BTC WEEKLY CHART: "The Panic Zone" All that glitters is not gold
New all time highs and gold parity. I want to give my hottie a new BTC chain necklace so I went to the local artisan. They said wat? The best that I could do was pay for a new gold chain in BTC. So is BTC as good as gold?
I wanted to get this latest version of the weekly chart out on display to make some comments. There is no evidence to suggest this rally, now 7 weeks old, will last. There is no volume. The angle is too vertical. It could be the result of panic in EU land. I pointed out some reasons in previous comments. It doesn't appear to be solidly China related. I invite comment.
There are actually 3 rallies going on simultaneously. I have marked each. The fundamental over 2 year rally marked with the solid red trend line. The 20 week rally marked with a dotted red trend line and the current 7 week rally marked with a dotted red trend line. None are showing a break in the trend.
A break in the 7 week trend will be a dramatic event. Price could pull back 25% to the 20 week trend line. When? Soon, maybe. Be cautious. Take down some profit for a rainy day and enjoy the ride.
I wanted to get this latest version of the weekly chart out on display to make some comments. There is no evidence to suggest this rally, now 7 weeks old, will last. There is no volume. The angle is too vertical. It could be the result of panic in EU land. I pointed out some reasons in previous comments. It doesn't appear to be solidly China related. I invite comment.
There are actually 3 rallies going on simultaneously. I have marked each. The fundamental over 2 year rally marked with the solid red trend line. The 20 week rally marked with a dotted red trend line and the current 7 week rally marked with a dotted red trend line. None are showing a break in the trend.
A break in the 7 week trend will be a dramatic event. Price could pull back 25% to the 20 week trend line. When? Soon, maybe. Be cautious. Take down some profit for a rainy day and enjoy the ride.
