#FTSE #Bitcoin Does a shoe make a noise, if it’s dropped in a forest with no-one to hear? The origin of the saying, “Waiting for the other shoe to drop”, turns out to be pretty obvious. Once upon a time, people stayed in residences without carpets and thin ceilings. When an upstairs neighbour took off a shoe and dropped it, eager anticipation of the next one falling started. Except for one bloke who’s upstairs neighbour only had one leg. Reportedly, his head eventually exploded.
This, obviously, has everything to do with Bitcoin USD as it’s a crypto which feels trapped, failing to make any conclusive move. In fact, it could be said we’re ‘waiting for the other shoe to drop!’.
The problem with Bitcoin is highlighted by Blue on the chart as considerable effort has been employed since April to stop the crypto taking any advantage from the supposed Covid bounce. Instead, the price has essentially stabilised at pre-Covid19 levels, promoting suspicions it intends some reversal. This being the case, we shall be interested should it drop below 8810 as this looks capable of triggering reversal to an initial 7853 with secondary, if broken, down at 7063 and hopefully a bounce.
An alternate scenario questions what’s possible, should the price exceed 9750, presently the level of the Blue downtrend. Such a surprise calculates an initial ambition at 10094 with secondary, if bettered, at 11401 dollars. Above this point and it appears pretty certain 13,900 shall provide some sort of glass ceiling.
FTSE for Friday. It’s time for a deep breath and an admission we’re pretty far from confident regarding the markets intentions for Friday. At time of writing, it appears pretty certain London shall open and trade but aside from that, in many ways it’s like trying to decide which direction a butterfly plans next. Of course, there’s an excuse for market gains but we’d prefer see the UK index trade above 6297 to trigger them.
Moves next above 6297 calculate with the potential of further recovery to an initial 6363 points with secondary, if exceeded, at an unlikely sounding 6470 points. Visually, it just looks like an awful lot to expect in a single day but who knows, closure above the prior high will make it a pretty confident sounding ambition for sometime next week.
Unfortunately, for Friday we’ve a fairly solid argument suggesting some relaxation is possible. Weakness below 6225 risks reversal to an initial 6129 points with secondary, if broken, at 6085 points. We’re obliged to dust down this scenario, thanks to the market breaking the immediate Blue downtrend on Wednesday, then following this up by shuffling below the point of trend break on Thursday. This is rarely an encouraging signal and forces us to expect the worst.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:20:48PM | BRENT | 43.37 | 43.31 | 43.095 | 43.83 | 43.84 | 44.01 | 43.21 | |||
| 9:24:39PM | GOLD | 1796.1 | 1794 | 1789 | 1802 | 1810 | 1813.5 | 1802 | ‘cess | ||
| 9:27:30PM | FTSE | 6252.02 | 6238 | 6227.5 | 6280 | 6297 | 6312 | 6249 | |||
| 9:29:12PM | FRANCE | 5090 | 5074 | 5056 | 5106 | 5105 | 5112 | 5074 | |||
| 9:31:09PM | GERMANY | 12860 | 12830 | 12783 | 12920 | 12922 | 12940 | 12848 | |||
| 9:49:42PM | US500 | 3206.77 | 3197 | 3185.5 | 3216 | 3221 | 3227 | 3198 | |||
| 10:05:00PM | DOW | 26698 | 26656 | 26595 | 26760 | 26889 | 27025 | 26728 | |||
| 10:07:06PM | NASDAQ | 10548 | 10487 | 10419.5 | 10634 | 10661 | 10707.5 | 10533 | ‘cess | ||
| 10:10:14PM | JAPAN | 22767 | 22661 | 22624 | 22779 | 22907 | 23018.5 | 22783 | ‘cess |
