Crypto update - IS THIS THE BREAKOUT?
I showed you guys a textbook wedge, and we are at the inflection point. Which way will it go?
BTCUSD Daily on Bitstamp
- Trading at 10341USD at the moment after having a 7% whipsaw movement. High of 10650 and a low of 9990 in the last 12h or a 7.5% move bottom to top
- The chart looks more decisive in the 4h configuration...
- Could this be the start of our decisive move.
- If you have long positions on this move, a defensive move would be to set a few stop losses starting at about the 8800 levels
- If we were to break 9k, I believe we are in for a ride down into the low 8k or even mid to low 7k. A kiss off the 6k is also a possibility but more unlikely in my view.
- If we take the bull case for a moment, I think after bouncing around and testing, and retesting 10k, we could very well have a nice powerful bounce upward.
- We could ride to 14k rather fast without much bother from the intermediate resistance zone of 11800-12200.
- But if we get to 14k, I definitely expect another cool off where a BTD opportunity will present itself to jump on again.
- I will be setting to sell some of my position at 13600-14000, with the aim to re-buy at a lower level.
- I look at the world around me and I cannot find a simple thing to indicate that a crash will not happen.
- Seems the island the MSM and politicians stand on, from which everything looks rosy, is getting too small for them all.
- The MSM seem to be now wading into the cleansing waters of truth, been forced to admit they were mistaken, and now also acknowledge the recession sighs ahead. Politicians, especially the dumb orange man persist in their fake utopia.
- I want to be clear, I do not completely inversely correlate, the global economy to Bitcoin and gold.
- Depending on how this crash plays out, it could very well be that these hard money hedges are also beaten up. But not for long.
- And now even one of the very insiders, Mark Carney has come out and said it! A crypto as a reserve currency has a lot of merit. In one foul swoop, he endorses the technology behind cryptos, and poo poos on the USD as a reserve currency.
Read it for yourself directly from the BOE's own website. The juicy bits are at the end.
As always guys, leave comments, have fun and trade safe.
Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.
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