FTSE & Bitcoin for 28/06/2019

#Nasdaq #DAX We started this week, proposing a scenario where Bitcoin could soar to 13,286 dollars. The scenario triggered, the phony currency actually achieving 13,800 before hitting a bit of turbulence. Perhaps turbulence is a bit of understatement, given the -20% thrashing it received. In fact, it may fall further.

Continued Bitcoin weakness below 10,330 calculates with the potential of a further 1,000 dollar drop. It “should” bounce by 9,330, especially due to it exceeding our earlier upward target. The implication given is of further strength in the future now calculating with 16,000 dollars and beyond.

Current behaviour highlights one of our great dislikes with Bitcoin. Traditionally, we give primary and secondary targets, our thinking being of turbulence at each target level. In the case of Bitcoin, it often vaguely follows “the rules” but with price swings more reminiscent of AIM shares 10 years ago. When ramping groups would seek to substantially enhance investors expectations, creating a buying frenzy for dodgy AIM companies, invariably this would leave a majority of investors “walking funny”. Thankfully, this is one area where market authorities tend exert some control and Pump & Dumps, while still present, are less frequent. Of course, there’s now Bitcoin available to damage traders wealth as its price swings can defy logic.

As for The FTSE for Friday (It closed Thursday at 7,402), we’ve a ruling expectation of the index heading to 7,328 points and hopefully a bottom. The market needs better 7,437 to escape the immediate downtrend, giving a pretty easy visual level for a stop loss. Anything near term below 7,375 should promote the final downhill drag to target. There is a problem, if 7,328 breaks. We obviously can calculate a secondary and it’s at 7,302 points, a level where a real rebound can be hoped.

Importantly, if we opt to review the upward potentials for the index, the market presently needs better 7,432 points to trigger a near term rise toward 7,464 points. We have some doubts about this, given it would exceed the market downtrend since May 2018! In the unlikely basis this proves correct, our secondary calculates at 7,464 and, rather amazingly, takes the UK market into a longer term region with 7,630 as a major ambition.

Have a good weekend. It’s the Austrian GP, generally quite a good one following the utter boredom supplied by France, yet again. Perhaps F1 management could do race fans a favour, ditching both Monaco and France from the annual event calendar as neither tend deliver an actual race.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:55:17PM

BRENT

65.55

               

9:57:38PM

GOLD

1409.64

               

9:59:42PM

FTSE

7407.6

               

Shambles

10:02:28PM

FRANCE

5489.7

               

‘cess

10:05:17PM

GERMANY

12301

12216

12173

12119

12289

12335

12354

12403

12258

‘cess

10:06:46PM

US500

2929.22

               

10:09:11PM

DOW

26555

               

10:11:18PM

NASDAQ

7659.25

7620

7598

7534

7690

7690

7719.5

7753

7626

10:13:29PM

JAPAN

21222

               

‘cess

27/06/2019 FTSE Closed at 7402 points. Change of -0.19%. Total value traded through LSE was: £ 5,256,939,146 a change of -12.83%

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