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 , given the clearly identifiable support/resistance parameters, ergo simplified personal risk/reward analysis.Follow J_GidaroDasilva jdasilva@kitco.com www.kitco.com
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