Good morning Steemian friends. Let's get right to Bitcoin happily trading at 8530 at the moment. We are pleased to say we nailed the sell at 15,000 in January. Then, we issued a buy at 8000 in March (early?) and reiterated with a chart at 6950 (below) 9 days ago.
And there's the chart (above) compliments of Morris Hubbartt.
We are NOW at a point of serious resistance. I wrote 8400!! What now?
I see a pullback here. Strong support lies at 7500 (approx.) We do not have to pullback 10 percent. The odds favor a stall and some sideways action. Some are calling for a retracement to 6500 or worse. Not here. Stay tuned.
Our friend is the 30 year dollar chart, compliments of seasonalcharts .com (above)
This represents an average of movement over time. The dollar is doomed for all the reasons I've written previously. It's not alone. Fiat currency is doomed. Do you think Bitcoin benefits along with gold and silver?
On to the metals. They are acting just great, thank you. I expect the blast off to come 2-4 months out. Gold and silver are acting for the past two years in alignment with the seasonal pattern. I expect a bit of weakness right here into mid June for gold. Silver and gold will be choppy. Silver perhaps a bit more so.
Everything is lining up internationally and economically. We can no longer support the deficits. Tax cuts? What pays for the out of control spending? The Chinese don't want to! Tariffs? They work in reverse. All lead to inflation and a weak dollar. WATCH!
gold chart of 4/18..(morriss Hubbartt)..We'll hold above 1300 I believe..(silver 16.50) and it's up...gold 1450 this year (I may up it) silver 20.00. Next year it is much, much higher.
And that leads us to the dow. "They'll" struggle to keep things stable to upward for the short term. (several months). We could even approach the old highs in the dow. Use any strength to get out. Buy silver and gold on any weakness. The same for the best crytptos.
Have a great day. I'll have a weekend update.
Thanks for your support! UPVOTE-FOLLOW.