Thursday, June 27, 2019

Best Call Of The Month - Major Reversal In BitCoin!

The Top In Bitcoin Tweeted Out Yesterday 

Major Reversal  Confirmed Overnight!

This is no doubt my best call of the month as documented below:

"Do it", refers to shorting bitcoin contracts, which I had tweeted about earlier - and "if I had the means...", I certainly would have...

Here I am mocking the average bitcoin investor, who is so out of touch with the concept of  boom/bust theory, that they probably took me seriously, and remain in denial even today, even after a 10% flash-crash.

Look, this is what a classic major top looks like: Boom, followed by bust, and the hungry herd, left holding the bag. This is exactly what a major top on the broader markets will look like, so don't fall in love with the upside. Once everyone is fully invested, there are no more buyers, only profit taking, and the lack of a bid underneath....   

We've already seen a nice snap-back rally, followed by lower lows on bitcoin. From here the panic can continue for as long as it continues.     

A few Months back I tweeted that the conspiratorial chatter on the internet was that the US Dollar was/ is about to collapse, and although that never happened on Sept 23rd, (as many were predicting at the time), that idea stuck, and gained some steam, going into a more recently Dovish (the) Fed).

Here's Peter Schiff continuing to spreading his negative US Dollar propaganda, on a YouTube channel, as late as yesterday.

This looks like a bad case of mass hysteria to me, and this isn't the first time Schiff has been horribly wrong. He has been calling for the collapse of the US dollar, for as long as I can remember.

In my early career I may have been horribly wrong a few times myself, but I don't continue to beat the same dead horse for 10 years! 

Let's take a quick look at the Gold/ Silver ratio (chart), which my trading warrior brother Dale Pinkert @ForexStopHunter at turned me on to, in my last live interview with him. I wasn't quite sure what to do with this chart at the time, but today I see an extreme condition taking place, and that's a red flag! 

What the Gold/ Silver, ratio, chart, is telling me is that Gold is totally over-priced, when compared to Silver, and that something is about to give, and may already be taking place!   

I suspect a collapse of the Gold market follows. Resistance on Gold is 1411 (previous support) spotted on a live 30 min chart, on Tuesday. 1400 is psychological support on Gold, and we see that being tested this morning

Take extra care, when trading currencies, and commodities, Traders

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