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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 343 days old. It may contain broken links, out-dated or misleading content. Please read on with caution.
1 POST
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.
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.
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...
..."The average chart reader is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to it’s logical limit he is bound to go broke."...
Jesse Livermore
.."The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market."..
George Soros
..“Don’t try to buy at the bottom and sell at the top. It can’t be done except by liars.”..
Bernard Baruch
.."To cause high prices, all the Fed will do will be to lower the re discount rate..., producing an expansion of credit and a rising stock market; then when, business men are adjusted to these conditions, it can check, prosperity in mid career by arbitrarily raising the rate of interest. It can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by a greater rate variation and in either case it will possess inside information as to financial conditions and advance knowledge of the coming change, either up or down. This is the most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed. The are private, conducted for the purpose of obtaining the greatest possible profits from the use of other people's money. They know in advance when to create panics to their advantage, and when to stop panic."...
Charles August Lindbergh Snr
Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.
Nobel Laureate for Economics Paul Samuelson
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