Welcome my Steemian friends. I came across the following work just out by a fellow very much respected, Ryan Wilday of ElliotwaveTrader.net. Below are his two up to date charts.
BTC above. (Wilday)
Above is the Ethereum Chart by Wilday.
See the good old 6 month basic chart the denotes support and resistance above.
Ryan Wilday is forecasting the distinct possibility based on his work of a "possible" bottom at 3000 in BTC. Here is the kicker! He further states that a close above 7700 turns the scenario positive and he "may then consider upward resolution." For ETH it would be 630. (He would add at 3000 or just above to positions).
Well the SENTIMENT TRADER here (as followers know) sold at 15k in Jan. bought near April's low, sold at 9750 in May and now we'd hold (if you are still long). Followers here would be waiting a buy signal. We are currently at 79 percent speculators long, 21 percent short. 7700? Not happening from this position at this time. Should it I'd probably go SELL!
I watched the legendary Bob Prechter, "MR. ELLIOT WAVE" time after time miss major bottoms and tops of markets. I watched and wondered why? I learned if you truly understand SENTIMENT particularly put/call ratios and equate them to the current market you have HUGE "probability" on YOUR SIDE.
WE now must sit back and let the market dictate. Should we see 3000 (it may be 4500!) we will see at some point a huge shift in sentiment and we WILL take action. And, the basic chart will help as well.
The bullion banks shorted just before Friday's huge take down. 34 Billion in paper gold alone was dumped. The shorts will be covered and it will be spectacular. We have written so much on more reasons gold and silver will go much higher than I've seen in almost 40 years. And, we are going to be correct. We did say mid June would see the important buying opportunity and that it would be 4-8 weeks away before the upside really gets underway. I don't care if the dollar is strong (metals have done well more than most know with a dollar strong and rates rising). Watch China carefully, and Italy (crisis to unfold), the mid-east, and are we at peace with North Korea (CHINA). Russia buying gold, China has loaded up, JPMORGAN'S massive silver hoarding all spell one thing: "do as they do".
Thanks for the visit!! UPVOTE and RESTEEM and of course FOLLOW Yankee-statman.
