BITCOIN 7219, after "the pause that refreshed!" What do we see going forward? And stunning SILVER news! The best situation in 24 years.
Good Saturday afternoon this Labour Day weekend in the USA. Most markets are closed here until Tuesday. Let's have a comment on Bitcoins action. If you have been reading hear, since late June (5850) BUY call, we have been far less bearish than most. ON that call we did say sell at about 8000 near the end of July. We were not aggressive buyers at 6100 fairly recently but said nibble and always said at that level for those already "long"...do not sell! (hold). Never should you be "waiting" for the 4000 prediction of some of the "wavers" here who post three times a day. They were, in fact the same bulls at 15,000 and up, in January, when we called SELL.
Why are we impressed with this action? Because here we are after we called "the pause that refreshes" (the pullback from about 7100 to about 6800) just that....a pause in a very slow tedious scenario wit a slight upward bias. Could we pull back to the upper 5,000's? Sure..but now growing more and more remote, in our estimation.
The above chart looks quite decent. More impressive is that SENTIMENT is steady. IN fact it is better..(more bears) now than at 6600. I call that a little wall of worry. We are up against resistance at 7200, but I do believe pullbacks will be well contained.
Silver and gold are trying our patience, but stay right with it. If you can, keep stacking.
The big metals bankers like Morgan are in the most bullish position since the 1990's. that are NOT on the wrong side of the market. This indicator is months in advance.
Just a short comment on the DOW-JONES..we are seeing signs of real "tiredness". This is topping action and we last like the market at 24,100 in June. I maintain we may go to marginal new highs..(big deal). Sometime this fall it is going to come down hard. Could it be news regarding China and tariffs. Could it be regarding the US political "situation"? Iran? Turkey is the tip of a financial nightmare likely to spread.
Stay tuned and thanks for your support. Remember, these are my opinions. Do your own due diligence, please.
Dollar cost averaging/ladder buying whatever we want to call it, it seems that strategy is honestly one of the best I've ever used.
Posted using Partiko Android
agree! (thanks for commenting!)
Thank you for your continued support of SteemSilverGold
Great to hear about silver! Stocking up after labor day. Got my SLV and USLV etfs.
exactly!! and thanks..
I am not one of guilty ones that have been waiting to get in at 4000 but I was and still am waiting for about 5000-5400. The only reason why I am waiting is that I am not seeing volume pick up on Bitcoin. Until it does I will wait.
and I see your point...and may indeed be a likely scenario..thanks again..
Wise words. I am waiting with no hurry.
Do you see Bitcoin getting to $8k or $6k first?
I 'm feeling very much like it is 8000...(slowly) and that we will not see 6000...(if we saw close to 6000 it would be a BUY.)
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.