GANG, this is truly exciting to watch! We just saw 2 major pivots happen on the magical, mystical and amazing fib circle rings that we've been using to track the price action over the last couple of months.
First, I needed to change the color of the Big Dark Green fib circle set to red, since it was the same color as the newer Dark Green set on the micro level. Do you see that we failed RIGHT ON the Red 4.618? It's uncanny. The dump happened as soon as we crossed the line. Next, we had a hard bounce right on the Dark Green 4.236 and the exact bottom of the parallel trading channel at a price of 0.20. What does this tell me? We need to take that parallel trading channel seriously!
I'm not sure how long that channel will be in play, but it certainly indicates that we are still in the overall bearish trend. But my attention is on the Dark Green 4.618 up ahead, and based on prior movements, I think we could get a pivot on the crossing of that boundary. It looks to me like the top of the parallel trading channel is a bit too high for a complete rebound, but anything is possible.
What will dictate the possibilities, of course, is Big Brother Bitcoin. And I might add that Uncle S&P 500 is currently dictating Big Brother Bitcoin's movements. With our fabulous US Gubmint cutting rates to artificially stoke the economy and ward off the effects of the Coronavirus, you can bet your britches that the Dollar will be printed into oblivion. Cheaper Fed rates means banks can go willy-nilly loaning nearly-free money to corporations, thus flooding the money supply and killing the value of the currency.
Sadly, the rate cut tactic has not given us any indication that we'll get a green weekly or monthly candle on the S&P 500. Hence, it is not working. And we know what usually happens after artificial economic stimulation... continuation of the plummet. With a mild daily pump and no sustained pump going on after the rate cut, I think the carnage has spilled over into the crypto market. There has been lots of talk about the stock market dive taking Bitcoin along with it. Thus far, we see that they called it right.
What's the long-term outlook, you ask? I think we could bounce back up to the top of the trading channel, and reach 0.27. Or at least a paltry 0.24, before a continuance of the bearish trend. If we stay in this channel, we're headed back to 0.18. That's great news for you cheap shoppers looking to grab up XRP on a fire sale before the 100X moon shot during the next couple of market cycles. Better get all the change out of your couch and go cash in those aluminum cans while we fart around in this parallel trading channel.
This is not trading advice. I'm just having fun. Please don't do anything stupid like making a trading decision on what I've written here. But enjoy the ride, and thanks for reading. Share your thoughts please! Where do YOU think the real bottom is? And what is your thought on the real bottom for BTC? Sound off!
Carlton Flowers
The CryptoPro
First, I needed to change the color of the Big Dark Green fib circle set to red, since it was the same color as the newer Dark Green set on the micro level. Do you see that we failed RIGHT ON the Red 4.618? It's uncanny. The dump happened as soon as we crossed the line. Next, we had a hard bounce right on the Dark Green 4.236 and the exact bottom of the parallel trading channel at a price of 0.20. What does this tell me? We need to take that parallel trading channel seriously!
I'm not sure how long that channel will be in play, but it certainly indicates that we are still in the overall bearish trend. But my attention is on the Dark Green 4.618 up ahead, and based on prior movements, I think we could get a pivot on the crossing of that boundary. It looks to me like the top of the parallel trading channel is a bit too high for a complete rebound, but anything is possible.
What will dictate the possibilities, of course, is Big Brother Bitcoin. And I might add that Uncle S&P 500 is currently dictating Big Brother Bitcoin's movements. With our fabulous US Gubmint cutting rates to artificially stoke the economy and ward off the effects of the Coronavirus, you can bet your britches that the Dollar will be printed into oblivion. Cheaper Fed rates means banks can go willy-nilly loaning nearly-free money to corporations, thus flooding the money supply and killing the value of the currency.
Sadly, the rate cut tactic has not given us any indication that we'll get a green weekly or monthly candle on the S&P 500. Hence, it is not working. And we know what usually happens after artificial economic stimulation... continuation of the plummet. With a mild daily pump and no sustained pump going on after the rate cut, I think the carnage has spilled over into the crypto market. There has been lots of talk about the stock market dive taking Bitcoin along with it. Thus far, we see that they called it right.
What's the long-term outlook, you ask? I think we could bounce back up to the top of the trading channel, and reach 0.27. Or at least a paltry 0.24, before a continuance of the bearish trend. If we stay in this channel, we're headed back to 0.18. That's great news for you cheap shoppers looking to grab up XRP on a fire sale before the 100X moon shot during the next couple of market cycles. Better get all the change out of your couch and go cash in those aluminum cans while we fart around in this parallel trading channel.
This is not trading advice. I'm just having fun. Please don't do anything stupid like making a trading decision on what I've written here. But enjoy the ride, and thanks for reading. Share your thoughts please! Where do YOU think the real bottom is? And what is your thought on the real bottom for BTC? Sound off!
Carlton Flowers
The CryptoPro