Slope of Hope Blog Posts
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The following Daily chart of Bitcoin shows that the momentum and rate of change technical indicators are fading and do not support the latest push upwards to nearly 5000 (actual high was 4969).
Near-term support sits somewhere between 3770 (40% Fib retracement level) and 4000 (price and channel support).
Medium-term support sits around the 50% Fib retracement level of 3400, while longer-term support sits around the 60% Fib retracement level of 3000, which takes it almost to the bottom of the massive 2134-point August candle, as shown on the Monthly chart below.
Preface to all six parts: Before last week ended, I identified thirty-six different stocks that were getting close to a point where they would be intriguing new short positions. I am not in any of these yet, but I wanted to share all of them. I’m publishing twelve per day over this extended weekend – – six each day for everyone, and the other six for PLUS subscribers – – and will say a few words about each one. As always, click on any of them to see the larger SlopeCharts image, symbol, and name.
PAA gap at 25.12; notice I’m not using the word “stop”. This is because the gap is so far away – almost 20% – it would be nuts to suggest a stop that wide. So this is a great “wait and see” chart.
Over the past month, there’s a boring, tedious pattern that seems to be repeating itself:
(1) The impoverished, backwards, freakish hermitage known as North Korea threatens the world with some ill-conceived rumblings about a nuclear weapon;
(2) Worldwide markets (with ever-decreasing size) have a knee-jerk reaction;
(3) When it’s clear that Kim Jung Un is completely full of crap, for the 398th time, things go back to normal within a few days (or hours……) and the market goes to new lifetime highs.
We’ve got round three of this going right now on this holiday weekend……. (more…)