If you recall from yesterday's post, I said "There is immense damage on this chart, and the majority of the resistance is to the upside. Don't let a little bounce, blind you into thinking the coast is clear." looking at the chart today, we can see that yesterday's bounce was a dead cat. Sell side momentum is increasing on the , as it rolls over to form a crossover, and red is picking up on the chart, signaling the return of the bears. You can see on the left side of the chart, just below the 786, there is a shelf of support that we are currently testing. Once that level breaks, BTC should fall into an area of very little support. Therefore, BTC could soon begin to accelerate to the downside, as it targets the bottom of the pink .
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
WRITTEN TESTIMONY OF
J. CHRISTOPHER GIANCARLO
CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION
SENATE BANKING COMMITTEE
FEBRUARY 6, 2018
We are entering a new digital era in world financial markets. As we saw with the
development of the Internet, we cannot put the technology genie back in the bottle. Virtual
currencies mark a paradigm shift in how we think about payments, traditional financial
processes, and engaging in economic activity. Ignoring these developments will not make them
go away, nor is it a responsible regulatory response. The evolution of these assets, their
volatility, and the interest they attract from a rising global millennial population demand serious
With the proper balance of sound policy, regulatory oversight and private sector
innovation, new technologies will allow American markets to evolve in responsible ways and
continue to grow our economy and increase prosperity. This hearing is an important part of
finding that balance.
Thank you for inviting me to participate.