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.
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?
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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 |
