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Wednesday, May 22, 2019

Bitcoin - Resistance Reached

Bitcoin melted up through the midpoint, and has reached the upper resistance.  It will probably settle back next.

An overthrow of resistance is quite possible as shown, but the resistance is strong enough that the price is likely to decline for the next three months.

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41 comments:

  1. SCMay 22, 2019 at 10:06 AM

    Sold SPXU at $30.75.

    ReplyDelete
    Replies
    1. SCMay 22, 2019 at 10:08 AM

      Small profit. Fine tuning an entry.

      Delete
    2. louis lombardiMay 22, 2019 at 10:51 AM

      Markets going up what about uvxy u holding

      Delete
    3. SCMay 22, 2019 at 10:54 AM

      For now, but we'll see. UVXY filled the $34 gap this morning. There is another gap $31.50.

      Delete
    4. SCMay 22, 2019 at 10:55 AM

      Just working on getting the best entries.

      Delete
    5. SCMay 22, 2019 at 10:57 AM

      The model really is not bearish until June anyway. So there is time to work with.

      Delete
    6. louis lombardiMay 22, 2019 at 11:02 AM

      The market's Down UV XY is not even going Up which tells me it is gonna be another smackdown in UV XYI my just dump this piece of krapp I've always made money shorting this garbage

      Delete
    7. SCMay 22, 2019 at 11:10 AM

      I know lol. Timing is critical for UVXY. When everything lines up it's great though. Tripled twice last year. But yes, we do have to be nimble here until it's ready.

      Delete
  2. rose2797May 22, 2019 at 10:38 AM

    Gbtc. So missed the entire run from. 3.89 Does not look too much correction now

    ReplyDelete
    Replies
    1. SCMay 22, 2019 at 10:45 AM

      I am disappointed about that too, but the positive is that I have a strategy for the next moves. Also I have a longer term chart which is quite exciting!

      Delete
    2. louis lombardiMay 22, 2019 at 11:36 AM

      You don't have to be a rocket scientist to figure out what's happening here you get below 2830 you gotta drop if you don't we go to 2920 or higher

      Delete
    3. Bobo MikMay 22, 2019 at 12:13 PM

      SC- I hope you are well. What is your one-year target price for Bitcoin. Basically, you are bull or bear over the long term? Best

      Delete
    4. SCMay 22, 2019 at 12:46 PM

      Bull but it's at resistance so bitcoin is close to a high for now.

      It needs to consolidate at this level. Later, post the charts after that consolidation occurs.

      Delete
    5. Bobo MikMay 22, 2019 at 5:10 PM

      Thanks. So an all-time high in the coming years?
      What's the next peak in terms of level? Just a range would be enough to have an idea about your thesis.

      Delete
    6. SCMay 23, 2019 at 5:18 PM

      I was going to hold off on this, but maybe I'll just go ahead and post the chart with model for bitcoin.

      Delete
  3. louis lombardiMay 22, 2019 at 12:53 PM

    Vix looks like going to 11

    ReplyDelete
  4. louis lombardiMay 23, 2019 at 3:42 AM

    wow that was a fake out lol thank God im still in

    ReplyDelete
  5. louis lombardiMay 23, 2019 at 5:47 AM

    uvxy is a turd the market is lower then 2 days ago and its trading lower lol

    ReplyDelete
  6. louis lombardiMay 23, 2019 at 6:53 AM

    I still dont like action on uvxy looks weird to me

    ReplyDelete
  7. louis lombardiMay 23, 2019 at 7:02 AM

    sold uvxy at 37.20 gonna wait for a better entry

    ReplyDelete
  8. Be CarefulMay 23, 2019 at 7:45 AM

    Downside not strong :( Please fill that 2811 gap, preferably lower. Get this to 2783 at least :)

    ReplyDelete
  9. louis lombardiMay 23, 2019 at 7:50 AM

    https://imgur.com/a/cYnp8bh

    ReplyDelete
  10. SCMay 23, 2019 at 8:06 AM

    Bears have the upper hand for now.

    BUT the media are reporting that Chinese trade talks have broken down completely, and that means the probability for a trade deal are increasing substantially. To be sure a trade deal won't fix this market's problem which run far deeper than that. More like a deal to propel it to the perfect short entry...

    ReplyDelete
  11. louis lombardiMay 23, 2019 at 8:10 AM

    i agree im gonna buy uvxy back i had 40ooo shares i gotta buy it right i just dont understand the way it trades i thin k there will be a big drop in the spx coming could be 7 percent in my opinion
    would of been nice to buy a day later lol

    ReplyDelete
  12. honestcreditguyMay 23, 2019 at 9:24 AM

    The real gap is 2709....best to close that for better move north....

    ReplyDelete
  13. louis lombardiMay 23, 2019 at 10:06 AM

    Last time SPX the a 2800 the vix was 24
    Keep that in mind

    ReplyDelete
  14. louis lombardiMay 23, 2019 at 10:12 AM

    Are we gonna see an explosion in the Vix to the upside?

    ReplyDelete
    Replies
    1. SCMay 23, 2019 at 12:21 PM

      Not yet, normally VIX spikes just when SPX is reaching near the low in these situations.

      Delete
  15. SCMay 23, 2019 at 12:24 PM

    UVXY $31.50 then $48?

    ReplyDelete
  16. rose2797May 23, 2019 at 12:29 PM

    When u expecting uvxy 31.80

    ReplyDelete
  17. louis lombardiMay 23, 2019 at 12:35 PM

    possibly thats why i sold it im gonna wait and see

    ReplyDelete
  18. SCMay 23, 2019 at 6:31 PM

    Let's see if SVXY can put in a green weekly bar.

    ReplyDelete
  19. SCMay 24, 2019 at 4:51 AM

    Just one thing. Wanted to point out. Bitcoin looks like cup and handle.

    ReplyDelete
  20. SCMay 24, 2019 at 5:09 AM

    New chart posted!

    ReplyDelete
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