I'm posting a simple version of my weekly chart to point out something I think is important for the Perma-Bears to understand. Do you notice how the price has broken above the multi-year trend-line? (baby blue line) Do you notice how the 20 and 40 Week moving averages are about to cross? Do you notice how long these averages stay uncrossed once they crossed over Bullish? Do you notice what happened last time we crossed the baby blue line? Do you notice the touch-back to the trend-line? Do you notice the explosion in price that took us to the first all time highs?
OK, if you see all that, then you must also have noticed that if we correct right now, or at least by COB Sunday of this week the best we could hope for is a dip to about $7,200 -$7,300ish? (touching the blue line again) This of course assumes all the forces in play back then (yellow breakouts) are as good or better now. Do you also notice on this weekly chart that every week that goes by will now pull that bottom figure up a couple hundred bucks? Do you also notice that not only will the averages cross soon but they may also cross over the blue trend-line eventually? In other words a very STRONG floor of support is building under the current prices. (multi-year trend and long term averages)
I guess what I am trying to say is that all these calls for sub-$7,000 prices are slipping further and further away each and every day. If you want prices BELOW $7K you had better drop the floor out RIGHT NOW or FUGGETABOUTIT!
OK, if you see all that, then you must also have noticed that if we correct right now, or at least by COB Sunday of this week the best we could hope for is a dip to about $7,200 -$7,300ish? (touching the blue line again) This of course assumes all the forces in play back then (yellow breakouts) are as good or better now. Do you also notice on this weekly chart that every week that goes by will now pull that bottom figure up a couple hundred bucks? Do you also notice that not only will the averages cross soon but they may also cross over the blue trend-line eventually? In other words a very STRONG floor of support is building under the current prices. (multi-year trend and long term averages)
I guess what I am trying to say is that all these calls for sub-$7,000 prices are slipping further and further away each and every day. If you want prices BELOW $7K you had better drop the floor out RIGHT NOW or FUGGETABOUTIT!
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Another factoid for the Perma-Bears. As of the close this evening we put in a monthly green candle closing higher than the same monthly candle of the major decline. I'm not saying we can retrace, pullback, correct etc. But the low targets some of you are still calling for are becoming more and more remote.
I don't give investment advice or trading advice but I will give some savings advice.
No matter what you trade, whether it be stocks, bonds, futures, commodities, etc. I think everybody should save for themselves a few Satoshi and tuck them away for a rainy day.
And with that, have a Great Weekend!
I don't give investment advice or trading advice but I will give some savings advice.
No matter what you trade, whether it be stocks, bonds, futures, commodities, etc. I think everybody should save for themselves a few Satoshi and tuck them away for a rainy day.
And with that, have a Great Weekend!
Thanks!