96 thoughts on “CHART OF THE DAY – BULL CHANNEL TREND LINE

  1. Gary Post author

    The title of the big bang theory episode on Thursday… “the bitcoin entanglement”

    If that’s not a magazine cover warning sign then I don’t know what is. The only thing left is for the shoe shine boy to give me a tip on bitcoin….

  2. percypickles

    The one thing that nobody has mentioned. Bitcoin is supposed to be limited to 21 million and that’s one of the main reasons for its value increasing so much. Surely the only real reason that Bitcoin cash and Bitcoin Gold have been introduced really is to create another 42 million coins. How long before another fork creates some more. All this appears to be doing is diluting Bitcoin. No different really than printing Fiat currency. I know no one has said this but it seems obvious, doesn’t it?

    1. Americano

      Percy – it’s “obvious” if you don’t own any Bitcoin or are not thoughtful & nuanced in your approach to it.
      A mother has a daughter or a son – she is not diminished & still has her name. She is still a sentinent & independent being.
      Forks are but bones thrown to the market for value. The Bitcoin blockchain remains immutable & 21 million max.
      If you don’t get it….you will. 15K by June. 25K by EOY. I have said constantly.
      I KNOW this differs from your world view.
      Me too when the Cubs won the World Series after 108 years & Donald Freaking TRUMP became president of the United States of America.
      Seriously…….Did you EVER believe driver-less cars would ever be a thing or LEGALLY allowed on the roads of the USA?
      I just provided you with SMELLING SALTS…..Free of charge.

  3. Americano

    Bitcoin “Fork Coins” Bitcoincash, Bitcoingold, Bitcoindiamond, SuperBitcoin (Dec 18), Bitcoincashplus (Jan 2) are DIVIDENDS to owners of Bitcoin.
    We get same amount of Bitcoin held….FREE.

    New World guys. You can either be Ponce de Leon or the indigenous folks he meets.
    Your choice.
    Good news is…..Bitcoin ain’t even a thing till 2018. Bookmark this & check back New Year’s Eve…..2018.

  4. Americano

    There are many smart & VERY rich market prognosticators in the world.
    No matter what your initial feeling or impulse, I beseech you to pick the VIX, treasuries, bonds, whatever…..
    But do not choose to make Bitcoin the Hill you die on.
    Just not worth it.
    Jamie Dimon is gonna get bitch slapped when BTC eclipses JPM marketcap @ Bitcoin $15K.
    This rich Saudi weirdo is jailed/missing
    https://www.cryptocoinsnews.com/bitcoin-bashing-saudi-prince-alwaleed-arrested-money-laundering/
    & Paul Krugman is EVEN MORE of a ROACH after his Bitcoin jihad.
    https://cointelegraph.com/news/nobel-economist-paul-krugman-criticized-for-his-negative-stance-on-bitcoin

    Life’s too short to be wrong in defense of something that NO ONE ELSE EVEN KNOWS EXISTS…….your need to be “right” or ego.

    1. Gary Post author

      The question isn’t how much further it’s going to go up. That’s irrelevant unless you can pick the top. Which almost no one will. The question is how far will it go down once the bubble pops?

      A bubble of this magnitude is going to lose at least 90-95%.

      The only question now is who will be able to control greed and actually make some money off this bubble, and the other 95% of investors who will hang on too long and lose everything in the crash.

      Post your exits in real time folks and lets see if any of you actually make anything. I think we can also assume that almost no one bought any bitcoin lower than $4000 since the fanatic phase didn’t really begin until late summer/early fall.

      So we’ll use an arbitrary $4000 entry as the average entry price for 90% of investors. Now we’ll see if any of you can keep your profits.

      Your exit has to be called in real time and emailed to me. No after the fact trades and Monday morning quarterbacking.

      1. Gary Post author

        For the sake of argument lets say many bitcoin traders are up about 150% in roughly 3-4 months if we give them the benefit of the doubt and assume a $4000 entry. .

