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Winter in Paris

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UPCOMING (MAJOR) ECONOMIC EVENTS...
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Saturday, November 11, 2017

Bearish "Shooting Star" Forming on BITCOIN

* See UPDATE below...

Further to my last post of October 20 and update of November 2, a bearish "Shooting Star" candle formation is in the making on this Monthly chart of BITCOIN...warning signs that we could see a further sell-off to, potentially, the 5000 level, which is the nearest major support level, or even lower to 3000, the next major support level (last hit on September 15).

Volatility is no stranger to this cryptocurrency, as price has plunged nearly 1700 points in the past four trading days, and I doubt that this will change any time soon. Price is currently trading at 6200 as I write this post on November 11 at 1:45 pm ET.


Both the Momentum and Rate-of-change technical indicators on the Daily chart below are hinting of lower prices to come.


As an example of volatility and parabolic moves, look no further than the graph below, which depicts the percentages gained Year-to-date on the SPX, the five FAANG stocks, and BITCOIN. The percentage gained in 2017 in BITCOIN is 2.5 times that of all five FAANG stocks combined.


* UPDATE November 12...

Volatility continues its grip as price hit a low of 5426 in the wee hours at 1:50 am ET today (as shown on the Daily chart below)...a 2469-point (32%) drop  from its high five days ago...


Sunday, November 05, 2017

WTI Crude Oil Aiming for $65.00

* See UPDATE below...

Further to my prediction at the end of July that WTI Crude Oil may reach $65.00 if it could reach and hold above the 55.00 level, this update will confirm that such a scenario is still a possibility, even though it's now three months later and we've seen a rise in volatility, as price has bounced around in a $10.00 range since then. As I write this post Sunday evening, it's finally hovering above 55.00.

As can be noted on the Monthly chart below, I'd say that a retest of the bearish (monthly) Moving Average Death Cross around 65.00 is imminent and that momentum currently favours the bulls -- particularly in light of the Saudi purge that is underway, as well as recent military activity that's occurring in that region -- and as illustrated by the recent bullish (daily) Moving Average Golden Cross that has formed on the Daily timeframe (see second chart below).



* UPDATE November 6...

More political and military "activity" underway in the Middle East...

Source: ZeroHedge

Source: ZeroHedge

Source: ZeroHedge

Source: Bloomberg Politics

...and the buying continues today in WTIC (Monthly chart)...