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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
1 POST Bitcoin to $200,000 Review - Update
bitcoin-to-200000-review--updateLet 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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1



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 2





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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DXY








Divider




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. This post is a delayed and small sample of what is avaliable to members. Sign up to enjoy the full service.

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...

.."[Point and] figure charts are more valuable than vertical [bar] charts"..

Richard D Wyckoff


.."Earnings don’t move the overall market; it’s the Federal Reserve Board… focus on the central banks and focus on the movement of liquidity… most people in the market are looking for earnings and conventional measures. It’s liquidity that moves markets"...

Stan Druckenmiller


.."Money couldn't buy friends, but you got a better class of enemy"..

Spike Milligan


.."If past history was all there was to the game, the richest people would be librarians"..

Warren Buffett


The minute you get away from the fundamentals – whether it’s proper technique, work ethic, or mental preparation – the bottom can fall out of your game.

Basketball Legend Michael Jordan.




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