Bitcoin 9/01/2020

#France #SP500 When we last reviewed #Bitcoin in November, we suggested the possibility of a bottom at 5920. Amazingly, the crypto is on the verge of utterly nonsensing the prospect as it tries to mimic Gold as a “safe haven” for a nervous market. Thus far, we’re surprised at the lack of hysterics in wider markets, starting to suspect whether “the Iran Thing” is being taken seriously.

Gold, for instance, despite popping up to say ‘Hi’ to 1,611 is starting to show alarming signs of reversal. At time of writing, it’s trading around 1,560, signalling the potential of a bottom around 1,527 dollars. In fact, a true loss of fear against Middle East events could swiftly permit a meltdown to the 1,500 dollar level.

Therefore, despite the usual informed pundits jumping on the bandwagon and pulling target levels from nowhere, promising Bitcoin will doubtless head up to insane levels, we’ve pretty severe doubts. Visually, the chart gives some immediate problems. There’s a downtrend in Blue which appears to be provoking immediate reversal. In addition, there’s the uptrend in Red which also is presenting some sort of wall to fend of price rises.

Our computer claims, should Bitcoin now trade beyond 8470, we should anticipate travel up to an initial 8952 dollars. If exceeded, secondary calculates at 9130 dollars. The close proximity of both target levels suggest some sort of hesitation should be expected, if they actually make an appearance.

The alternate, reversal, scenario starts to look more likely. Weakness now below 7850 could swiftly drive the price downhill to an initial 7550 dollars. If broken, it should hopefully bottom by the 7050 dollar level.

No-one ever said Bitcoin is easy!

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

10:03:53PM

BRENT

65.71

               

Success

10:05:36PM

GOLD

1557.03

               

Success

10:26:46PM

FTSE

7598.1

               

Shambles

10:30:02PM

FRANCE

6041.7

5991

5967.5

5936

6049

6062

6089

6129

6000

10:33:08PM

GERMANY

13388

               

Success

10:35:48PM

US500

3259.57

3221

3205.5

3185

3246

3267

3271

3284

3235

Success

10:38:45PM

DOW

28804

               

Success

10:41:10PM

NASDAQ

8930.37

               

Success

10:49:00PM

JAPAN

23512

               

‘cess

 

8/01/2020 FTSE Closed at 7574 points. Change of 0.01%. Total value traded through LSE was: £ 5,404,992,564 a change of 14%

7/01/2020 FTSE Closed at 7573 points. Change of -0.03%. Total value traded through LSE was: £ 4,741,303,337 a change of 0.44%

6/01/2020 FTSE Closed at 7575 points. Change of -0.62%. Total value traded through LSE was: £ 4,720,635,792 a change of 20.67%

3/01/2020 FTSE Closed at 7622 points. Change of 0.46%. Total value traded through LSE was: £ 3,912,167,844 a change of 21.73%

30/12/2019 FTSE Closed at 7587 points. Change of -100%. Total value traded through LSE was: £ 3,213,676,764 a change of 0%

27/12/2019 FTSE Closed at 7644 points. Change of 0%. Total value traded through LSE was: £ 2,906,900,069 a change of 0%

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