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Created on: 7/3/2021 2:44:59 PM Last Update: 7/3/2021 8:37:45 PM Posted by: RTT
WARNING: This entry is 1175 days old. It may contain broken links, out-dated or misleading content. Please read on with caution.
1 POST
Bitcoin to $200,000 Review - Update
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 Let us review our previous post from a few weeks back.
Previous Post Bitcoin to $200,000 Review
Well so far Bitcoin has found support, proving demand is present, price is contained within the red channel lines.
The sharp drop is most likely the miners (say the Chinese) selling all there mined coin stock to new hands (say the western financial institutions) on the back of FUD created by Elon Musk with an assist from another ban by Chinese authorities.
POINT: Isn't Elon Musk involved with Crypto mining, hmm, then no wonder the FUD!
This blog believes the transfer of mining dominance away from China to more US investor friendly zones opens the door to large monies from US institution investors. We have yet to see a true financial institution lead crypto bull market, and you can bet they want their turn in the sand box.
Chart 1 - Price holds in the channel, huge support at $30,000
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Chart 2 - If the 2021 correction is a time mirror of 2013, then July to August 2021 should be strong demand months for Bitcoin.
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Chart 3 - Of course a strong Bitcoin trend requires US dollar weakness, and there seems to be more to go on the downside as per the short term cycle below.
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NOTE: Posts here are the lite version, more depth on each subject can be found via our RTT Plus membership.
Changes in the world is the source of all market moves, to catch and ride the change we believe a combination
of Gann Angles,
Cycles,
Wyckoff and
Ney logic
is the best way to ride the change, after all these methods have been used successfully for 70+ years.
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NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
Investing Quote...
.."There were times when my plans went wrong and my stocks did not run true to form, but did the opposite of what they should have done if they had kept up their regard for precedent. But they did not hit me very hard – they couldn’t, with my shoestring margins."...
Jesse Livermore
.."A radical is one who speaks the truth."..
Charles August Lindbergh Snr
..."I always believe that prices move first and fundamentals come second"..
Paul Tudor Jones
.."I was educated once - it took me years to get over it"..
Mark Twain
.."A lie told often enough becomes the truth"..
Vladimir Lenin
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We at readtheticker.com hold the view that a mix of stock chart technical analysis, Richard Wyckoff, William Gann and Jim Hurst methods plus market fundamentals allows the investor to formulate a very sound market opinion. These attributes are mutually inclusive and must be weighted equally before investing or trading in any Stock, ETF, Currency, Bond, Commodity, CFD or Mutual Fund
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