BTC - QQQ - Looking for A Golden Goose - Found a Silver Lining
Bitcoin continues to consolidate as stocks continue to rally and everyone is looking for that Golden Goose!
No trades today, still own some META OLED BROS and BITO. Like to see what the market does tomorrow after the cash open before I start taking some QQQ options trades.
With Bitcoin continuing to consolidate I am feeling a little more bullish here, but not enough to add to my current position. I like the fact pushes below 57k are being bought up quickly, and on shorter time frames we are attempting to print a higher low.
This is a good sign in my opinion, but we are not out of the woods yet. Really need to see resistance at 62k taken out in order to add another position or a deep pullback which weeds out weak hands.
Lets take a look at the daily as to why I am leaning bullish here:
We had that broad strong selloff that was followed by a strong recovery and a minor rally. Over the past week or so the market is building a base and potential higher low. Like this consolidation here with the 57k level holding nicely.
Looking back at the weekly, we have a very broad consolidation with a clear corrective ABCDE pattern. Now can we add FG and or HI? Of course we can, this consolidation may go on for another 3-6-12 months.
However this is a consolidation and generally broad consolidations like this are continuation moves.
Put it all together, I'm bullish, but not so fast, we may get another week or so of no where, with slight dips, and minor blips. Why? Because of the stock market.
QQQ:
Since August 4-5 we have been looking for that bounce back into the 480 area. Now these are not precise numbers, they are general areas we look for reversals. Why? A lot of action took place between here 478-483 for whatever reason. We don't care about the reason, just that it is an area of interest to the market.
What I am looking for here is how does the market react? Do we just blow through this resistance or do we hesitate for a bit. Just need a reason to go long other than the market is rallying. What do I want to see.
Quite simply either a continuation setup or a pullback to around the 465-470 area and reversal for a long. Just need to be patient here, we have some longs, no need to get over emotional and add more risk.
Be patient here, I have several stocks I am looking at and so will be hopefully posting something tomorrow. Yes I know we are all looking for the Golden Goose, and what do you know.
Gold:
Gold has been on fire since March 1st. Has now taken out the 2400 level and well on its way to 2800. I will have to say I will probably be a seller at the 2800 of a few ounces anyways. That is just tooooooo nice of a price not to harvest a Golden Egg or two.
Longer term I am a believer in Gold and everyone should own some physical. Anyways, I am thinking this is the last leg of a broader move starting in 2016.
Is there potential for $3200 gold or higher? Absolutely there is. Gold is very emotional and when it starts to gain momentum I would not be shocked to see $4500. However lets not get ahead of ourselves, I want to sell a little into the 2800 area if and when we get there.
Silver:
Have not really talked too much about silver recently, but I am potentially looking at a silver trade here.
Very very very broad consolidation with the exception of the covid selloff. Has taken out 26 at this point and is consolidating for a nice long.
Once we take out 34 I think the horses run open and silver finds its legs. No reason silver should not be rallying but for whatever reason it is not, when it does run it will run.
So if you do not have any physical gold, or feel you need a little more metals in the safety deposit box, I like silver here and I am a buyer!!!
Now I can go on for days about silver, but IMO stick with 90% halves, US silver dollars, or Engelhard, maybe a Johnson Matthey bar or two. I stick with the big 3, silver dollars, 90% and Engelhard!!!
Stock up while you can!
If there is a trade or two tomorrow I will post. Have a blessed week
No trades today, still own some META OLED BROS and BITO. Like to see what the market does tomorrow after the cash open before I start taking some QQQ options trades.
With Bitcoin continuing to consolidate I am feeling a little more bullish here, but not enough to add to my current position. I like the fact pushes below 57k are being bought up quickly, and on shorter time frames we are attempting to print a higher low.
This is a good sign in my opinion, but we are not out of the woods yet. Really need to see resistance at 62k taken out in order to add another position or a deep pullback which weeds out weak hands.
Lets take a look at the daily as to why I am leaning bullish here:
We had that broad strong selloff that was followed by a strong recovery and a minor rally. Over the past week or so the market is building a base and potential higher low. Like this consolidation here with the 57k level holding nicely.
Looking back at the weekly, we have a very broad consolidation with a clear corrective ABCDE pattern. Now can we add FG and or HI? Of course we can, this consolidation may go on for another 3-6-12 months.
However this is a consolidation and generally broad consolidations like this are continuation moves.
Put it all together, I'm bullish, but not so fast, we may get another week or so of no where, with slight dips, and minor blips. Why? Because of the stock market.
QQQ:
Since August 4-5 we have been looking for that bounce back into the 480 area. Now these are not precise numbers, they are general areas we look for reversals. Why? A lot of action took place between here 478-483 for whatever reason. We don't care about the reason, just that it is an area of interest to the market.
What I am looking for here is how does the market react? Do we just blow through this resistance or do we hesitate for a bit. Just need a reason to go long other than the market is rallying. What do I want to see.
Quite simply either a continuation setup or a pullback to around the 465-470 area and reversal for a long. Just need to be patient here, we have some longs, no need to get over emotional and add more risk.
Be patient here, I have several stocks I am looking at and so will be hopefully posting something tomorrow. Yes I know we are all looking for the Golden Goose, and what do you know.
Gold:
Gold has been on fire since March 1st. Has now taken out the 2400 level and well on its way to 2800. I will have to say I will probably be a seller at the 2800 of a few ounces anyways. That is just tooooooo nice of a price not to harvest a Golden Egg or two.
Longer term I am a believer in Gold and everyone should own some physical. Anyways, I am thinking this is the last leg of a broader move starting in 2016.
Is there potential for $3200 gold or higher? Absolutely there is. Gold is very emotional and when it starts to gain momentum I would not be shocked to see $4500. However lets not get ahead of ourselves, I want to sell a little into the 2800 area if and when we get there.
Silver:
Have not really talked too much about silver recently, but I am potentially looking at a silver trade here.
Very very very broad consolidation with the exception of the covid selloff. Has taken out 26 at this point and is consolidating for a nice long.
Once we take out 34 I think the horses run open and silver finds its legs. No reason silver should not be rallying but for whatever reason it is not, when it does run it will run.
So if you do not have any physical gold, or feel you need a little more metals in the safety deposit box, I like silver here and I am a buyer!!!
Now I can go on for days about silver, but IMO stick with 90% halves, US silver dollars, or Engelhard, maybe a Johnson Matthey bar or two. I stick with the big 3, silver dollars, 90% and Engelhard!!!
Stock up while you can!
If there is a trade or two tomorrow I will post. Have a blessed week
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