I don’t trade crypto anymore, but I’d like to point out this fantastic diamond topping pattern in Ripple ($XRP).
Diamond Ripple
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.
The Big Print
Just to come right to the point, you should buy the new book The Big Print. It’s outstanding, and the country would be better off if every single citizen read and understood it. That’ll never happen, of course, but one can always dream. Anyway, let me back up a bit.
A couple of weeks ago, when I was on Amazon, The Big Print was presented to me as a recommended purchase. I was intrigued by the title, and after reading a brief summary (and seeing the good reviews), I decided to buy it. It arrived a couple of days later, and once I started reading it, I had trouble putting it down.
It didn’t start off great, because when I read the Foreword to the book, it was made plain to me that this would be a celebration of Bitcoin and its opportunity to save us all. I had already purchased and read enough Bitcoin books to not want to endure another sermon, but I decided to press on, and I’m glad I did.
(more…)Rally Failing So Far On Crypto
In my last post on Tuesday I was looking at the very promising rally setup on Crypto and was looking at the important daily middle band resistance that needed to be broken and converted to open the upside. So far, that has not been going well and while the rally setup hasn’t failed yet, it may well be failing.
On the Bitcoin (BTCUSD) chart, there was a clear break back above the daily middle band on Wednesday, then a clear rejection back below yesterday. That was not promising, as more often than not this delivers a low retest.
BTCUSD daily chart:
Friday, Saturday, Sineday
OK, this is getting a bit silly. Over the past couple of weeks, the market has really done nothing but alternately rip higher and lower day to day. My soul is starting to feel a bit like the spring on a screen door. Monday sucked. Tuesday ruled. Wednesday sucked huge. Thursday, for the moment, seems like another rule. Let’s hope it sticks this time.
Watching the Rally Setups on Crypto
In my last post on Friday I was looking at the overall picture on Crypto and the current setup on Bitcoin (BTCUSD), Solana (SOLUSD) and Ethereum (ETHUSD) which is still in the balance but looking decent this morning, though some key resistance levels still need to be broken to open the upside for a decent rally.
Looking at the bigger picture again there is a double top setup on Bitcoin that has broken down with a target in the 69k to 70k area, and I am still expecting that target to be reached after any rally here.
I would also note on the weekly chart below that Bitcoin is rallying (so far at least) at the weekly middle band, which is a very obvious and historically strong support level.
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