DrStool

Wall Street Bureau of Standards Calls Bitcoin One Day Bear Market

Shorts are faint hearted. But the fewer shorts there are the bigger the crash will be when the bottom falls out.

I'm disappointed, but not surprised.

Yet another bottoming setup on the hourly going into the bell.

Oh, this gonna be beeyooteeful ugly.

Shorts doing their job of supporting the market. He who sells what isn't his'n must buy it back or go to prison.

Ordinary triplish double bottom.

HOOD, appropriately symbolic.

2-3 day cycle projection now 4415-20, about the same as the conventional measured move target of a breakdown on the hourly chart.

If they break this low, the measured move implication on the hourly would be 4420.

The most bearish sign of all is that nobody is here today.

Seems about right.

In short, lower highs and lower lows, with multiple attacks and failures at sport lines. Aka "support" for the uninitiated and uninoculated. If this was a daily chart, it would be a bear market. No doubt that's coming. This is what the stock proctology cycle chartists call a fartcall of things to come. But of course, hope springs eternal in the hearts of US traders and Federal Reserve chart technicians. So as they got to their screens earlier this morning, the market began to rally smartly, or should we say "stupidly," again. The 2-3 day cycle projection is 4605. They got to 4601 so far. Close enough? I'm not sure. There's not quite enough data for a 5 day cycle projection yet. Another hour or two for that. A sharp enough pullback in the early going in regular trading would set up another lower high. There's a ton of resistance 4595-4605. If they clear it, back to 4630 we go. If they don't, bears ball with great field position. More later! Meanwhile, the big picture. Here’s What to Key on With Gold on the Brink of Failure Second, Even Bigger, Explosion of Sell Signals in Swing Trade Screens Market Variant Not As Bad As It Looks When the Fed Balance Sheet Will Hit the Fan If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

This sucker is going to roll over.

That bottom looks formidable. And the rally looks good off of that formidable bottom. Which makes me think that if it fails the market will crash.