Send me real-time posts from this site at my email

Markets by Mike Paulenoff 7-17 - Is BTC Nearing "Corrective Exhaustion?"

Wednesday July 17th, 2019
by Mike Paulenoff

BTC (Bitcoin)-- has pressed to an overnight low at 9,095, which we see on my attached chart has filled MOST OF the up-gap left behind at the start of the June advance, and has been a "magnet" for any correction in BTC off of its recent high at 14,175.

Notwithstanding the festivities surrounding Libra and the congressional hearings, my technical work argues that BTC is at or near "corrective exhaustion," but needs to climb above 9,900-10,000 to confirm the establishment of a significant low and the start of a new upleg that projects to 15,500-16,000.

I am watching BTC in relation to the price behavior of OSTK, looking to reenter a long position in the latter for the Model Portfolio in the hours directly ahead... Last in BTC is 9,465... Last in OSTK is 17.51/61


$BTCUSD  $GBTC

Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking.

*  I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com  *


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

If you liked this article, please click the LIKE (thumbs up) button.

Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so).

Follow us/bookmark us and check back occasionally for additional articles or comments on our page...

Wild Tiger Trading - start/main page

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue