Price is once again consolidating on top of the $9,400 support after a quick drop to $9,100. The larger ascending support line seems to have turned into resistance.
In today’s video we’ll discuss where price may be heading next, key areas to watch and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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Mohawk Industries, not a household name, but Mohawk Industries is a leading global flooring manufacturer for remodeling and new constructions of residential and commercial markets. From carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring, Mohawk supplies it. Its core brands include: American Olean, Daltile, Durkan, Karastan, Marazzi, Mohawk, Pergo, Unilin, Quick-Step and IVC.
Mohawk Industries Inc. reported their second-quarter earnings on Friday. They beat profit expectations, but missed on revenue. In addition, forecasted a dismal third quarter. The news was enough to send the stock down double digits making them the biggest decliner listed on the NYSE.
Mohawk CEO Jeffrey S. Lorberbaum said in a statement that “most markets we operate in remain soft, with pressure on volume and pricing, and we anticipate the environment to remain difficult.”
Lorberbaum said Mohawk is taking action to address the uncertain business environment, with plans to streamline operations, consolidate facilities, and take out higher-cost assets. “We are reducing overhead structures and controlling investments,” he said. “We are improving our administrative costs while investing in sales to support new products and enter new geographies.”
Three months ago, Google reported revenue of $36.3 billion, up 17% over the previous year. Google’s ad revenue consisted of 85% of that revenue or $30.7 billion which was up from $26.6 billion. The company said they remain focused and excited by significant growth opportunities across their other business. However, Wall Street didn’t want to hear that. They wanted to know why the ad revenue growth decelerated from 24% a year ago to 15%. I think what really pissed Wall Street off was Google didn’t have any real answer, so the they dropped the price big time.
This past week, Google reported their second quarter earnings. Revenue increased 19.3% year over year to $38.944 billion, accelerating from 16.7% growth in the first quarter, beating estimates by nearly $800 million. Net income for the quarter climbed to $9.947 billion, up nearly 21% year over year and ahead of expectations. Equally important, ad revenue rose 16.1% to $32.601 billion.
In the second quarter, annual paid click growth for Google properties continued slowing, dropping to 28% from a first-quarter level of 39%. But this was more than offset by the fact that CPC only fell 11% — a much smaller decline than 19% in the first quarter and also the smallest drop Google has seen in three years.
Porat mentioned on the call that “the benefits of applying machine learning” have boosted ad sales on Google properties, but didn’t offer additional details. In the past, Google has talked up its use of machine learning to help advertisers (including small businesses) optimize their ad campaigns based on goals such as maximizing ad clicks, sign-ups or revenue.
Price is back in monthly supply, but the chart suggests, potential all the unfilled sell orders have been used up and so Google has a shot of reaching all time new highs in the near future.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
Opportunity is a haughty goddess who wastes no time with those who are unprepared.
George S. Clason
No TA expertize is required to see that the short-term chart is clearly bearish. The general consensus seems to be a drop to 8.5k, filling the CME gap, or roughly 7.5k, resting on the 200 day EMA. Many analysts also point out the likelihood of the market front running this decline and therefore lessening it or an overshoot briefly dropping price well below the 200 EMA.
The majority of analysts see a quick rebound from these levels an analysis I myself share.
As a consequence, I have laddered buys on BTC at 8.8/8.6/8.4/7.8/7.6/7.4/7.2 and 6.8 (largest entry).
These are all small buys representing in total 30% of
my currently allocated new capital for BTC.
However, the majority of my investable capital remains side-lined and this is why.
Hunting the Outlier Opportunity
If BTC hasn’t in fact bottomed-out – a decline to 1.5k
is still in play.
Is this likely -no.
Is this off the table – no.
Why 1.5k – well this is simply a reference point – lower than the previous low of 3.1k is my point of focus.
Why Care?
A 1.5k BTC would constitute, in my opinion, an unlikely to be revisited entry point opportunity. No doubt should the price collapse to such levels the doomsayers will be legion – all is lost will be the dominant narrative and that narrative will be completely wrong.
Now do your own research here but from the multi-year research I’ve conducted, BTC would in no way be fundamentally undermined by a drop to sub 2k. Of course, some miners would shut up shop. The network’s hash power would almost certainly decline and steeply so. Nonetheless, the fundamental value proposition of BTC would remain undiminished.
So 2k or Nothing?
No.
In terms of my own portfolio – I have decided to
ladder in increasingly large positions at these levels
5.6k / 4.6k / 3.6k / 2.6k / 1.6k
None of these orders are yet on an exchange but should price break 7.5k then they will be placed.
These are all binary outcome positions – there is no stop-loss.
The investment horizon is 10 years or more.
Should price collapse to this area what I won’t be doing is looking to the mainstream media or Telegram or Twitter for guidance.
Bitcoin’s long-term price outlook depends on none of
those sources nor is it entirely bounded by the chart.
A new mechanism to store wealth offers an ROI of unknown magnitude and given its short trading history charts can only take you so far in analyzing BTC. For that, you need to be willing to assess/research the fundamentals of the project and draw your own conclusions once you’ve done so.
What About Missing the Boat?
Well, as I’ve been accumulating Bitcoin for the last 8 months – this isn’t relevant.
If you haven’t bought any BTC to date – waiting on 1.5k is a low probability outcome.
In addition, I purchase BTC every week – dollar-cost averaging greatly simplifies the process of accumulating BTC.
