As discussed in my last video, bitcoin did slightly correct down to about $12,100 before finding support. It’s now trading around $12,500. Daily volume is climbing.
Looking at the daily chart, we can see price approaching a critical zone around $12,950. We’re seeing clear visual resistance as well as the top daily Bollinger bands converging at that area.
In today’s video we discuss where price may go from here, key areas to watch, my Elliot wave count (per your request) and so much more. I’ll also answer some your questions. 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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Shares of Apple (AAPL – Get Report) started off lower on Monday on the back of a negative analyst report. In midday trading, shares are still down more than 2%, just under $200 per share.
Analyst Jun Zhang of Rosenblatt Securities cut his rating on Apple to sell from hold, while maintaining his $150 price target. Based on Friday’s close, that would imply about 26% downside for the iPhone maker.
Zhang contends that Apple will undergo a “fundamental deterioration over the next 6 to 12 months.” He further adds that iPhone and iPad growth will be disappointing in the second half of 2019, while Apple’s other products won’t be meaningful enough to make up the shortfall.
We have been hearing this rhetoric for many months, ever since Apple said Apple announced on November 1st that it would no longer be reporting iPhone sales numbers…meaning iPhone units are no longer growing and will start to decline.
Nevertheless, this regurgitated newsflash was enough to send Apple stock down 2% for the day and cause the Smart Money to rush into some short term put options. Today the Smart Money bought over 35k of put options with a strike price at $185 that expire on August 2nd.
This means the Smart Money only make profits if the Apple’s stock price declines another 7%. Will the Smart Money be right, stay tuned?
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.
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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Bitcoin jumped today from $11,350 to our known resistance at $12,000.
Zooming out on the weekly chart, we can see price is trading above the last 3 weekly candle’s close. Bitcoin has been defiant of the bearish reversal candle we saw 2 weeks ago.
As most of you know, I believe the bottom is in and bitcoin is now in a bull market. Could I be proven wrong? Of course…and I’ll be the first to admit it if I am.
In today’s video we discuss the case for the bear market continuing and lay out why I think it’s over. I also answer your questions on how I learned to trade, discuss where price my be heading next and so much more. 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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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.
As discussed yesterday, Bitcoin continues to consolidate within a tighter range. Volume is dropping. This suggests a larger move in the next 24 hours or less.
In today’s video we’ll discuss where it may go from here, key areas to watch, traps to avoid 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.
Bitcoin has been consolidating around $11,500. It continues to respect the descending resistance line, and overall support around $10,700.
Looking at the 4 hour chart, we can see the 8, 21 and 55 day EMA, as well as the 50 day MA all converging. This suggests a larger move to come, likely in the next few days.
In today’s video we’ll discuss where price is going next, traps to avoid and so much more. I’ll also answer your questions. 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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The US Markets just closed out the week at ALL TIME Weekly Closing Highs (the Dow Jones and S&P). The Bears are out talking about unemployment ticking up and the yield curve inverting and Powell cutting rates. Well Mr. Jerome Powell has quite the decision to make in the coming weeks because that insurance rate cut is going to have to come on the back end of a YUGE JOBS Number. The jobs this morning came in RED HOT and the 50 point cut just went out the window. The 25 point cut is now on the ropes and will be a huge decision.
The perma bears just don’t understand this market and that is part of their problem. They can’t go both ways. You have to learn to go both ways! Long and strong baby! Do you go all in here? NO! You should have loaded up at the beginning up June!
I am looking for pullbacks to be bought until otherwise. The chase is on. You cannot be bearish unless you are under 2918 for starters.
Bitcoin continues to consolidate on higher time frames. Price is respecting both a descending resistance line on smaller time frames, as well as a longer term ascending support line. This battle between bulls and bears will likely come to an end no later than early next week.
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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For those of you who live in the United States, Happy Independence Day! Since we talked last, bitcoin broken above the $11,500 resistance. This closes the upper CME gap at just above $12,000. Price has since dropped back on top of the $11,500 support where it’s consolidating.
Zooming out on the weekly chart, we can see the bulls have put up quite a fight after the extremely bearish close of last week’s candle.
In today’s video we’ll discuss where price may be heading next, key areas to watch, targets and so much more. I’ll also answer your questions. 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
If you found this post informative, please:
Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
