Descending Triangle ?

May 21, 2019 - 6:29pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

 

Bitcoin Forming a Base at $8000 – Joseph M. Wagner II

BTC futures are trading higher today and basis the CME’s five coin contract is trading up to $200 at $8050. Other than last Thursday’s “flash crash” where it dipped to approximately $6300 the crypto currency has been forming a base right around $8000 per coin.

Two noticeable features of recent price action include a return to narrower daily trading ranges as well as a continued historically high volume of trades and since it spiked to $8000, volume has held steady around 15,000 trades initiated daily on the CME (in cash exchanges volume over the last 24 hours is equal to 12.8 billion).

In other coins it’s easy to overlook the fact that Ethereum has gained the same percent as BTC over the last thirty days which is over 50%. However, the last seven days is the timeframe where ETH has caught up to its bigger brother BTC gaining 26.26% in the last week alone and current price is approximately $258 per coin.

Support remains between $6000 and $6424 while resistance is first at $8500 with major resistance just below $10,000. It seems as though it is successfully forming a base at $8000 before I believe moving higher and the flash crash last Thursday might negate a retracement happening before it breaches current resistance.

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Gold Forecast: Proper Action

We are currently flat with no active trades.

As we spoke about both in our opening letter and video report the identification of a descending triangle is extremely  bearish, and as such we will look to see if prices break below the double bottom at $1267.

Gold Market Forecast

Today's video report will detail why our current sentiment is bearish, with the real possibility of breaking below the double bottom which occurs at $1267 per ounce. According to the definition of a descending triangle a break below $1267 would trigger a sell signal.

Sentiment Indicator:
Gold -> Bearish
Silver -> Neutral
S&P 500 -> Bullish
Bitcoin -> Bullish