BTC WEEKLY CHART: "The Panic Zone" All that glitters is not gold

BITFINEX:BTCUSD   Bitcoin / Dolar
New all time highs and gold parity. I want to give my hottie a new BTC chain necklace so I went to the local artisan. They said wat? The best that I could do was pay for a new gold chain in BTC . So is BTC as good as gold?

I wanted to get this latest version of the weekly chart out on display to make some comments. There is no evidence to suggest this rally, now 7 weeks old, will last. There is no volume . The angle is too vertical. It could be the result of panic in EU land. I pointed out some reasons in previous comments. It doesn't appear to be solidly China related. I invite comment.

There are actually 3 rallies going on simultaneously. I have marked each. The fundamental over 2 year rally marked with the solid red trend line . The 20 week rally marked with a dotted red trend line and the current 7 week rally marked with a dotted red trend line . None are showing a break in the trend.

A break in the 7 week trend will be a dramatic event. Price could pull back 25% to the 20 week trend line . When? Soon, maybe. Be cautious. Take down some profit for a rainy day and enjoy the ride.

Idea Berkaitan

Multiple articles are saying this +/-$160 action is investors getting all gaga over the coming uncorking of the Bitcoin ETF. Maybe it underlies the + part of the movement but the - part doesn't match the story. Something else happened and I'm trying to pin it down. Instability usually is a signature of a falling market. While the market is higher, it is certainly unstable.
The warning still applies but there is a relief rally bounce off the top most red dash trend. It hit $1140 and immediately rocketed up. Next week in the FX and securities markets, its triple trouble week. Everything from the fed reserve to brexit will hit the fan. Word is that central banks around the world are going to try to spike the cocktail on cheap money. Lots of liquidity is going to dry up. The banksters are too far out on the limb giving away free money for 8 years. I don't know what kind of impact this will have on BTC. It could be great because higher interest rates put profligate spending governments in the frying pan. As governments fry they either have to raise tax revenues or lower entitlement and infrastructure spending. Both are bad for both freeloaders and the rich. On the other hand, it will increase the value of fiat money putting pressure on the metals and other commodities. BTC seems a bit detached from this and more attached to PANIC. Currently the PANIC is in countries with cheap labor. China, Mexico, Brazil, Venezuela, etc. Will this shift?
WARNING - Click the update button on the graph above. Trend line break in process. Indicators on my private charts show the trend line is not the bottom. Sometimes miracles happen. There seems to be a pause at support for the time being. There are two scenarios. Support breaks and erosion continues to the middle trend line currently just below $1000. Support stops the fall and a bottom is formed at the current level. We won't know for another week or so. A resumption of the up-trend rally appears to be off the table for now.
Some No-Name at the PBoC farted again. Really stank up the room. Some fat cat investor thought the smell was Sarin gas and PANIC slammed a market sell taking the price down nearly $200 in less than 60 seconds.

Now, what part of "free market" doesn't this No-Name understand. IT'S FOR THE CONSUMERS PROTECTION DON'T YA KNOW. Before the PBoC reared it's ugly head terminated tentacles, was there anyone complaining about free transaction fees? Did I hear one complaint about making it easy to leverage their trade? Did anyone complain about being free to move their money wherever and whenever they want? Next they'll tell us that BTC transactions cause global climate change and they are only regulating it for the good of the children. What a bunch of idiot clowns.

Looks good to me.... Some info to back it up as well.

A worthy article about the current state of Bitcoin. The author points out new enthusiasm in Mexico. There is heavy manipulation in the silver market today. Someone dropped a $12B bomb on the market causing a deep flash crash. The Mexican central bank may be at play here. The Peso has been in free fall ever since Trump got elected. This is causing the price of petrol to sky rocket in Mexico causing wide spread unrest. This new PANIC may be the basis for the 7 week BTC rally.
+1 Balas
I neglected to mention. The Stochastic oscillator is at an all time high and starting to roll a little. This may be a warning that a top is in process. MACD is still moving up with the trend line. The only counter trend marker is volume.
+1 Balas
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