Earlier this month, I did a post defining what I considered important support levels for BitCoin. In part, i said:
$14,000 (green tint) – a break here would end the series of “higher lows” in place
$13,000 (magenta tint) – a failure here would snap the lowest levels of the year so far (and the Big Round Number thing always affects traders’ nerves)
$10,600 (yellow tint) – this, I think, would send prices swiftly back into the quadruple-digits, since obviously the “besting” of the big price plunge we saw in December would renew the terror that there’s really nothing holding the beast up.
As you can see, we blasted through those first two levels. It has found support at the crucial lowest level (propped up, I suspect, by masses who know all too well what’s going to happen if it fails). (more…)
I’m so glad to be back home, I can hardly stand it. It even kept me cheerful through the insane mega-ramp. I remain long January 2019 puts on these five ETFs. The industrials:
Well, as equities continue their insane, unprecedented, history-making melt-up……
The following Monthly chart of the Financial Sector (XLF) shows that it has been on a strong rally since mid-2017. It’s approaching major resistance around the 30.00-31.00 level (prior all-time high and double Fibonacci retracement levels).