        The current Quest trade is up almost 400% just since Oct. 2.

        And I like the sustainability in the Quest trade much better than the sustainability of the bitcoin bubble.

        1. Americano

          Gary, my initial entry was March after I got fed up with JNUG in-correlation.
          I went HUGE in personal in March.
          I went IRA much HUGER in Sept.

          Use $8K. I’m all for fair fights.
          My prediction is & has been $15K June.
          $25K EOY.
          If it pushes $40K-50K I WILL take some off but will keep majority due to 2020 halfening. ALL institutional has Halvening in mind if they are looking for medium term deployments.
          It is THE no-brainer going forward. 2020. ( another happens in 2024 btw)
          http://www.thehalvening.com/index.php?lang=en_US

          I am challenging you GARY to chart Bitcoin/crypto.n Your skills would make quick work of the charts as they are more manipulation free than ANYTHING you’re running on now & I KNOW you are good.
          It’s waiting for you to conquer if you can get off your high horse to make a ton of money.
          Can you?
          Or maybe..,,will you?

          1. Gary Post author

            “I am challenging you GARY to chart Bitcoin/crypto”

            I already have.

            Bitcoin is in the final stages of a bubble phase where price rises more than 100% in a year or less and gets stretched far above the long term mean.

            The question now is who will be able to control greed and get out with any profit, and who will get completely lost in the bubble mentality and lose it all?

    1. carlvan

      XtR, do you really believe that this was posted back in 2013, 4 years ago as indicated?? Because if that is true…the forecast until now has been right; unreal indeed brii33

      1. XtR

        As you can see the comments on reddit were posted before 4 years…
        This guy was very accurate until now!

        He wrote: On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there’s a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021.

        Maybe we should start buying bitcoins if it doesnt crash next year… 🙂

  5. Gary Post author

    I do think we are getting a very good glimpse into what the stock market is in store for. Probably not the same magnitude bubble as bitcoin but certainly we are likely to see this same kind of irrational exuberance as the bubble climbs higher than almost anyone expects right now.

    10,000 will be a piece of cake. 20,000 isn’t out of the question.

  6. Steffmeister

    A couple of young dudes in my office own bitcoin. They are giving me a hard time for investing in Gold&Silver 🙂

    I say x of January 2018, looking at the chart I think it will happen much sooner …

    A major BTC owner is Swedish Mr Falkvinge. I nearly bought 100btc back in 2013-14 … ouch

    1. Gary Post author

      Of course I do. I’ve been on the sidelines for well over a month now and avoided the sideways chop… and kept all of our considerable profits intact.

      I did not jump in and buy at the October top like you. I tried to warn everyone it was a counter trend rally.

      1. Nada

        Gary, my post was directed at the person I replied to – Steffmeister, not you. However, I guess I am going to have to address your post since you went off half cocked.

        You have said so many things about gold that you have covered every possible scenario. You have been saying failed daily cycle for the last 2 months that has failed to materialize. Then 2 weeks ago you were trying to decide if gold had a ICL in October – short cycle scenario. You were even bragging that “you would be right”.

        Then last week you said gold was potentially going to go to mid 1300 and possible break through to 1400. So my god man, please don’t lecture me on gold as you obviously don’t have a clue.

        1. Gary Post author

          My reply was directed at Steff. He was the one buying at the Oct. top.

          I did not say gold was going to mid 1300’s last week. I said with the dollar breaking down and confirming an intermediate top gold “should” be at 1340 by now. That fact that it was being suppressed, held under 1300, and not allowed to rise as the dollar sank was a big warning sign that the banksters were trying to set it up for a smashing when the dollar finally rallied out of its DCL.

          1. Nada

            Yeah I remember that statement, but I was talking about this one;

            dj
            November 17, 2017 at 5:21 pm
            Gold tested 200 day MA and went through 50 day MA today. I believe next move will be to the mid 1300 level, maybe even breaking 1400.

