. I'd invest in STEEM instead.
I am trading my SBDs for steem every day so I can power up it. I have too few SP. :=(
Thank you, I will read your article now.
Thanks! Your support and knowledge is greatly appreciated.
Great article again yankee! My feeling tells me that gold and silver will struggle sideways for a while, waiting for an event to happen to start going in an indefined uptrend.
Crypto’s will follow same trend I think.
Thanks again..and your opinion is greatly appreciated.
Great job @yankee-statman as always! upped and resteemed! ✌👍💲
thank you !!!! appreciated..