When Does this Outlier Hypothesis Become Irrelevant?
https://www.tradingview.com/x/WUEDfXSR/
An open and close above 13.8k on the weekly chart closes the book on this outlier proposition and would see me looking to enter capital on substantial dips into the 10k zone.
So This Guy is Saying BTC is Going to Fall to 1.5k?
No – not at all – this is an outlier proposition but one which is still worth planning for because:
A) It might offer an excellent accumulation opportunity.
B) If you haven’t entertained the idea that BTC may fall to this level – you are very likely to panic were it to do so. Panic is a terrible investment partner.
C) Focusing on lower-entry point outlier opportunities highlights the very real risk involved in investing in crypto.
Read This
It’s your money – you worked for it – it was hard to acquire – don’t let the greedy monkey inside your head convince you to ‘over-invest’ in BTC or any crypto. Take your time and research Bitcoin and the market in general before you deploy any capital Only after a period of learning, and reflection should you purchase crypto. Always remember – high risk is not a concept – there is a high percentage chance of you losing everything you invest.
In Elliott Wave terms, BWX began a wave one advance on July 22. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 23, and the red wave two (blue sub-waves a-b-c) correction ended on July 27. If this wave count is correct, BWX should be heading next towards the July 23 peak in the red wave three.
Align Technology, Inc. designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. Align Technology is famous for making the Invisalign.
Nine months ago, the stock crashed 25% due to lower average selling prices for the Invisalign clear aligners as a result of the company running promotional programs during the third quarter that included discounts for its clear aligners and product mix changes. The CEO said the promotional programs are temporary, so the current issue seems to be temporary. Nevertheless the stock fell from all-time highs.
This past week, Align Technology announced their second quarter earnings. Despite strong growth in Europe and Brazil, the stock fell big time again.
On top of reporting an earnings miss in the quarter, Align shipped 377,100 of its core Invisalign cases which fell 5,800 units short of expectations. Hogan told CNBC’s Jim Cramer Thursday much of the weakness can be attributed to China.
China is Invisalign’s second largest market and the company hoped to see 70% growth in the second quarter, the CEO told Cramer. But Thursday’s report showed just 20%-30% growth and the weakness is not due to any competitive or operational issues.
“It’s just basically a consumer backlash right now, we feel, from a standpoint of making decisions on going ahead with aligners or not,” Hogan said.
When I look at the daily chart of bitcoin and I see the price action of the past couple months, then I look at the 2017/2018 top and think….”wow, that look’s a bit similar.”
Will Lightning Strike Twice – Probably Not
Here’s the thing. Even though the chart doesn’t look great I also don’t see how we crash the way we did a year and a half ago.
The same ingredients do not exist. The move has not been crazy, the general mom and pop is not talking about bitcoin at your local diner and there isn’t a ICO shit coin craze.
Where can we go though?
We can certainly go down a bit still. If you look at the chart, basically it has made an “h” looking pattern which leads to lower prices many times. That’s just odds though, doesn’t mean it will happen.
A move down to 8,500 and evan 7,500 would still be ok on a technical basis. I wouldn’t consider that bearish as 7500 is a clear bottom when looking at a weekly chart. As long as it tested and rallied off that I’d still be bullish.
Let’s hope we don’t have to even play it out.
On the upside, getting above 9,800 and pushing toward the 11k mark is the bullish price action we need.
I honestly believe it’s anyone’s guess which way the next near-term move is.
I’m keeping some fresh powder available in case we do get an opportunity to buy lower…otherwise hodl’ing my bag.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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When you think about Cryptocurrencies, one name immediately comes to mind, Bitcoin. Since the creation of Bitcoin, there has only ever been one cryptocurrency at the top of the market cap rankings…Bitcoin.
When the price of Bitcoin rises, generally you can expect altcoin prices to rise with it. Likewise, when the Bitcoin price drops, altcoins also follow. And sometimes when Bitcoin is rising, the altcoins are declining due to cash moving from the altcoins to Bitcoin and vice versa.
Bitcoin dominance is used to measure the percentage of the cryptocurrency market that can be attributed to Bitcoin. Thus, it’s very easy to determine the relative strength of Bitcoin at any point. Not the case for the altcoins…until now. I have taken the more popular altcoins and determined their relative strength, relative to Bitcoin using just moving average.
Binance
EOS
Ethereum
Litecoin
Neo
Steem
Tron
Zcash
Based on the moving averages and the last daily closing price, relative to the moving averages,
the altcoins relative strength, relative to Bitcoin are the following:
Two Weeks Ago
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
Instead of looking at financial markets or asset classes on an individual basis, intermarket analysis looks at several strongly correlated markets or asset classes, such as stocks, bonds and commodities. This type of analysis expands on simply looking at each individual market or asset in isolation by also looking at other markets or assets that have a strong relationship to the market or asset being considered.
The US economy is still the largest in the world and the US dollar is still the most powerful currency in the world. Over half of all foreign currency reserves in the world are in US dollars. Thus, the asset classes relative strength will be compared to the US Dollar.
Bitcoin
30 Yr Bond
Copper
Euro Dollar
Gold
Oil
Soybeans
S&P 500
Based on the moving averages and the last daily closing price, relative to the moving averages,
the asset classes’ relative strength, relative to the US Dollar are the following:
Two Weeks Ago
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
