I’ve never put a penny into the world of cryptos, but I find the financial and psychological phenomena around that “industry” (ha!) to be fascinating. Since mid-December, the bloom has come off the rose, to say the least, but it hasn’t been a straight line down. Indeed, Bitcoin a few weeks ago looked like it might muster back into the quintuple-digits again (which would mean merely a 50% drop from its highs), but its hands slipped away from that rope.
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Are You Still Fearful of Cryptos?
By Ryan Wilday, ElliottWaveTrader
Since leaving my job as a corporate design manager to analyze and trade cryptos (among other things), I’ve gained new attention from old colleagues. In circles of my former profession, I’m the guy that retired to trade for a living. While my departure from corporate life was something I planned for many years, cryptos certainly gave those plans a shot in the arm.
Regardless of how it came about, my early ‘retirement’ carries some lore; ‘He must have made millions on Bitcoin’ I’m sure some say. (more…)
My last post on Bitcoin made reference to a bearish engulfing candle that had formed on the daily timeframe.
Since then, its price drifted slightly upwards, then plunged and closed below the low of that candle on Friday, as shown on the following daily chart.
The momentum and rate-of-change indicators did not confirm the recent higher price high, but are both in an accelerating diverging downtrend, and are below their zero levels.
As we all know…….
Here’s where he’s at, with about two and a half years left:
I noticed the strangest thing – – if you look at the S&P 500 and Bitcoin, they are virtually in lockstep.
The following monthly chart of the US Dollar (DX) contains three Andrew’s Pitchfork channels. The channel median apex for the two largest ones (pink and blue) sits at 90.00 and forms major channel support.
Price has been swirling around 90.00 since mid-January of this year. Recently, the DX has found support at the bottom of the smallest channel (green), which begins in March 2008. The momentum indicator has made a lower swing low, so it remains in downtrend on this timeframe and is still below the zero level, but has recently hooked upward.