goldbug1

goldbug1

I posted on a trade idea for Bitcoin around the 60k area. Here we are, so what now? Do I just buy some bitcoin? Do I take the trade here? The answer is NO!! Need to see the market stabilize, find support and look for a setup. This is where we can start taking a look at the daily candles and look for a setup. What am I looking for? Well a pinbar out of...

goldbug1 Updated 

I see so many posting trades using an hour or 30 minute candles, counting waves like it is meaningful. It is not, it is simply amateur at best unless you are day trading. For swing trades I like I always start with the weekly candles. It paints a broader picture, not just some inner day noise that randomly prints patterns. So I have been watching this market for...

goldbug1 Updated 

So I am looking to get short the QQQ over the next week or so and one of the ways I like to get short is selling Calls. Now a couple ground rules to go by. 1) Do not sell calls on individual stocks UNLESS you own the stock and it is a covered call. You can get destroyed quickly. 2) Do not sell puts UNLESS you are able to have the contract assigned to you. ...

goldbug1

Another week and not much has changed with Bitcoin. It continues to linger between 60 & 75 thousand showing signs of a final leg C in the 4th wave of the current bull market. Now the market is not overly euphoric here, we are not seeing signs of FOMO as we peer out the window of what is going on around us. Unlike the peaks where everyone is a genius and...

goldbug1

As Bitcoin continues to consolidate before the anticipated next swing higher, there are some levels of interest and a proposed trade idea. Bitcoin is appearing to range between 60 and 70k over the past couple of months. Buyers are stepping in at the lower range and selling into the upper. If 60k is taken out, I would expect a quick pullback into the 50-55k...

goldbug1

Bitcoin continues to hold the 60k levels, and by the weekly candles, any and all dips are being bought up. However the market does not feel over exuberant and so in my opinion there is room to run here. The next level of importance is around 92-95k, so for me I am slowly stepping in for the next move to the 90's. Any move into the mid to low 50's is an area...

goldbug1 Updated 

Been a while since I posted, but nothing really has changed in my opinion as to this is simply part of a broader consolidation for the next leg higher. After broad bullish moves like the one we had from the low of 3k to 60k markets take a breather, and during this period trading becomes a little more difficult. Sure everyone is a genius in a bull market, but...

goldbug1

I have posted on the similarities of Gold and Bitcoin in the past, same technical patterns because the herd reacts the same given the same situation. Those that have been following me for a while have all seen my Gold Bitcoin compare posts for a while. Yeah I know its different this time right? I'M JUST GOING TO LEAVE IT AT THIS!!!! For the record I am not...

goldbug1 Updated 

Bitcoin along with many alts have finally found some wind and are clearly sailing higher, the question I am getting is "Can you still buy here"? Well that depends on your strategy and time frame along with other variables such as financial means. There is no one clear answer but lets go over some different variables and of course my opinion on the...

goldbug1

Reality is hitting many that markets simply do not go straight up. As I mentioned in the Show Me The Beef article I wrote a little over two months ago, there was too much hoopla surrounding Bitcoin and the institutional investors jumping in. But were they? Remember there are institutional investors and there are institutions that take advantage of investors and...

goldbug1

Many right now are wondering WTF Happened!!!! This was the beginning of the big run, Michael Saylor, Elon Musk, Novagratz, Square, even Jim Cramer touting cryptos as BULL BULL BULL and many jumped into BULL S#!%. Even though I threw in Jim Cramer's name, he actually sold some Bitcoin and bought a house with it, so really he did what many failed to do. He took...

goldbug1

No doubt momentum is strong, but there are signs of weakness in several places as well. Little hesitation off 4200 that resulted in an outside candle and though we did get a pop, it was followed by another outside candle with a current inside bearish pinbar forming which IMO is throwing red flags everywhere. I posted a trade on the break of 2500 which it all...

goldbug1

Now whether this is a top or not, is yet to be determined, but we are getting some selling pressure that is resulting in a bearish reversal via a pinbar. From an EW standpoint we have a pretty clear pattern that has us potentially completing a fractal 5th wave into the 4500 target area. There are several overlapping Fibb extensions from 4100-4500 based on...

goldbug1

Nice broad consolidation which generally leads to a continuation, but not always. Though I was using 50k as the lower boundary, reasonable to look at 45k as well, this is subjective, there is no right or wrong. I used 50k because of the prior to dips that held 50k and they have some importance. What I do not like here is we broke 50k, which is not an end all,...

goldbug1

Last week we were looking for a break of 60k for a long and did not want to see 56k taken out as that negated the trade. Reasonable to expect a retest of the lower end of the range between 50-60k but we are not getting that bounce, and Ethereum is showing some signs of a top. Quite simply The Moment of Truth for the market. Many don't include time in their...

goldbug1 Updated 

Can't believe it has been two months since my last article "show me the beef" and I will have to admit, the market is attempting to prove me wrong. However lets take a look at where we have gone since my last article, and whether we are hitting Euphoric on the sentiment meter. Now I asked for the market to show me the beef, and slap me silly it has, but over the...

goldbug1 Updated 

As more and more big time bulls come out of the woodwork, Bitcoin continues to exhibit weakness via order flow. From Mark Cuban who failed with Unikrn token, to Michael Saylor who's company is down 50%, and now Mr. Wonderful, are they bulls, or leading the fat cows to slaughter? Well we know Michael Saylor is surely piling into Bitcoin, but he is clearly not...

goldbug1

Though Bitcoin is attempting to find support at 45k which may lead to another leg higher I am not as optimistic as most. We did issue an aggressive long signal on Friday that never triggered and a good thing it didn't. Buy Stops help keep us from getting in a trade too early only to get stopped out and sticking to our strategy this is one of those...