goldbug1

goldbug1 Updated 

Been a while since I posted, but nothing really has changed in my opinion as to this is simply part of a broader consolidation for the next leg higher. After broad bullish moves like the one we had from the low of 3k to 60k markets take a breather, and during this period trading becomes a little more difficult. Sure everyone is a genius in a bull market, but...

goldbug1

I have posted on the similarities of Gold and Bitcoin in the past, same technical patterns because the herd reacts the same given the same situation. Those that have been following me for a while have all seen my Gold Bitcoin compare posts for a while. Yeah I know its different this time right? I'M JUST GOING TO LEAVE IT AT THIS!!!! For the record I am not...

goldbug1 Updated 

Bitcoin along with many alts have finally found some wind and are clearly sailing higher, the question I am getting is "Can you still buy here"? Well that depends on your strategy and time frame along with other variables such as financial means. There is no one clear answer but lets go over some different variables and of course my opinion on the...

goldbug1

Reality is hitting many that markets simply do not go straight up. As I mentioned in the Show Me The Beef article I wrote a little over two months ago, there was too much hoopla surrounding Bitcoin and the institutional investors jumping in. But were they? Remember there are institutional investors and there are institutions that take advantage of investors and...

goldbug1

Many right now are wondering WTF Happened!!!! This was the beginning of the big run, Michael Saylor, Elon Musk, Novagratz, Square, even Jim Cramer touting cryptos as BULL BULL BULL and many jumped into BULL S#!%. Even though I threw in Jim Cramer's name, he actually sold some Bitcoin and bought a house with it, so really he did what many failed to do. He took...

goldbug1

No doubt momentum is strong, but there are signs of weakness in several places as well. Little hesitation off 4200 that resulted in an outside candle and though we did get a pop, it was followed by another outside candle with a current inside bearish pinbar forming which IMO is throwing red flags everywhere. I posted a trade on the break of 2500 which it all...

goldbug1

Now whether this is a top or not, is yet to be determined, but we are getting some selling pressure that is resulting in a bearish reversal via a pinbar. From an EW standpoint we have a pretty clear pattern that has us potentially completing a fractal 5th wave into the 4500 target area. There are several overlapping Fibb extensions from 4100-4500 based on...

goldbug1

Nice broad consolidation which generally leads to a continuation, but not always. Though I was using 50k as the lower boundary, reasonable to look at 45k as well, this is subjective, there is no right or wrong. I used 50k because of the prior to dips that held 50k and they have some importance. What I do not like here is we broke 50k, which is not an end all,...

goldbug1

Last week we were looking for a break of 60k for a long and did not want to see 56k taken out as that negated the trade. Reasonable to expect a retest of the lower end of the range between 50-60k but we are not getting that bounce, and Ethereum is showing some signs of a top. Quite simply The Moment of Truth for the market. Many don't include time in their...

goldbug1 Updated 

Can't believe it has been two months since my last article "show me the beef" and I will have to admit, the market is attempting to prove me wrong. However lets take a look at where we have gone since my last article, and whether we are hitting Euphoric on the sentiment meter. Now I asked for the market to show me the beef, and slap me silly it has, but over the...

goldbug1 Updated 

As more and more big time bulls come out of the woodwork, Bitcoin continues to exhibit weakness via order flow. From Mark Cuban who failed with Unikrn token, to Michael Saylor who's company is down 50%, and now Mr. Wonderful, are they bulls, or leading the fat cows to slaughter? Well we know Michael Saylor is surely piling into Bitcoin, but he is clearly not...

goldbug1

Though Bitcoin is attempting to find support at 45k which may lead to another leg higher I am not as optimistic as most. We did issue an aggressive long signal on Friday that never triggered and a good thing it didn't. Buy Stops help keep us from getting in a trade too early only to get stopped out and sticking to our strategy this is one of those...

goldbug1 Updated 

Seems like all those screaming for 60-100k now flipped to short and or buy the dip. So is this the time to buy the dip or are you simply being a Dip for Buying? Lots of momentum implies there is likely going to be a bounce as Dips start buying what they think is a Dip but it turns out to be a bull trap. The stock market is screaming risk off right now, but...

goldbug1

As Bitcoin pushes into the mid 50k area, I get question after question on what to invest into, should I buy Bitcoin now, what coin or stock is going to be the next 10 bagger, is Doge coin a good investment, all from those trying to get rich quick. Let me be painfully honest, most are going to die broke trying! We are now rolling into tax refund time, another...

goldbug1 Updated 

After taking a second swing trade on the 5th of February, our final target was hit last night at 48k. The question: Is this the end of the run or do we get another leg higher. Well that I do not have the answer to, but I am looking at some key levels in the interim. Whether this is completion of a 3rd wave of a broader 5th wave is not crystal clear here. ...

goldbug1

While FURUS continue to paint TV with chart art, using useless indicators and oscillators, many without any knowledge of what they imply, our focus was on a couple key order flow levels. Corrections are generally the most difficult times to trade as they are full of fake-outs as the market churns trading capital into Shredded Lettuce. Sticking to our investment...

goldbug1

As Bitcoin takes out the upper boundary of the current consolidation many may be thinking this is the next leg higher, but is it? Looking across TV, and all the fly by night Furus, it is clear that most are looking for that next leg higher. We are now back to the days of throwing Rockets on charts, titles with Moon in them, and all the Furus who were bearish at...

goldbug1

Quick update to the Bitcoin chart and what we are looking to do moving forward. Yes it may appear bearish, yes we are in a difficult consolidation, regarding trading, but order flow guides us not the chart art and those that are sucked in by its beauty. Two days ago, price action was telling that buyers were likely drying up, so we took a trim on our long term...