            Gary
            November 17, 2017 at 5:26 pm
            You may be right if the currencies have turned earlier than I expected.

            Anyway, I am not going to argue. Its been a tough few months for bears and bulls so lets see how this one turns out.

      1. Steffmeister

        hahaha

        You do not see it 🙂 you guys are not that clever after all!

        It is so obvious and I’ve seen it for months, maybe a year.

        Ok, I will post a chart later.

          1. Steffmeister

            what do you expect after a reply like this?

            “Well hell, I guess we were both saying Steff was full of $hit with his riddles and all.”

  7. Gary Post author

    So far things are playing out almost perfectly as I’ve predicted to subs.

    We got out of our aggressive options positions yesterday and out of leveraged positions this morning.

    Now I’m looking for a dip into a half cycle low to be followed by one more push to fully test that bull channel trend line before the FOMC meeting.

    That should be the point where the semis tag that 1362 level as well.

    1. vin

      Very impressive if you really did that.

      Congratulations.

      I don’t have any leveraged position in SM (i.e. futures or 2 or 3X) but I do have some very long term options.

  8. Nada

    I know there has been speculation about CME group, but today WSJ confirms that Nasdaq plans to launch bitcoin futures in first half of 2018.

    I suspect when the big boys get involved, the real beatdowns and manipulation will begin.

    1. Nada

      I am certainly not. The ones that say they have been, are a slippery bunch to pin down specifics. I suspect a lot are saying they are riding the bitcoin rocket, when in actuality they are not. But hey thats just me, I always think the worst of folks 🙂

    2. Roy Batty

      I haven’t sold yet so no. I don’t plan on selling, other than to trade for some ERC20 tokens, because I think this is game changing technology. Around 7% of portfolio and increasing daily, for now. I don’t plan to rebalance either.

      1. vin

        Well done, Roy! I am happy for you.

        I was recommended to buy it when it was sold for pennies, but thought it was one of the most stupid idea. LOL!

        I don’t have any but I am certainly enjoying this fire work and I feel good for people like you were wise enough to see the future.

        Good luck.

        Roy, most of the traditional principles don’t apply any more because this time it is different. But, there is a centuries old investment principle which states that one should sell half when the price doubles to reduce the invested capital base to zero.

        1. Roy Batty

          vin, thanks.
          Unfortunately I was a semi detractor up until middle of September. Only up !00% on mix of cryptos. My wife was a fanatic at around $3 and I never listened to her. We can’t talk about it now, knowing how close we came to buying a couple thousand back then.

  9. carlvan

    Quote of the day on CNBC: “As bitcoin passes $10,000, experts consider whether cryptocurrencies will crash or carry on”. If that is not talking to say nothing…coz indeed, either the thing will either rise or fall, thank you !

  10. vin

    bitcoin went up to $10825 yesterday (Tuesday). Does it mean it is going vertically up? Or, not not yet? Or does it mean that it is in a bubble stage and as Gary says it is stupid to invest in this beauty because there is real money to be made in the vertically going up SM market?

    Gary says that the SM is probably in the vertical up stage and nasdaq can go to 10k by june/July. That is 50% from here.

    Can anyone tell me how many weeks (or days) it took for bitcoin to go up 50%? LOL!.

    More interestingly how many weeks will it take for bitcoing to reach 15000 (about another 50%)?

    What will be the price of bitcoin by July 2018? And bitcoin cash? And, of-course the bitcoin gold!

    Wow! Unbelievable! This is history in making. Fireworks! Something beautiful to watching and enjoy.
    Amen!

