Short term have either a 21.5 target or continued consolidation to retest weekly 21 EMA rising below and worst case at some point we find support on monthly 10 SMA around $16. Otherwise the next major move is $21.5 and then $26 at which point I would expect to see major daily and possibly weekly bear dvis form.
It's doubtful at this stage bitcoin will ever get below $8000k because of the major fast rising exponential moving average (EMA) supports which include:
Weekly 21 ($9310) and 55 ($7720) EMAs
Monthly 5 ($9200) and 12 ($7850) EMAs
(All values using Bitstamp)
Still awaiting key level to break... in the past few cycles it was stubborn and required a retest of the overhead supply breakdown (about 86.0)... currently the level is around 83.0.
The bottom panel shows the ratio... on top panel I have plotted SnP500 in blue and gold (in gold color) and silver (in silver color). You can see the lats two crisis also had...
Not sure this will hold up next week, if it breaks, targeting ~$17.5 next support.
Overall very bullish silver, but expect a decent pullback soon after we see bearish divergences on the daily timeframe which we have not seen yet. Also need to watch gold as the leading indicator for silver.
Time to take some profits in coming days and buy back in a few weeks on a pulback.
Here is my rought gold/silver trading algo:
*SELL Gold (and hence silver) when gold futures chart:
+MONTHLY > 11% above 12 EMA (+5~7+ green monthly higher close candles?) - watch TDSA
+WEEKLY > 5.5% above 12 EMA
+DAILY bear div(s)
+DAILY >15% above 200...
Just throwing this out there.... I am currently very bullish as long as bitcoin stays closed on weekly candles above 21 EMA around $9k.
However, To stay neutral and open, I have to accept we maybe undergoing a very macro re-accumulation and all it will take is one very large operator to manipulate the very small float of bitcoin to stay within a very large...
It's rather disgusting that American execs propped up their companies stock rather than make Merica great by investing in its future by simply buying back their shares at inflated prices instead of putting back into future R&D and development or other investments. Once the share buybacks slow down the market will collapse under it's one inflated bubble.
This very bullish for precious metals including gold if the gold/silver ratio breaks down from it's extreme high value of up in the 90's. historically it trades in the 12:1 to 30:1 depending if you are going back decades or hundreds of years.
Look at tom demark indicator and huge monster bearish divergence formed the last couple decades... wowsers. Target for me is similar to Nikkei index from 1989 to ~2003... about 85% drop from all time highs... (and still ~50% off all time highs)
The alt coin (top alt coins tracked on tradingview) total market cap will have a death cross very soon using Krown'ctyptocave's favorite 55/200 EMAs. Expect more downside to come. I personally tbink the alt coin market will have a slow bleed to a final capitulation in coming months... The bleeding is still not over.
This is a once a century setup. You don't get such massive divergences caused by primarily inflows from corporate debt fueled stock market inflows. Soon the corporate debt bubble will burst in the high-yield sector and this may be the catalyst for a 50-65% very quick selloff.
This is a beautiful Wyckoff re-accumulation setup scenario as long as we hold support at the weekly 21 EMA. I believe either the bottom is already in for bitcoin at ~$9k or we may see one more move down to the 21 weekly EMA which is around $8900 right now and could form a spring there if happens soon. Price and support is moving up quickly each week via the...