BitcoinPanjang
MACD still vibrating from the last bubble?
It's almost as though we haven't left the bear market yet. The MACD trendline convergence happens in the fall (Oct - not charted) which is also when an expected Bitcoin ETF from the Winkers should be debuting. Should be fun if it plays out that way.
Also, I've noticed our Bitcoin market moves almost in parallel with the DJIA and S&P (S&P charted in red-green slashes - not at the proper priceline). The S&P should be breaching an ATH of 2k sometime this month. At that point, depending on the mood, that number may induce a frenzy of bullish euphoria, or they may sell till they hit the supporting trendline. Whatever they choose, we will follow most likely. TA of the Daily S&P RSI shows a flattening of the priceline which only means a continuation of the current trend.
I find the stock market parallel fascinating as Bitcoin is supposed to be digital gold... which means that its trendline should match the trendline of gold. But seeing as we have not saturated the field yet, I suppose following a traditional index may suit the BTC market. (Following its own market would be better, but whatevs)
In the nearterm, Monday S&P should be a short sell to reach the supporting trendline, which will top out the BTC rally and begin the selloff.. After that, we should start a major ascent to the Moon. But first we must blow out of the faux-bear resistance we created with our recent double-top, else we will suffer the consequences.
Also, I've noticed our Bitcoin market moves almost in parallel with the DJIA and S&P (S&P charted in red-green slashes - not at the proper priceline). The S&P should be breaching an ATH of 2k sometime this month. At that point, depending on the mood, that number may induce a frenzy of bullish euphoria, or they may sell till they hit the supporting trendline. Whatever they choose, we will follow most likely. TA of the Daily S&P RSI shows a flattening of the priceline which only means a continuation of the current trend.
I find the stock market parallel fascinating as Bitcoin is supposed to be digital gold... which means that its trendline should match the trendline of gold. But seeing as we have not saturated the field yet, I suppose following a traditional index may suit the BTC market. (Following its own market would be better, but whatevs)
In the nearterm, Monday S&P should be a short sell to reach the supporting trendline, which will top out the BTC rally and begin the selloff.. After that, we should start a major ascent to the Moon. But first we must blow out of the faux-bear resistance we created with our recent double-top, else we will suffer the consequences.
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