DJIA - Dow Jones Overbought, President Race 2021, Bitcoin
Short-Term
DJIA is overbought with RSI over 75.
On the Daily, we are going to see a correction in the next 4 weeks.
RSI over 80 or greater and we will have a decent correction in my opinion (RSI 80+ is like December 2018 selloff).
Long-Term
From where price meets white line resistance in December 2018, we use same 427 Day Period.
427 from current price brings us to January 2021.
January 2021 is when the outcome of the Presidential Election is confirmed - 427 Days.
November 2020 is the Presidential Election.
Bitcoin Correlation
Bitcoin Halving (when supply is cut in half) occurs May 2020. Price normally peaks over a year after halving.
December 2021 giant 10-year white wedge on chart basically has no room, while Bitcoin is peaking, and we have political uncertainty.
Bitcoin and other hard assets like Gold may see a supercycle if:
-government adds to $13 Trillion sovereign debt, go towards zero interest rates, and continues printing money like September 2019 with "not exactly QE $200B a month".
Confirmation
Multiple charts are telling the same story at around the same time.
If the 2Yr/10Yr inversion holds correct (with it's 100% track record over 90 years), we have about 1 year.
We should be prepared by July 2020 in my opinion at the latest. Earlier the better.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short - AAPL , SPY.
DJIA is overbought with RSI over 75.
On the Daily, we are going to see a correction in the next 4 weeks.
RSI over 80 or greater and we will have a decent correction in my opinion (RSI 80+ is like December 2018 selloff).
Long-Term
From where price meets white line resistance in December 2018, we use same 427 Day Period.
427 from current price brings us to January 2021.
January 2021 is when the outcome of the Presidential Election is confirmed - 427 Days.
November 2020 is the Presidential Election.
Bitcoin Correlation
Bitcoin Halving (when supply is cut in half) occurs May 2020. Price normally peaks over a year after halving.
December 2021 giant 10-year white wedge on chart basically has no room, while Bitcoin is peaking, and we have political uncertainty.
Bitcoin and other hard assets like Gold may see a supercycle if:
-government adds to $13 Trillion sovereign debt, go towards zero interest rates, and continues printing money like September 2019 with "not exactly QE $200B a month".
Confirmation
Multiple charts are telling the same story at around the same time.
If the 2Yr/10Yr inversion holds correct (with it's 100% track record over 90 years), we have about 1 year.
We should be prepared by July 2020 in my opinion at the latest. Earlier the better.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short - AAPL , SPY.