The Fibonaccis have had almost mystical power over this “asset”. I wouldn’t be surprised if bitcoin never sees quintuple-digits again.
Bitcoin=Doomed
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Will FAANGs Bite Back?
The following daily chart of FNGU shows that price has broken above and retested a downtrend line.
FNGU is an exchange traded note that tracks 3x the daily price movements of an index of US-listed technology and consumer discretionary companies…the index is highly concentrated and equally weighted.
The next major resistance level is around 47.34 (61.8% Fibonacci Retracement level).
(more…)Bitcoin Bonanza
For someone who has never trade a crypto in his life, I sure do blather on about it. But I’ve got to say, I remain slack-jawed with amazement at the behavior of Bitcoin vis a vis its Fibonacci levels. I’ve mentioned repeatedly the major level at about $7200. Well, not only did that provide support, but it did so with an explosive, eye-popping move to the upside:
Wowser Trousers
“Sell your cleverness and buy bewilderment.”
– Rumi
Like the rest of us, I have many characteristics to my personality, some good, some bad. One of the better ones that I am pleased with is a sense of wonder. I am always open to being astonishing. I am always willing to accept the inexplicable as being possible. I recognize, as Saint-Exupéry did, that what is essential is invisible to the eye.
And, thus, with such lofty wisps, I offer the following chart. Although I say it every day, I’ll repeat – – click it for a bigger version, because I use enormous screens, as I personally think people using mobile devices to look at financial charts are psychotic, or at least masochistic. So here we go:
(more…)Fake Fiat Fibonacci
It’s a quiet Sunday afternoon, as we all anticipate Monday, the final trading day of this quarter. I thought I’d just share a few words about this interesting creature (Bitcoin, not Altucher):
