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Only days ago, Bitcoin crossed above the meaninglessly but psychologically important $100,000 level with great fanfare. Social media was buried in a wave of posts declaring that $250,000 would be “easy” and $1 million achievable since, let’s face it, $100,000 is 10% of one million. I watched BTC play jump rope with $100k all weekend, and it’s finally sinking away. I think the crypto freaks kind of shot their wad with this one.
In my last post on Tuesday I was looking at the bullish consolidation options on Bitcoin (BTCUSD), Solana (SOLUSD) & Ethereum (ETHUSD), and those have played out mostly as expected since.
A small H&S had broken down on Bitcoin, and I was saying that might well fail into a retest of the prior high at 98.7k and then go higher and we saw that.
BTCUSD 15min chart:
Bitcoin, as surely you must know by now, blasted above $100,000 yesterday evening. It had tried late last month to cross the magical Big Round Number (red oval) but failed to do so rather spectacularly. This time, is strapped on its rocket boosters and ripped thousands of dollars higher within minutes.
I was saying on my last post that there were daily sell signals fixed on BTCUSD (Bitcoin) and SOLUSD (Solana), that a bullish consolidation period looked very possible and we’ve been seeing that. So how’s that going?
On the Bitcoin daily chart below the daily RSI 5 sell signal has almost reached the possible near miss target at 31 to 37 on the RSI 5 and that might be enough. The RSI 14 sell signal has fixed but is a longer term signal and we may well see significantly higher highs before that makes target. It is an early warning to watch out for a longer multi-week or month consolidation that may be coming in the first months of next year.
(more…)As if you needed any more evidence of market insanity, take a moment to look at Ripple ($XRP), the cryptocurrency that, like Doge, was created just as a joke, but has become a financial giant. It has gone up about 400% in just the past month based on………….nothing. Nothing except popularity. It’s sort of like how some famous people are famous because they’re famous.
