Bitcoin for 17/09/2019

#Gold #Nasdaq While we were panicked about the price of Brent, due to some hysterical price moves during the early hours of Monday, we should perhaps have focused on Gold & Bitcoin. Despite Brent Futures indulging in frantic spasms, neither Bitcoin nor Gold were doing anything particularly interesting. This, alone, should have warned the Saudi crisis was probably another case of media hype overtaking reality.

As Monday developed, a clearer idea of the impact on oil production emerged and still, neither of the alternate havens did anything useful. Gradually, we started suspect whatever had happened in the Gulf not actually causing real panic in the marketplace. Both Gold and Bitcoin actually started reversals, making us question the future for Bitcoin. The phoney currency has been looking useful just a month ago yet has failed trigger upward movements.

The immediate situation with Bitcoin appears straightforward. The price need only slip below 9850 to enter a reversal cycle to an initial 9218 dollars. Despite some sort of bounce being probable at such a level, if broken, our secondary calculates at 7220 dollars. Visually, this matches the lows of May this year and will be expected to provoke a real rebound.

Presently trading around 10,140, Bitcoin needs above 10510 to give hope an upward surge is coming. In theory, this should trigger movement up to an initial 10756 with secondary, if bettered, a longer term 11,662 dollars.

For now, if we fall back to our “if it ain’t goin’ up” philosophy, we suspect it intends reversal.

FUTURES

Time Issued	Market	Price At Issue	Short Entry	Fast Exit	Slow Exit	Stop	Long Entry	Fast Exit	Slow Exit	Stop	Prior
9:45:44PM	BRENT	67.22
9:47:32PM	GOLD	1498.81	1495	1491	1484	1507	1507	1511.5	1517	1496	Success
9:49:00PM	FTSE	7334.15								7316
9:50:31PM	FRANCE	5607.3								5609	Success
9:53:31PM	GERMANY	12409.26								12362	‘cess
9:55:36PM	US500	3000.92								2991	Success
9:57:55PM	DOW	27101.9								27053	Success
10:00:29PM	NASDAQ	7861.75	7803	7789.5	7727	7870	7870	7882	7918	7830	Success
10:02:42PM	JAPAN	21934		21681	21542	21980	21980	22029.5	22108	21879	‘cess

 

16/09/2019 FTSE Closed at 7321 points. Change of -0.62%. Total value traded through LSE was: £ 5,855,486,633 a change of 3.71%