Bitcoin: Walking the downtrend
Today's post is about Bitcoin.
There are not very important news lately. Bitcoin is still in an accumulation phase and has a huge bullish RSI divergence.
Bitcoin accelerated trend line has been broken. However still in a downtrend.
Key levels have been respected. Still in an accumulation phase.
I suspect the drop will continue to level 2897.54
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Could you explain why?
Ditto your question. A graph that has no notation and only a sentence that says suspect the drop to 2897.54, precisely, deserves an explanation.
Tripple bottom coming?
Hopefully. Volume is still showing accumulative patterns. This could also be drawn as a giant ending diagonal triangle. Most of the times this pattern means a strong change in trend and speed after spending time "placing the bets"
Patience is a virtue. This market knows how to test this virtue. I was surprised from the recent hard move down. But my crypto newsletter editor said that a recent hack combine with sell that $30M in bitcoins before it can be traced seemed to be the reason the drop. I would think all the week hands have already given up. It's a remarkable buying opportunity right now. This is when those who have a little money can end up changing their financial lives buy buying against the crowd and holding and when the wealthy can set up their entire families indefinitely. Here's to hoping we join the wealthy group one day.
By the way, great to see your post after a long break.
Second thought...
Haejin had a bazaar post today calling for gold in USD to hit $600 soon and perhaps as low as $286. This has to be nonsense. I follow some of the best resource investors in the entire world and have an expensive newsletter from Rick Rule, a US billionaire who made his entire wealth though gold and other resource investments over the past 40 years. Sentiment in gold is terrible. The market doesn't correct when sentiment is terrible. It does the opposite. The resource billionaires are making continued big investments right now including gold. Can you do a post on Gold and where you see it going next? Heijin says its in a very extended 5th wave. Do you agree?
Thank you kindly!
Here you have a quick gold's chart!
Agree, big accumulation is going on
I haven't looked at an accumulation chart before. So when the curve crosses below 30 it means there is big accumulation or the opposite? Sorry for my ignorance.
Thank you for the charting!
I think your chart is right on the money....I think smart money is accumulating and positive divergence means a reversal soon.
Thanks for your support!