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Sunday, November 18, 2018

Bitcoin - Before/After

Bitcoin has declined off the white trendline identified in July.  Price is approaching the target area.

A bounce is possible short term, but lower prices are likely ahead.  Price action is consuming time, and the bottom may not form until next year.

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July 16, 2018:

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27 comments:

  1. 5,500 bitcoin has been reached.

    SCNovember 7, 2018 at 5:33 AM

    "Yes, I've been waiting patiently for bitcoin to bottom. A capitulation is likely to occur soon, possibly later this month. I think we can see 5,500 or less."

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  2. The channel has been pushing down bitcoin this year, but price may see a pop short term to attempt to escape the channel.

    The bottom may not form until next year, but we are getting closer. Once it bottoms, the upside should be impressive.

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  3. the way spx is trading it would not suprise me to see a big drop
    if 2700 dont hold

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  4. we might drop hard tomm if we do i will buy upro at that point and spxl and short uvxy im my opinion

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  5. Replies
    1. Potential for a spike up short term in bitcoin.

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  6. "Switzerland's principal stock exchange SIX Swiss Exchange will list the world’s first multi-crypto-based exchange-traded product (ETP) next week, the Financial Times (FT) reported Saturday, Nov. 16."

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  7. SC: Your thoughts on the S & p500 have changed or do you always believe in a rebound towards 2850?

    Thanks for sharing

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  8. If 2650 does not hold we could get smashed down to 2600

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  9. SPX needed to hold above our line in the sand at 2,700. It tried but failed. So SPX retesting the low. That's okay it'll still rally strong.

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  10. UVXY huge resistance at $68. It'll see $50 in December.

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  11. The problem for SPX remains the same. The weekly chart is still not oversold. Having said that, SPX is poised for a strong rally in December. SPX weekly may finally see oversold in January. Big bounce next and January low is looking likely.

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  12. This isn't the washout that I've been talking about for SPX. I do think it will happen - on pace for January.

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  13. VIX doing nothing Haha. Some indexes are actually positive today. SOX.

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    Replies
    1. true but we need to hold 2650 we should have a short term bounce? into santa

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    2. Tough to say whether we see a slight higher low or lower low here. Either way it's just a retest of the October low. Rally next!

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  14. Institutional buying in bitcoin coming January...

    "NYSE Operator’s Bakkt Confirms End of January Launch Date For Digital Assets Platform"

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  15. Bitcoin ETF in the US just a matter of time. Few hurdles left now.

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  16. SC: i think low in S$p500 and Nasdaq is done. Are you of the same opinion?It is interesting to note that even the bitcoin is at a minimum stage together with the stock market.. is a correlation between them?

    many thanks!

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    Replies
    1. A low for SPX is forming and the index is getting set to rally. While we do not have a proper capitulation and the weekly still suggests a washout, I think that is yet to come, perhaps January.

      The index is strong enough to rally for more than a month, next.

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  17. Agree, bitcoin in my view is a proxy for global liquidity. The fact bitcoin has dropped recently signals a low in the stock market is at hand. Yes, the correlation is no coincidence.

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