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Early this year, I took a deep breath and uttered what I thought was a laughable price target on Bitcoin, which was based on its Fibonacci extension. The target was above $73,000 and, hard as it may be to believe, we’re getting awfully close, with “only” about 15% to go.
I would like to suggest that commodities have peaked, at least for the medium-term. Take note of where we are on the Fibonacci retracement.
That meme-iest of meme stocks, GameStop, which I wrote about yesterday, is finally slipping (I bought puts yesterday in my Slope virtual account). What is fascinating to me is how obedient the prices are being with respect to the Fibs. Check out resistance (red arrows) and support (green arrows).
I’ve got to say, I am utterly annoyed with so-called “precious” metals. One would think that, at least in part, the forces behind the explosive rise in cryptocurrency values have the same effect on gold. Nope! Bitcoin, shown below, is exploding higher, whereas gold is just sitting around picking its nose. The metaphor is just as repulsive as gold’s lackadaisical behavior.
The ascent of Bitcoin lately has been remarkable. In a mere two months, it has gone up 60%. Remember, this isn’t a company. There are no products, no revenues, no profits. It’s just………..a tradeable thing. In any case, I’ve been impressed at how much sway the Fibonacci retracement has on this beast, and just as I said I liked Bitcoin at $13,000, I’m saying now I don’t like it at $16,000.
