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%

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