    1. carlvan

      I think that, paradoxically, it is when Bitcoin will be somewhat regulated, that is, when it will be traded in the Nasdaq, that things would get even more parabolic: a lot of people hesitate to trade this thing because it is sort of not regulated, and also commissions and spread are high if you want to trade it (less important if you just want to buy and hold of course). In other words it doesn’t have the stamp of “official and approved” as of yet. But when it does, who knows what could happen? Not me for sure, but it could go perhaps likle that funny “prediction from the future” in reddit.com…

    2. vin

      SM verticlly up or down?

      soxl down more than $20? Are you guys buying on dip to gain from nasdaq 10k by june/july, or even 20k? I guess you folks aren’t invested in bitocoin bubble YET! And, we all know that when a bubble bursts everyone loses money. So it is not good strategy to make money because one can lose. Very logical. Isn’t it?

      A bad day for SM, even the jewel indl is down today but the dog labu is holding on well.

      1. vin

        Nada, if Gary really bailed out yesterday and today morning as he claims then you have to admit that he is not good but superior. Under such circumstances “fanboys” (and fangirls?) should not surprise you.

  11. Anthonyo

    The wrong Bubble was picked here in these pages…
    picked the wrong one……….. If we were told to go in BC then moved profits to stocks now then he would have even more to invest in the stock bubble which is about to happen according to Gary.

    Put that in your pipes and smoke it gang.

  12. bluelagoon

    SOXS looks like it has more room to run….weekly and even monthly charts look bottomed. Let’s see if semi’s really make it to the 1360’s Gary is calling for by the Fed meeting.

  13. Goild

    HI Vin,

    I hope you are doing very well. Keep the good humor up!
    Well, as usual I am making money going long with JNUG while it falls, it is true.
    I made a trading mistake on the swing account leaving 8K JNUG shares. When I realized I had made good money at the bounce.
    I am done for today and happy with good money today, today, and today 🙂
    Best wishes to all.
    Closed shop.

  14. Jimsee

    interestingly, to me anyway, I think gold will be used to fight off-gov-book cryptos – perhaps as a bundle of some sort – cryto-gold maybe? if taxes must be paid in Gov specie, lots of transactions bypassing the banking system (failing to convert and pay tax) will result in legal problems up to confiscation of all assets.

    Thank the drug war for precedent.

  15. ted

    The day is coming when the crypto’s will replace the dollar. All those of you in cash will have nothing, and the wealthy of the world will be only the people that own BitCoin and other crypto’s.

    BTW, DASH will be the winner of the crypto’s!

  16. Jimsee

    I show a conflicted cycle until Dec5 on gold fwiw.

    Nov 28 LO turn looks like a high – and Dec5 is an unassailable LO – perhaps insight into the structure of the market will be gained seeing two cylces duke it out – this is rare in my work – maybe 3-4 times a year.

  17. Gary Post author

    Big reversal in bitcoin today after a marginal high above 10,000.

    I’m going to say we have at least an intermediate top. The question is whether this is where the bubble pops or not.

    Most investors are so caught up in the hype that they won’t sell and if this is the parabola bursting then price is going to make a beeline for the 200 DMA. That’s a long long ways down.

    By the time it gets there most investors will be massively underwater.

    Then we will get some kind of bounce that makes people think price is coming back. It will keep them holding. Then the real horror will begin when the bounce fails and price starts to accelerate downwards.

    All the people holding and hoping for the bubble to continue will miss their opportunity to get out without losing everything. They will get caught in the death spiral as price really starts to unravel and more and more late comers start to panic and sell.

    This is the bubble mentality. It’s why almost no one ever makes any money off a bubble. They simply are unable to control greed.

    I’ll do a video on it later this evening.

    1. roadrunner

      Gary I see bitcoin trading at $10,045. I know there was some big volatility today, but it is still above 10K. FYI. I do not own any crypto’s. Maybe hold off on that video because as soon as you put it out, the damm thing will take off to 15K in another few days. LOL

    2. THC

      BC has almost tripled since you called a dead cat bounce in September. Chemical Ali anyone? The correct strategy has been buy the dips and sell the rallies no matter how you slice the cake. 10K done deal, 20K is gonna be a piece of cake and 30K isn’t out of the question.

