Good day my Steemian friends. The upper 6000 level as shown on the chart by Morris Hubbartt I put up a few days back is promising and I did expect the rally that had no "legs" past 7500. Why? As I mentioned, sentiment is not there yet.
Chart above: Daily FX
Can bitcoin mount any "steem" off 6700 this time? Perhaps. Things are getting interesting. We monitor SENTIMENT. Bull moves climb a "wall of worry". If I've learned anything in almost 40 years many as a professional it is to understand the various methods of monitoring "sentiment." (Thus the DOW JONES SELL in MID JAN) More on that soon.
HERE is the concern going forward: See chart below..
Things are improving. We have the least "long" positions since mid Feb. But really not enough to mount a big sustainable move upward.....yet. Oh it's going to happen. So as I said last week sideways is good. So is "choppy" but holding about where we are. Sentiment is improving and better than last week. We more pessimism! We must get (see Dailyfx.com) more than 27 percent trading accounts short.
See the cahrt above of the DOLLAR SEASONAL INDEX, thirty years worth. Likely we resume the downward spiral soon. See prior posts for the varius reasons the future of the dollar is bleak. The seasonal is not always exact, it is a thirty year avg. of movement. But is is extremely worth your awareness. How will Bitcoin perform in a weak dollar envirnment?
Things are getting exciting. Stay tuned and thanks for visiting. UPVOTE and FOLLOW