Slope of Hope Blog Posts
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As shown on the daily chart below, Bitcoin has recently broken above several types of resistance, namely a downtrending Andrew’s Pitchfork channel, and two downtrend lines.
There are two potential scenarios for Bitcoin relative to the pitchfork channel:
- price spikes up to its 200% Fibonacci outer edge, which is currently around the 10000 level, or
- price drops back down to its 100% Fib channel edge, which is currently around 4000.
Keep an eye on the momentum indicator. It’s in the process of forming a higher swing high, hinting of further strength ahead, but we’d need to see a series of higher price swing highs and lows to suggest that its downtrend has reversed with any conviction. Otherwise, it may head towards 4000. (more…)
I don’t normally make a post that simply references someone else’s writing, but I am going to do so in this case. I stumbled across this article, which addresses something I’ve always found really curious – – that is, why cryptocurrencies peaked PRECISELY when futures on them started trading.
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:
The bears may have just shown up (finally!) for the stock indices, but they began their damage more than a year ago in bonds and the dollar.
And that carnage in the dollar index may see a further move lower. (As always, click the image for a much bigger picture).
By Ryan Wilday, ElliottWaveTrader.net
In my last article I stated that we had the potential for a lasting bottom in the crypto market, starting with a low in most coins on February 6th. However, in that article I also gave the conditions for that bottom to fail.
Those conditions, unfortunately, became reality. We have since seen both Ether and Verge, highlighted in that article, slide to new lows below the February 6th low. Bitcoin and Ripple did not fall below their February 6th levels, but did confirm the unlikelihood of that low marking the beginning of an impulsive wave.
In the process, Ripple is largely acting as expected. (more…)
Errr, down about 65% or so across the board. It seems to me this party has ended permanently.