  18. jacob2

    As previously posted, insider sales in AMZN and other market leaders was indeed the canary in the coal mine for the NASDQ. Now if there were just some significant buys in the miners ?

  19. isavage

    Don

    You asked Crypto buyers to speak up.

    20 day’s ago I decided we were in the vertical phase of the crypto Dotcom 2.0 mainia.

    I remember that anything dotCom took off with no regard for valuations or credibility in late 1990’s

    I resurched and bought every listed crypto stock about 12.

    After years of commoditys, metal and miners suppression I had found a sector I could believe in. Not bitcoin, but blockchain technologys that I spent many nights trying to understand rapidly.

    In the last 2 weeks I have made more money than in the last 3 years.

    I’m not buy and hold but selling rips and buying dips. Today AM I sold my best performing investment EVER as I was looking for BTC to put in a top. Sold with 850% gain in under 2 weeks.

    3 hours later stock was down 50% so bought back 25% the ballance covers all the capital invested in the other positions. So can let them all ride for free.

    I believe BTC can rip from here to 15k before a bigger reversal. If it’s not doing so now it would go to suport at around 6500.

    I still hold all my core holdings in metal and miners waiting for them to be “released” with hedges on to profit from the criminal smashes.

    I encourage everyone to study and consider the fact like the start of the Internet that blockchain could be equally as big and life changing. If so this sector is only going one-way Up & Up over the coming years.

    finally I have never bought BTC, but I have owned GBTC ( sold yesterday for nice gain) and I own ETH via the XBT fund.

  20. isavage

    i never entered it or any of the other Crypto holdings in the challenge Gary like most of my trading. Rules are no day trades & so i only enter positions i feel i will hold for a week or more.

    However i did add the above mentioned stock today to the challenge when it had the 50% pull back this afternoon as now feel comfortable to hold long term having paid for it by selling in the morning.

    i’m happy for you to verify that to the blog if you like & I’m also happy to send you my IB broker entry / exit conformation emails for you to verify to the blog that all is legitimate as i wrote above.

  21. Nada

    @steff You seemed surprised by the BS statement. Why would I not say that? You stroll in here, typically on large up or down days and say some type of riddle to make everyone think that you know exactly what is going on with gold. In reality, you are sidelined waiting for someone else to hold your hand and make sense of the market for you;

    “Steffmeister
    November 27, 2017 at 3:42 am
    ..
    I am in waiting mode for Gary’s call during summer. To touch the bottom of the golden triangle.”

    1. Nada

      Personally, I hope you had a nice win. I think you see the problem with someone strolling in and saying oh hey I made 850% in under 2 weeks, after the fact.

      Sorry, but we don’t take folks at face value on this blog or any other financial blog site. It’s nothing personal, but I have been around people long enough to know, thst most are full of shit.

      1. isavage

        No offense taken Nada.

        i was only replying to Don’s call for people to pipe up about there experiences with Crypto as we are all here to learn from each other & Gary in particular.

        i was in two minds if to bother, but i value what everyone here is sharing. so thought i should chip in to. i know Goild has already valued my comments of over 8 years of volatility trading experience

        i missed being an early adopter of BTC & know 3 times i was close to pulling the trigger sub $80 & $250 but didn’t because of doubts & uncertainty. I learned from my mistakes & am motivated by my regrets.
        I believe there is a second chance for those who research blockchain & the related stocks. its only just the beginning for these if DLT & Blockchain is to become what i foresee.

        The stocks could in fact become a bigger bubble than BTC it’s self as they fit the established capital investment flow models. ie people feel more comfortable to buy via their normal brokerage in a context they understand (the stock market)

        Therefore if that “wall of money” hits these limited supply stocks we are looking to add a zero to 850% gain!

        Anyway its 02:30 in the the UK where i am so good night all.

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