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Stocks about to go higher (bitcoin too)?

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

An update on the stock market via a zoomed-out daily chart of S&P futures: Resistance at 4195 continues to hold up, for now. I have written that should price get into the yellow area, a test of the top of the zone is likely; I think price is preparing to break into the yellow zone. Note the flattening 200-day moving average.

An update on Bitcoin: The below is the same weekly logarithmic chart I have shown in the past. The extremely symmetrical channel clearly remains intact, with the price consolidating above the 200-week moving average.

A zoomed-in view on the 4-hour timeframe shows support for Bitcoin tested, and thus far holding at the neckline of the inverse head and shoulder pattern I originally showed; and that, at the bottom range of a clearly defined channel.

Market participants may consider whether now is a good time to engage Bitcoin (either directly or by proxy via an exchange traded derivative), given the clearly identifiable support/resistance parameters, ergo (what should be) simplified personal risk/reward analysis.

By

Jonathan Da Silva

Contributing to kitco.com

Contact jdasilva@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.