Cryptocurrency Technical Update

February 13, 2019

Ryan Wilday, Cryptocurrency Analysts at Avi’s site is back to share some of the levels he is watching in Bitcoin. We also discuss how the overall slow nature of this market now could impact developments moving forward.

Click here to visit Elliot Wave Trader website to follow along with Ryan.

    Feb 13, 2019 13:32 AM

    In a complete vacuum, the slv:gld daily chart looks good, I’ll admit. The Ichimoku cloud structure is bullish and the 50 dma is trending in the right direction.

    We’ll see. I’ll be very curious to see how slv:gld plays out in the days and weeks ahead.

    Feb 13, 2019 13:56 AM

    It’s interesting that $silver:$gold looks a little worse than slv:gld. Depending on how $silver and $gold close today, that ratio chart will have broken below the cloud on the daily chart, and maybe even the 100 dma–not good.

    The pessimist in me is still thinking breakdown, even though you have the 50 and 100 dma and the cloud right there as support! If $silver:$gold just breaks down here without a bounce despite hitting triple support, it will be classic.

    Feb 13, 2019 13:08 AM

    $XJY fell through cloud support definitively today. I think it is potentially headed all the way back down to its October low. Next target for me would be the 100 dma. From there expect a bounce perhaps, and then a final plunge toward the October low in time. Totally sucks!

    Not good at all for metals or miners.

    Feb 13, 2019 13:33 AM

    What a pump and dump in yen! It may bounce around now for the next month, but there is a risk it goes all the way back to the October low in time. There is a MASSIVE head and shoulders top dating back 2 years. If that breaks, kiss commodities and metals bye-bye and say hello to Dow 40,000.

    Feb 13, 2019 13:45 AM

    look at the freaking Dow! Potentially dire technical damage completely repaired in less than 2 months. It’s imminently poised to make yet another all time high vs GCC! We are taking REAL gains.

    I don’t know whether to laugh or to cry.

    Feb 13, 2019 13:06 AM

    Looks like Lucy is pulling the football away yet again.

    We got all excited the day of the FOMC, with Powell getting on his knees for the US stock market. I mean surely the dollar was toast, right?!

    Lol. It looks like another moonshot for USD on the back of collapsing yen. If $XJY breaks 87.50, the Dow is be making new all time highs guaranteed, while commodities will be making 50 or 60 year lows! the real value of the Dow is just unbelievable! The wealth transfer over the last 10 years has been incredible in terms of purchasing power for those holding US stocks. And it could be headed much much higher.

    Until Powell is forced to hit CNTRL-P–and why should he with US stocks soaring—commodities are dead, IMO. I wouldn’t be shocked if Powell puts rate hikes back on the table once the Dow crosses 35,000.

    Feb 13, 2019 13:07 AM

    SLV:GLD breaking down right on cue. What a joke. Powell is laughing his a$$ off.

    Feb 13, 2019 13:04 PM

    Silver stinks again……..

      Feb 13, 2019 13:32 PM

      It could very well be done for 2019, or at least through the fall. would take an absolute miracle IMO to save this current uptrend. Ain’t gonna happen. Not with Yen looking like death warmed over. If the yen were to really collapse, I think silver will make new multiyear lows in time. Regardless, 2019 is shaping up to be an absolute mess–no trending moves through the summer and possible for the entire year–and that is the semi-bullish outlook. It could make new lows and simply keep the pattern it made in the 1980s, which means a lower low.

        Feb 13, 2019 13:52 PM

        Silver is stuck, for some reason….JPM , I think, same old game.
        Gold is holding up well, so far, and I think is much stronger than silver at present.
        Other countries wanting to take back their gold, along with India adding, can not hurt.
        I do not see any info on silver , which indicates a strong demand……..but, I might be missing something…….
        Historically, since 1890,(or maybe before), silver has been jacked around by the deal makers….I see the continuation of same .

          Feb 13, 2019 13:14 PM

          Nah, it is just following the rest of the commodity complex lower. It is completely normal for silver to do that. I’m was hoping the complex (GCC) bottomed late last year, but I was dead wrong. Just amazing weakness. After a HUGE collapse straight down into 2015, it has simply consolidated sideways for 3 years as the long term MAs caught down to price. Well they have finally, and it looks like it is getting ready for the next leg lower. This is a sucker’s game. Buying physical gold regularly is one thing, but speculating in metals futures or miners is just about as brain dead as it gets. The ONLY LT bull trend still in tact is for US stocks. PERIOD.

            Feb 13, 2019 13:27 PM

            That might be true now, …..”It is completely normal for silver to …”, but, that was not always the case.
            I have to agree with you on……”This is a sucker’s game.”… long as there is a Comex
            I have to agree…………” Buying physical gold regularly “

            Feb 13, 2019 13:32 PM

            The stock market is propped up… the Central Banks, and as long as there is a money changer, and they have all the rules in their favor , you can count on things the same..
            There is no business cycle any longer, and the manipulation in the central fake banks will continue, as long as their is no banking reform.

            Feb 13, 2019 13:34 PM

            The entire congress……is stupid, or paid off……and the END THE FED, will not happen, as long as the congress is making a fortune on the manipulation. Remember congress get insider info on all stock deals…….

    Feb 13, 2019 13:05 PM

    Great charts at 7:11 mark…………silver is the only commodity, metals, that is lower than it’s 1980 high……check out the other metal….all higher , that 1980 high
    Tell me there is not something fishy about that…………….. 🙂

      Feb 13, 2019 13:06 PM

      than not that….