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Monday, November 18, 2019

Bitcoin - 8,000 Support

Bitcoin has settled back to test 8,000 which can hold as a level of support.

Currently Bitcoin is probably forming a "W Type" bottoming formation which can continue in the coming months.

Daily

43 comments:

  1. Took a position in Bitcoin and expect can see $10,000 tested soon.

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  2. Replies
    1. post your chart so i could see what your looking at

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    2. https://www.youtube.com/watch?v=Y3zwQ0EddGM&feature=em-uploademail

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    3. prnt.sc/pz3r4y This would be bullish bias, targets by fibs. What about u?

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    4. W formation idea is from SC, i would go for consolidation under 10k for few months as for bullish bias

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  3. SC: isn't this an ordinary symmetrical triangle - which breaks up 60% of the time (but 40% of the time doesn't!)?

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    1. It's not really an example of a triangle as price hasn't touched both sides a few times. But I do like that thought process.

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    2. SC, as can be plainly seen there was a triangle within a triangle that touched (or nearly so) both sides several times - with the smaller one having the orange colored baseline. According to that measurement, there is a target of about 5000.

      When you wrote this post the GXBT was around 8450. As of this morning (November 22 at 4:40 am EST) it has fallen 1000 points since your post and is under 7400 (down around 13% since Monday).

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  4. SC, do you see bitcoin and alts making New ATHs in coming few years or maybe sooner? Or this was the bubble in ur opinion?

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    1. Bitcoin high 2020, marginally higher 15,000.

      The Bitcoin market is normalizing as participants enter the market. This means that the days of either Bitcoin crashes or big upsurge are over.

      This is a good thing, it's an active market with liquidity and developing well. There's nice action and excellent to trade.

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    2. Very interesting view, thank you!

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  5. Replies
    1. UV XY looks like it's gonna make a mess of move to the upside at some point here All the daily chart it's at the bottom of the channel

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    2. Just doesn't look like UV XY will go to 12 like you said it will I don't think it goes anywhere near $12 on this go round

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    3. I said UVXY $15 Thanksgiving and $11 for New Years Eve.

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    4. SC - UVXY was just around $15...we have record VIX shorts like Jan 2018...we may get a similar move down in SPX into Thanksgiving/December..

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    5. I'm expecting the timing for a bigger move in January. We are getting closer at least.

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  6. So you gonna buy a 15 and sell where then you gonna bite 11 and sell where

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    1. Yes, well probably just go with TVIX. Will post chart with the December plan.

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    2. Because this is a tight market. TVIX has better leverage which is a benefit in a slow market.

      When the market is fast, which I expect next year, then I will avoid TVIX in favor of UVXY.

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  7. There is the dip. SVXY test $62 next.

    SCNovember 15, 2019 at 5:38 AM

    "Today, SVXY will open around the upper fork resistance. A several day dip could occur here."

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  8. Are you saying SVXY going back to of 62 from here

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  9. Lol, touched my target, lets see if it holds

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  10. GBTC still looks good with higher low from October. Even though Bitcoin obviously didn't hold at 8k.

    W still in play..

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  11. Massive protests are breaking out worldwide. We enter TVIX next week!

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    Replies
    1. What is your TVIX target to go long And where is it going 15

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    2. https://finance.yahoo.com/news/credit-suisse-ag-announces-reverse-133000838.html

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    3. split coming dec2nd 2019 I would stay away

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    4. https://sixfigureinvesting.com/2013/08/next-vxx-reverse-split/

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  12. That will be nothing Max. Spx. 3050

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  13. That will be nothing Max. Spx. 3050

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