A Market Timing Report based published Tuesday, February 20th, 2018
I deliver focused comments on market timing once or twice a week. These are supplemented with daily “Tweets/StockTwits” (see links below). If you are not interested in bitcoin, see my latest post on US markets and gold HERE. Thank you.
Bitcoin broke above the prior wedge noted here on our last review and reached around 12,000 (11,718 on Coinbase). This is the old chart before the breakout to that 12K level:
But note that when I plotted bitcoin using an arithmetic chart vs. a log chart as above, the channel “being used” shows up! Voila! The decline represents a reversal of the prior breakout as well as a failure to penetrate the downward channel to the upside. It is quite possible that bitcoin will now head to a brand new low, possibly at the base of the channel shown, which is as you see, below 5000. That would be a shock to bitcoin holders without a doubt. Risk manage your holdings as I’ve suggested HERE.
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