Even if these exponential moving averages act as support, it could still break through hard in a couple weeks after some more consolidation. Bulls need to prove they are in control or the trend will continue to break further down.
Target 6k's if Ribbon breaks.
September 2008 - The Fed started printing fiat in overdrive soon before the bank bailout of early 2009. Bitcoin's first block was also mined at the news of this in January 3-9th 2009.
However monetary base has been in decline, retracing. What does this mean for the derivatives market and the Repos?
I'm bullish on gold long term, so here's some high time frame analysis while Peter Schiff rattles off on Bitcoin again.
Bullish scenario - Price pumps up to 1600 and then finds support on 1575 (price has to close above 1575)
Bearish target - momentum and volume slows down bringing price to supports at 1425 and even as low as 1330. Excitement will increase at...
As we've seen some resistance at this level, price hasn't been able to get passed it yet. Pullbacks are usually healthy, because it will justify higher price movements. If we went straight up, then the pullback would be a long way down. I'll take this time to buy dips.
I'm playing silver in a bullish macro trend, so I'm still long. However we could see a significant pullback, shaking out weak hands and traders before a higher high. Short traders could be right depending on the degree of retracement.
However I'm not looking to short. I'm looking to long the pullback.
Silver looking good. Gold looking good. Bitcoin looking good. Litecoin looking good. I'm bullish on all of them.
I'd be stocking up on all of these, and get the real thing. Get the physical metal that you can hold in your possession. For cryptocurrency make sure you have your private keys.
I say take profits if you have been longing already. Now is not a good time to buy in, but if you want to buy, wait for a retrace to support below (1500-ish and 1425), or wait for the breakthrough of this resistance and confirmation it flips into support. That's all. Keep your trading simple and stick to your plan.