Trends and Targets for 27/11/2019

BITCOIN (COIN:BTCUSD) Before working on Bitcoin, we’ve some really nerdy FTSE stuff worth reviewing. It appears, finally, calamity may be upon the FTSE. On Sept 27th, the index closed at 7,426 points. On November 7th, the index closed the day at 7,406 points with a day high of 7,431. Today, 26th November, it closed at 7,403 points and the day high was 7,421 points. This series of lower closing prices has created a painfully obvious trend.

We shall examine it in more detail later this week but for now, until the FTSE trades beyond 7,431 points, some caution with short positions is recommended. This pattern of behaviour can often suggest things shall go wrong, very quickly.

Hey, chart goes here

As for Bitcoin, when we last reviewed it (link), a fairly miserable outlook Big Picture for its future was given, one it successfully lived down to. Unfortunately, in the period since, the outlook has continued to weaken and our “secondary” target of 7,220 broken, quite conclusively. This has created a rather unpleasant situation, one where weakness now below 6,500 suggests travel down to 5,923 next. Some considerable hope exists for a bounce at such a level as the implications, if broken, are of reversal to a further 3,233.

This target computation essentially matches the lows at the start of 2019, signalling once again Bitcoins rise has failed. We do have some slight hope for a rebound around the 5,000 dollar mark, simply thanks to some prior twitches at such a level, along with the psychological self fulfilment concept of “it will bounce at the 5k mark”. Frankly, we’re not confident.

As the chart shows, Bitcoin needs recover above Red, simply to regain the prior uptrend. Presently, this level is around the 8,000 dollar mark and feels like a difficult ambition, given the strength of the wider stock markets.

Who knows, maybe 2020 will be the year when Bitcoin can be seen clearly.

It needs to be said, will next year be “The Year of The Optician” in China? Can we have fines for eyesight jokes next year?

Hey, chart goes here

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:39:51PM

BRENT

63.22

               

‘cess

10:41:52PM

GOLD

1462.05

               

‘cess

10:44:17PM

FTSE

7405.26

               

‘cess

10:46:01PM

FRANCE

5932.7

5909

5897.5

5883

5929

5941

5951

5965

5917

10:47:23PM

GERMANY

13265.39

               

‘cess

10:48:39PM

US500

3144.62

               

‘cess

10:50:12PM

DOW

28151

               

‘cess

10:51:43PM

NASDAQ

8397.37

               

Success

10:53:54PM

JAPAN

23432

23305

23213

23080

23432

23612

23723

23869

23305

‘cess

 

26/11/2019 FTSE Closed at 7403 points. Change of 0.09%. Total value traded through LSE was: £ 9,287,781,943 a change of 67.52%

25/11/2019 FTSE Closed at 7396 points. Change of 0.96%. Total value traded through LSE was: £ 5,544,320,565 a change of 6.78%

22/11/2019 FTSE Closed at 7326 points. Change of 1.22%. Total value traded through LSE was: £ 5,192,412,665 a change of -5.45%

21/11/2019 FTSE Closed at 7238 points. Change of -0.33%. Total value traded through LSE was: £ 5,491,994,018 a change of -12.81%

20/11/2019 FTSE Closed at 7262 points. Change of -0.83%. Total value traded through LSE was: £ 6,298,819,044 a change of 17.12%

19/11/2019 FTSE Closed at 7323 points. Change of 0.22%. Total value traded through LSE was: £ 5,378,033,826 a change of -0.49%

18/11/2019 FTSE Closed at 7307 points. Change of 0.07%. Total value traded through LSE was: £ 5,404,777,192 a change of 7.28%

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