Volatility Reports 4/17/21
April 16, 2021
April 16, 2021
The topping of the cryptocurrency brand Bitcoin
I find it interesting that the financial astrologers see HARD aspects of Mercury, Venus in Taurus – the sign of money – tipping off on Pluto and Saturn, where the former needs to destroy before it can rebuild and the latter is about responsibility, discipline that can burst the bubble of BTC; plus Mars early in the week made hard aspect to Neptune, that point in space which promotes illusion, and fantasy, being attacked by the assertive Mars.
Well, that all may be “mumbo-jumbo,” to some but it’s timely.
The volatility background provides a setup for a 30% to an 80% fall in the next 30 to 45 days. The EWT count looks complete; furthermore, the long-term chart ran from 30k to 60k on panic buying as measured by our volatility model. The advance was all FOMC, which should be easy to flip without a logical base. The current L-T and I-T context call for breakouts or trend following signals to get carryover. Contrary Thinker’s bias is for BTC to signal lower prices. Hence trend following cross under, or breaks below key level is 58,000 should get carry over. If so, the next stop is 45k, 39k, 33k, and 25k.
Contrary Thinker sees BTC as the front runner of the “risk taker’s” markets. So goes BTC, so goes the Dow Jones.
p.s. the FTSE 100 is weak, another market to keep an eye on for spillover.
have a fine weekend, more to follow,