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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…)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:
“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…)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):
I haven’t kept a secret of my view that, should the Bitcoin Fibonacci support be breached, we were heading back toward the $7,000s. Indeed, I mentioned it just yesterday on my tastytrade show. And here we are!
