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Good day traders, a slow Sunday here, preparing for the markets in the week ahead.
I am conveying here news or pieces of information, that have caught my mind or eye. So whats happening? Let's start with cryptos and Bitcoin.
This morning, still lying in bed, i was watching this cup & handle pattern on the BTC chart and considering buying, but decided to stay out. For those of you unfamiliar with this pattern, it has much higher probability that the unreliable H&S pattern. A moderate target for a successful Cup & Handle pattern is to measure the lenght of the handle part from the breakout point, a proper target is to measure the length of the cup part from the breakout point. Well, no trade decision should be done with a sleepy head and i will have to look for trade opportunities elsewhere.
Jesse Felder brings us this graph Bitcoin threatening to unthrone some of the other biggest bubbles in the history of mankind. Whether a bull or bear, this is just an interesting metric and not to be taken to heart.
Visual Capitalist brings us a nice graphical comparison of the world's money and markets, where money is measured by hundreds of billions. It seems the 50 worlds richest people are worth more than Eurozone and according to the chart, Bill Gates has missed his train of buying the entire Bitcoin, missing it by a close few billions :) Head on over to Visual Capitalist for the awesome presentation. Let's talk about the stock market, the US equities, to be more specific. SPX. Even the advance of the S&P500 index has turned completely vertical. Which once started with money printing (FED), has now turned into algos and FOMO driving the price higher. While these parabolic price advances have always reprecussions - even Bitcoin price corrects massively inbetween it's rallies - the SPX hasn't seen a proper correction in ages. And for you pondering to short it, Equityclock.com brings you this graph that shows that on a 50-year average basis, december is the best-performing month for the equitymarkets. Did i hear anyone say "Santa Rally!"? USDCAD. This one doesn't look good at all. It already started falling on better than expected Canadian data on Friday and while i tried to catch the knife for a small loss, the Flynn-Trump news bosted the fall much further. It feature a clear double top, before even testing properly the levels above, and now breaking below key support and closing on the lows! Bearish! One to watch. Alright everyone, thanks for reading, let's regroup on Monday for new thoughts on the markets. Until then, enjoy your weekend! Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you. Title image from pixabay
Jesse Felder on Twitter/sub>
Equity Clock via StockTwits
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I am glad they incorporated the great beanie baby bubble of 2005. I remember that like it was yesterday. So much carnage, so many many people burnt.
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I hope you were not among those burnt, because that's one of the most funniest bubbles :)
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Nice post! I upvoted and followed you. Can you check my last blog post about crypto: https://steemit.com/cryptocurrency/@cryptoizotx/crypto-market-sentiment-update-december-3-2017 ?
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