Trader of classical charting principles since 1980. Author, #1 Amazon trading book Diary of a Professional Commodity Trader. Publisher of weekly Factor Service
U.S. stock market -- a health checkup S&Ps - New all-time high weekly close $SPX $ES_F NASDAQ -- New all-time weekly close $NQ_F DJIA -- New all-time weekly close $YM_F The perma-bears may be right eventually, but not this week
I remember being scoffed at unmercifully when I identified this top in $LTCUSD back in mid 2018 Hey Cardano trolls $ADAUSD , take aim...
@fsuppa96 I am wrong a lot on a lot of markets. No guts, no glory. Traders who are fearful about being wrong will never become very profitable.
Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare - three on a log scale is historic
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.
Bitcoin $BTC is redefining the concept of "overbought." Bull markets become and remain overbought. Major bull markets become overbought majorly. Historic bull markets become historically overbought. Red arrows mark midpoints of parabolic advances
Stages of a Bubble as seen by a 45 year trading veteran Stage 1. A neighbor asks me what I know about $BTC Stage 2. A friend ask if $BTC is a good buy Stage 3. A relative asks if he/she should buy $BTC Stage 4. A person I've not seen in 30 yrs, calls, bragging he/she bought $BTC
Renko charts, originating in Japan, are probably the most useful for staying with a trend and not getting whipped around by shorter-term volatility. As shown for $BTC #Bitcoin , the trend from $6,000s to $60,000s was steady. So has been the decline since April
Us old-timers have learned that whenever @GoldmanSachs enters a market niche it is time to guard your money. $BTC
Now officially the largest correction since the Mar 2020 low. But, how can this be????? There is supposed to be institutional support. $BTC. This was not supposed to happen!!!!!