#SP500 #DOW We noticed Bitcoin has been doing “Bitcoin Stuff” this week, exhibiting wild and irrational movements. Like a moth to a flame, we’ve again attempted make some sense as our last report at the start of July (Link Here) proved quite prescient.
At time of writing, it’s trading around the 12,000 mark and the immediate situation suggests anything now exceeding 12,615 threatens some growth to an initial 13,198 dollars. A movement such as this hints at a challenge of the ruling BLUE downtrend, probably quite soon. Exceeding 13,198 is liable to prove interesting as we’re not the only folk equiped with a crayon to draw trend lines. Essentially, the market will doubtless assume Bitcoin is once again heading upward and our secondary of 14,540 looks quite attainable.
To be completely factual, should Bitcoin opt to do “Bitcoin Stuff” and completely outperform logic, it could easily accelerate toward the 16,000 level, perhaps even 16,600. Once in the 16,000’s, we have a flashing red light which anticipates volatility should such a level actually appear. Needless to say, it will also be true to suggest media pundits will start projecting Bitcoin heading to 20,000 dollars and above, depending on which number they pluck out of the ether.
We will grudgingly admit to some calculation issues, if this imaginary currency manages above 16,600 as the price should (logically) almost double.
Alternately, below RED and it faces a slowdown to 6,900 initially. Secondary is at the 4,000 level!
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:13:28PM |
BRENT |
57.34 |
Success | ||||||||
|
10:15:32PM |
GOLD |
1501.79 |
Success | ||||||||
|
10:17:44PM |
FTSE |
7207.9 | |||||||||
|
10:19:07PM |
FRANCE |
5302.7 |
Shambles | ||||||||
|
10:26:27PM |
GERMANY |
11712.83 | |||||||||
|
10:28:48PM |
US500 |
2881.32 |
2824 |
2819.5 |
2795 |
2885 |
2892 |
2900 |
2924 |
2846 |
Shambles |
|
10:32:05PM |
DOW |
25956 |
25644 |
25590 |
25423 |
25807 |
26091 |
26121 |
26475 |
25800 |
Shambles |
|
10:43:08PM |
NASDAQ |
7547 | |||||||||
|
10:47:46PM |
JAPAN |
20613 |
‘cess |