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Created on: 11/9/2020 8:43:27 PM Last Update: 11/9/2020 8:52:36 PM Posted by: RTT
WARNING: This entry is 224 days old. It may contain broken links, out-dated or misleading content. Please read on with caution.
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US Dollar weakness promotes Bitcoin
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 The US election chaos continues and if Washington can not stimulate the market the ball bounces into the FED court, but in the end it is all about the US dollar.
The euro currency (EURUSD) represents money flowing between European and US Banks. European banks have had a rough time lately, and when they suffer monies flow in to US Banks, thus adding to US dollar strength.
The ETF for European bank stocks is iShares MSCI Europe Financials (EUFN). The chart below shows the EUFN upside down (inverted) compared to the US Dollar (DXY) index, and you can see important pivot points sync between the two (blue arrows). When European banks get a vote of confidence the US dollar is softer, when the European banks lose confidence the US dollar gains strength.
At the moment EUFN is rising (or with our inverted EUFN chart it is falling), European banks are improving, hence this suggest weakness for the US dollar into Xmas. Just in time for a risk off Xmas rally.
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A lower US dollar suggest anti US dollar trades will do well, and the biggest anti US dollar trade in the news at the moment is bitcoin (BTC). We see a nice pattern of accumulation followed by advancing price action into upper resistance, no doubt all time high prices are near.
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Below is the Gann Angle and T Theory review of Bitcoin. Late December 2020 to mid January 2021 should see price top out near $20,000 resistance, and most likely build a consolidation pattern as we must expect supply to arrive at resistance and then finally to break out into all time highs.
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There is some discussion of T Theory on bitcoin in this video.
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...
.."Money is made in tape reading [chart reading] by anticipating what is coming -- not by waiting till it happens and going with the crowd"...
Richard D Wyckoff
."Buying stuff people hate, that's the business we are in, right!"..."you may need to have a longer time horizon"..."be patient"..
Mark Yusko
...“To me, the 'tape' is the final arbiter of any investment decision. I have a cardinal rule: Never fight the tape!”...
Martin Zweig
.."Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs"..
George Soros
.."When I bet big .. I have a mind to own a position for years .. Yet you must have a ruthless objectiveness and open mindedness as to when the facts change to exit the position, if so within hours or days .. I have not used a stop loss in 40 years"..
Stanley Druckenmiller
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