BTC WEEKLY CHART: "The Panic Zone" The End of the World

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The folks at Tradingview recommended using a catchy title. If the end of the world doesn't catch your attention then probably nothing will. This end of the world is probably not as endy as, say, Y2K where the only safe place to be was on top of the active volcano Mt. Shasta. It's just the end of the road for Deutsche Bank and the current basket of currencies deemed worthy by the IMF. Notice Bitcoin is not included. Feel the bias? Jim Rickards is predicting a currencyapolypse on September 30. Well, he's got a newsletter to sell. Will it really happen? He must be looking at my bitcoin chart because we agree on the date for a tide change.

Let's talk wedgy. Next week there is a trend convergence. The down trend emanating from the 2013 blow off top (blue solid trend line ) and the current up trend (red hash trend line ). I predict a break out up or down out of the wedge not sideways. What are the chances for a down breakout? There's no bad Bitcoin news. No problems with the blockchain. Bitfinex is healing with the BFX token gaining value. New exchanges opening around the world with the most significant being Mexico. I think the chance for downside breakout is minimal. What are the chances for an upside breakout? China is kicking up a storm. Japan is scrambling fighter jets. Another Yuan devaluation is rumoured. The US and Russia are threatening to radiate each other over Syria. Deutsche bailout is all but assured. This will devalue the Euro instantly. The IMF is threatening to dilute the USD reserve currency status. So, if the Euro and USD devalue at the same time does that make the Brexited GBP and gold more valuable? Whatever! There is huge upward pressure on Bitcoin if any or all happen.

I predict a BTC price rise to $750 by February is in the cards. By then we will know which clown will be President. All currency and metal vibration from that event will settle back to the fiscal reality of disaster ahead. Neither of the leading clowns knows how to solve the US financial problem.

Technically the Stochastic oscillator has bottomed!

Or, the solar storm heading our way could make all the volcanoes erupt at the same time completely upending the climate change agreement and Governor Jerry Browns assault on bovine flatulence. So be it... The end of the world is nigh.

Related Ideas

My projection is still in play. Price hit $750 on a pop and then retracted. The pop was not part of my projection but it is a welcome confirmation the level is achievable. I think there is some fat in this rally and expect a pull back or two. The $750 target will be the tip of wedging action still projected in February. At the moment of this comment there is considerable movement in China due to USD strength and a CNY devaluation in action. The volatility in the movement caused the pop. I project the volatility will subside when the Chinese publicly announce the devaluation. They will hide behind the US election to avoid the bad press of currency manipulation accusations. Look for a strong BTC pull back on election day as the Chinese take their profits. The bottom of the pullback will be the major red trend line in the chart.
Go ahead and click that update arrow at the right side of the plot. 2 weeks doesn't make me right but I'm definitely not wrong...yet. This rally has a ways to go. Time to kick back and light that new Cuban we can now be free to buy. You have to hand it to the liberals. They know their rum and cigars. Too bad they want to blow up everything else.

One other little tidbit. Those bad guy hackers that took to shredding the internet yesterday. They never touched Bitcoin or any of the exchanges.

I'm blow'in smoke rings.
+1 Reply
thanks for the amazing chart & comments.
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