Good afternoon my Steemian freinds. Is there a silver lining to this "not unexpected" sharp decline in BITCOIN? There is.
WE commented in our yesterday morning post with the crypto near 6700 that it will not for long stay in the tight range with resistance just above at 6800 in which we reiterated it would not break do to weak SENTIMENT numbers.
The good news is sentiment inched up this week but we said it was no where near what we need to shift to BUY from our hold position. And, I say hold for those who did not sell at 15,000 as we called in January, or even at 9750 as we called on the spike in May! So for those HOLDING, take solace in that this A.M. we have marked improvement in SENTIMENT!
WE ARE GOING TO BOUNCE HERE OFF 6100. Actually the day's low has been below the bottom Bollinger Band (6055). That is the lowest shaded area as you can see. There is strong support here. Will this bounce amount to anything? We doubt it and we are not putting out an aggressive buy at all. Sentiment must improve some and I want to see what it looks like this weekend. But I am not calling for 4000 or 2000 like some of these "WAVERS" running all over the platform, one in particular doing maybe 6-10 posts daily!! Where were they at 15,000 and 19,000? "BUY, BUY BUY!! Never mind that BTC was 2000 only 52 weeks ago. They are a great example of what inexperience does.
I want to point out a Steemian friend @heyimsnuffles who has done outstanding work and has been "right on" in his market posts, especially BTC. We may go much lower, as I believe this Steemian is saying, before a huge rise again! I just prefer to let the "numbers" (sentiment) show me. Please stay tuned!
The DOW JONES: Wow, we are up 160 as I write. The JUNE 12 "DANGER POST" at 25,400 will look good 6 month from now. And I do expect "them" to take this market up again to 25,400 or higher (a bit) before we enter a prolonged bear market. Heck, we're really entered it! It's about earnings that have peaked, rates that will go higher and a tariff war that will be detrimental to the US. Money should be placed in gold and silver rather than this over inflated equities market. And, be patient. More on that later!
Thank you for following and UPVOTING. Remember also to do your own 'due diligence' The opinions are mine.
I was very happy to wake up late today and see BTC dipping further. I've been waiting to see the end tail of the recent bear market (knowing it could still stretch out a while).
This is the second long bearish phase I've experienced while investing in cryptocurrency and I feel there is much to be learned during these periods.
As you say, it will make the inevitable rise that much sweeter. I also believe it helps one be a bit more cautious during the bull market, when everyone is over-enthusiastic and careless.
Thanks for the brief article @yankee-statman!
correct! and thanks for the support. Hope t see you again...(you have a fine blog..following.)
Unfortunately, something happened to this 600 point rise.
Marketcap is fast approaching the 247 Billion low a few months ago.
Thank you for your continued support of SteemSilverGold
thank you so much!!
In this bull market...the DOW XLI XLF were all DOWN ytd yesterday. I had to read it again. The DOW is down YTD, lol.
Equities currently being held up by 4 stocks NFLX GOOGL AMZN FB, you know. The normal. Oh and the BOJ.
right on again.! (thnx.)
I hope that this improvement in sentiment will soon lead to a beginning of a new long bull run… Thank you for sharing your analysis, @yankee-statman! Excellent and informative, as always.
thank you my friend..( a bit more time will be necessary here...but it's coming.)
As usual, I love all of your posts but doesn't it stand to reason that now that the futures are open for BTC that they can control the price? It looked like the bet on 1 bitcoin was $6 on the CME with a minimum bet of 5 bitcoin. If the (not that this is an if) banks want the price to move down, they just short as many as they need. After all, they are just printing the money they bet with. Actually, just keying a few things on their computer. All the charts in the World are not going to help predict what the bankers are going to do with bitcoin, gold and silver. Those of us that hold those three things suffer once the CME get's hold.
FROM THE CME WEBSITE:
Contract Unit
5 bitcoin, as defined by the CME CF Bitcoin Reference Rate (BRR)
Minimum Price Fluctuation
Outright: $5.00 per bitcoin = $25.00 per contract
Calendar Spread: $1.00 per bitcoin = $5.00 per contract
On a lighter note... Looks like the DBacks and Yanks are looking up. Maybe a 2001 rematch?????? Maybe put a few STEEM on it?
A huge concern! You bet it can and probably is manipulated. Could not agree more with all you write...And yes, would be great a Yankee-D-back series! Apprec, you here!
You have a minor misspelling in the following sentence:
It should be friends instead of freinds.Are your feeling about BTC the same as your feeling about steem?
Yes. But we are not yet "out of the woods". And, thanks!