BITCOIN Investment Trust … why did it stop today? UPDATE to the UPDATE to the Update (I like doing these updates)
09/16/2017 – note the 55% correction and the AB-CD pattern which caused the move up late last week. the 680 level is the KEY level to watch for resistance moving forward. more updates to follow … amazing, even in the midst of this chaos of a bubble, the ‘log’ percentage retracements and the AB-CD worked (perfectly) all based on PATTERNS.
if you don’t this is a crazy bubble then check out this graph … a friend forwarded from the Elliot Wave Theory (www.ElliottWave.com ) … this is an AMAZING chart. I’m not making the case of the utility of bitcoin. No, I’m just showing the PRICE of BITCOIN is of epic bubble proportions. CAVEAT EMPTOR.
Not sure how long this will explode higher BUT when it REALLY falls (is this the start?) it’s going to come down – hard.
Good weekend to you.
09/03/2017 – Update as of Sunday 09/03/2017. Folks, sometimes the PATTERNS/numbers work and sometimes they don’t. This time, appears the numbers we respected and we had a very large sell-off in $GBTC. Stay defensive for now .. a move into the high 400’s isn’t out of the question after such a parabolic run.
Good weekend to all … B
08/31/2017 – well Barron’s nailed the high in the US Dollar Index declaring the “Mighty Dollar” but this one hasn’t been as reliable as the ‘top or bottom’ caller when something makes the front page.
so, below you’ll see an updated Bitcoin Investment Trust update … sure looks like it’s hitting some strong resistance. Still believe this is an accident waiting to happen …
07/02/2017 – Barron’s .. the ultimate contrarian indicator. 🙂 For the time being, at least, we still have the upper target out there and, additionally, the corrective sequence sure looks like it wants another move down. CAVEAT EMPTOR
05/25/2017 – I hate to do the ‘could have and would have and should have’ when using charts. Those of you who have been following me know that. I wanted to get to this chart before the open to just give it a shot … was on travel and in the airport yesterday and I kept seeing the PARABOLIC ROCKET SHIP of BITCOIN …couldn’t wait to throw some geometry on the chart.
When we see parabolic moves – THINK LOGS. It’s why the darn things were created in the first place.
As you can see below .. we are stretched and could go higher but today it ran smack into a LOG AB=CD and a key LOG trend line .. resistance was to be expected. You can also see – and why not – that there is another set of targets higher. I’ve also included the NYSE Bitcoin index … it’s data isn’t updated yet but you can see that it also ran smack into the GRAVITY CENTER. (I used the technique taught to us in elementary school on how to make a circle using three points. (dead serious). Again, for you my loyal readers, I didn’t know if it would work. You get to the point where you can ‘see it’ …
For now … man, it’s great to get on the rocket ship and ride it but there was always a REASON we landed w/ 2000 lbs of gas. Always .. because if you ran out of gas, your screwed. When parabolic blast off end they don’t end w/ a whimper .. .they THUMP hard.
Caveat Emptor for the Bitcoin craze ….