It seems apparent that cryptocurrencies are worth the paper they’re printed on. With nearly 2,000 of these things floating around, values have dropped 60%, 70%, 80%………you get the idea. And yet in spite of this drop, there’s still another important event looming which I think will cause gravity’s pull to reach Jupiter levels. And that is expressed in a single, simple horizontal line:
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It”s been a while since we last saw an example, but one of my strongest historical stats is the Three Day Rule. On this stat, there first needs to be a 2%+ decline, and then on a break back over the 5 day MA, currently at 2627, then on a clear daily closing break back below on either of the next two trading days, then there should be a retest of the previous low (2553.80), before any significant move over the previous high (currently 2672.08). There are no guarantees in trading or analysis, but with the exception of two very marginal higher lows when triangles were forming, this stat has delivered in every instance (so far) going back to the start of 2007.
Unusually I am posting one of our premarket videos for subscribers, but I have a very busy afternoon lined up, and I’m aware I haven’t published much this week. This is the full video covering all 19 futures that I look at in the morning. Worth mentioning as well that I may well be away on Monday. Full Pre-Market Video from theartofchart.net – Update on ES, NQ and TF (at the start) and then DX, CL, NG, GC, ZB, HG, KC, SB, CC, ZW, EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD and NZDUSD: (more…)
I prepared this post a while before the close today but for some reason my media computer took two hours to encode the video. Everything still relevant now so here it is.
In the interim the backtest into the 2619 area is in progress and assuming that support holds, I’m expecting a higher high to make the second high of a double top at one of the obvious resistance levels above at the monthly pivot in the 2676 area, and the daily middle band, now in the 2688 area. Looking for strong resistance at one or the other. Intraday Video from theartofchart.net – Update on ES, NQ and TF: (more…)