BTC WEEKLY CHART: "The Panic Zone" She's got Legs

21 thg 2, 2017

Read along while humming ZZ Top. This leg is formed much better than the blow off top leg 2 months ago. The only problem is volume is diminishing and that usually is a sign of the end. There are some contradictory indicators. MACD and RSI are showing this rally to has a little more room to grow. The angle of this leg is unsustainable and the price has broken through into territory which should display top side resistance. I would bet this part of the rally is more cup wall building and cups generally top below the left edge. Prudence would dictate that it's time to pull down some profit.

The wild card fundamental is the PBOC and a potential court ordered exchange failure at OKCoin. The Chinese government just wants to get their grubby dirty rotten regulation hands all over this.

I still don't think this is the cosmic moment for a colossal breakout. I am having fun with the ups and downs though. $900 by July is still in the cards although please note I was calling for $750 by February. I was only off by 30% but who's complaining. One thing is for sure, the main stream media is looking the other way. Not one peep about BTC approaching its all time high. Their all focused on the Trumpster and the street performers acting out the "cry-baby revolution".

In the meantime the Euro is still crumbling. Greek debt is making a comeback pitch. Bonfires are ringing Paris. Stockholm is in flames. And, here's a new one, high levels of radioactive Iodine has been detected all over the Euro-continent. Looks to me like someone farted out a dirty home made nuke bomb. Cesium is power plant, Plutonium is H bomb, Iodine is medical. Get out your Geiger counters its time to wand before you eat. All kinds of Panic going on.