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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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NOTABLE POSTS WITH IMPORTANT UPDATES...

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...