Silver formed Golden Cross on 4/26...After the previous golden cross last summer, spot silver rallied over 72% in just over 2 months.
Massacre
Christmas massacre is on the wayWelcome!
First off I want to be transparent with my last idea where I stated BTC is going to have a rally. Clearly that didn´t happen BUT I had very valid technical reasons for thinking so and called a lot of the movements in that period right. In fact, I even shorted the top at 7.5k as I saw things change in the market. You would have known too if you´d follow me here:
twitter.com
Alas Bitcoin is going to do its own thing and ever since that 7.6k fakeout it decided more pain for the longs is on the menu.
Right, let´s get to this analysis.
Once again I am going to be very short, you want more info feel free to follow me on Twitter. Anyway, BTC is likely going to Christmas hell because:
1. longs are at an ath and are underwater (once these people start selling, oh boy, oh boooi)
2. we just made a lower high on the weekly - trend continuation expected
3. MMAR´s lowest ribbon has been broken and closed below - extremely bearish
4. my custom moving averages are still in a sell signal
5. more reasons but I am lazy
Targets?
Don´t think even for a second that 6k region is going to hold because it almost certainly won´t, the real selling has, in fact, not even started yet. Consider this a preparty.
I am looking at the 200MA on the weekly as a likely target for the coming sell off (orange line) and I do expect it will hold at least on the first attempt. I do have an idea on what could happen after that but all in due time.
Take care.
