JeffLuehrs

JeffLuehrs

The rising wedge has been broken. The technical target would be the starting area of the wedge.. around 43k. As money has been tossed into low quality junk coins lately, this correction is not much of a surprise. We were making higher highs but with less momentum at each high on the wedge..

JeffLuehrs Updated 

People are catching falling knives instead of using simple moving average indicators. The 4 hour oversold level on RSI has been a reliable indicator of bottoms in recent bull corrections, but, obviously, it's not fool proof. As soon as people pile in on the short side with leverage, we're likely to see a bounce. Sometimes the best position is to not have one.

JeffLuehrs

I have seen some recent analysis that Gold is at or near a longer term bottom. Great, if that is the case, but I will wait to see some price action to confirm. Catching falling knives isn't a very good approach to trading. I see Gold and Bitcoin as hedges against poor government policy.. which is about the only sure thing in this world besides death and taxes...

JeffLuehrs

When we have a move like we just had, you have to wonder what's going on. Technically speaking, we had some reasons to go down some.. that much though?