BTC WEEKLY CHART: "The Panic Zone" Feeling wEdgy?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Plenty of trend line support has taken hold. A big cat moved in on Bitfinex today and pounced on some cheap coin. This is the first positive movement since the hack. It all started when Bitfinex turned on the green light to use BFX tokens as collateral for margin trades. Both BFX value went up as BTC             got a boost. The time line is heading for a nodal point where major trends up and down meet. My crystal balls are glowing. I turned one over and it said "790 by December". The other one was not quite so positive but not bad "590 by December". So either stagnation or better doesn't cause much panic in the BTC             market for a few months.

Today's panic seems to be in Europe and Korea.

Deutsche Bank is out of gold             . Well maybe not completely out but they want to keep what's not theirs to keep. In my book that's called criminal deceit but in banker talk they said they have the option to review, stall, and postpone a decision to make a decision about a decision on whether or not to make a decision about delivery on a contractual obligation to a customer. A reverse bank robbery. Quick, point the security cameras somewhere else. Oh, and the German government is telling its citizens             to prepare for annihilation. Stock up now on necessary staples             . Why? They blame the possibility of terrorists run-a-muck. Or, is it "Russian Roulette" with tactical nukes? Why does the US have tactical nukes in Turkey? Errrr, Romania. Yes! that's it! They're safer stored closer to the Russians. Obama got the Peace Prize. Remember? Umm, Hillary can't recall but that's another story for another time.

Korea is not such an economic power house after all. Hanjin, one of the world's largest cargo shipping service is out of money! Ships are floating around and aren't allowed to port because Hanjin didn't pay the bill from the last few times. This is the second Korean shipping domino to fall.

All this failure and fear point to one thing in the world of Bitcoin             . The value of escaping from bankrupt fiat currency is increasing. Just look at Venezuela. This long term fiat panic will overpower the short term crypto panic of a hack attack. By the way, the trail is still hot on where all that coin went.

The near $900 inflection point to take place next summer is going to make 2017 a year to remember. For traditional chartists, it completes the cup. That cup has a target value of $1700....or more?

Buy some Iodine pills and about a 1000 rolls of toilet paper, and stay frosty my friends.

Related Ideas

One additional note on the graphic. Take a look at the Stochastic measurement. It hasn't been this low since the path to market bottom in 2014. This divergence between price trend cyclic indicators is usually a harbinger of market change. This one is pointing to a negative future trend if it continues to fall. MACD is beginning to confirm Stochs. But...maybe not. I don't use these indicators to make buy/sell decisions. They tend to be more useful for crystal ball gazing. It is quite possible that Stochs will bottom here. If it does, then it suggests a rally up will be long term. It would be nice to see a huge buying induced volume spike like the one back in October 2015. That kind of rocket fuel would ignite the second stage of this long rally run.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out