Good afternoon this Monday, my friends.
First to BTC. Unable to sustain 7700 exactly as forecast since we expected a failed rally attempt a short while back off the 7150 level we are alarmed. This "sentiment investor" has learned in almost 40 years in the markets nothing trumps sentiment when understanding market movement. I respect charts and below is about all you need (if you know sentiment).
Most of you can see support. You can see resistance at about 7500 now. What you can't see is STILL today we have shockingly 80 percent of traders "long". What is it going to take to get sentiment in the right place for me to HEADLINE: Statman says buy!! Pick a level. I will watch sentiment indicators whether is is 6000 and 4 weeks away, or lower. It is a waiting game. If you are long, hold. My last sell was 9750 after I had announce buy on April 13th at 6750.
Silver! Please see the charts below of AG Thorson, a highly respected metals analyst I am very familiar with. WE are now knocking on 17.00 right in the seasonally weak period. And again, exactly as forecast here. Can we back up a little? Sure. We see this year 21.00. the fun begins 4-8 weeks out. You can (if you have been around) feel what is happening.
Above (sorry if a bit difficult to see in detail) is the Thorson charts (top to botoom) silver, gold, GDX the large cap. gold ETF, and the chart of the dollar soon to be in decline I feel.
Above is the silver seasonal chart. I don't expect it to be October before it really takes off this year but it may be and that's just fine. The 76-1 Gold-silver ration will will very quickly get back to 65-1. Again, 1450 gold, 21.00 silver is quite possible this year. Most don't believe it, of course, just like the crypto pages are full of Elliot Wave cheerleaders whose wave counts are just not working our for them (unless the market is going up!).
Thanks for the visit. Stay tuned! (UPVOTE appreciated).