Market Timing Brief™ for Bitcoin 2-20-2018: Headed Down in Channel on Arithmetic Chart.

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:

BTC-bitcoin-market-timing-chart-2018-02-14-200pm

Must keep going up through that top line or else…

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.

BTC-bitcoin-market-timing-chart-2018-02-20-1151pm

Perfect place to fail.

Stay tuned… Keep up-to-date during the week at Twitter and StockTwits (links below), where a combined 33,300+ people are joining in…

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If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer.  It’s a great investment to have an excellent charting system.  Check it out with a free trial at the link above.

Copyright © 2018 By Wall Street Sun and Storm Report, LLC All rights reserved.

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