Trends and Targets for 22/10/2018

#BITCOIN #BRENT #DAX At time of writing there’s a chance Lewis Hamilton may be world champion in the USA. It deserved a giggle, with BBC’s Dr Who “Rosa Parks” storyline on the same evening. Either irony or comedy genius from the schedulers. As for BitCoin, we still dislike it and it still illustrates savage drop potentials.

But it remains – thus far – unwilling to drop to our expected 5,400 level. Or worse.

We can now refine the numbers a bit. The phoney coin, currently trading around 6,440, needs slop below 5815 to commence the final slip to our postulated bottom of 5,409. Very real danger now exists for further falls in the event such a level breaks with 3,915 presenting itself as a solid trampoline level. Or at least, a trampoline level which might not be as phony as the product.

Shown on the chart, ultimate bottom of 1500. The snag, it’s got to actually start going down!

The last few months have seen Bitcoin essentially flatline with its usual share of fake surges – usually upward – as the price avoids derailing below RED on the chart. Instead, we can dwell on the BLUE line, the downtrend since its highs.

This BLUE line suggests Bitcoin need only better 7,100 presently to suggest some gains are again on the table. We’ve ample reason to distrust the product, our inclination now being to demand it actually trade above 7,190 before any rise dare be taken seriously. Above 7,190 and we’re looking for an initial 8,360 and a bit of a stutter. If exceeded, secondary calculates at 9,200 sometime in the future.

As for the markets overall, we’ve been giving some fairly foul drop targets which included the retail banks. Essentially, we suggest extreme caution – with everything – should Lloyds Bank ever find a reason to trade below 51p.

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