Author: Aibek Burabayev

Major Cryptos Enter Bullish Mode

Posted on by Aibek Burabayev

Bitcoin

The price of Bitcoin has built two large legs down that perfectly fit the slightly up-sloping trend channel (orange). It means these legs are equal in size. It is a good sign as we could consider the large consolidation as completed then.

Since January 24, 2022, the sharp move up advanced rapidly to hit the new high of $46k last month, breaking above the earlier minor top established on January 13, 2022, at $44.5k. However, despite such good progress, that move could be just a “dead cat bounce.” Later last month, the strong collapse almost proved that. However, it turned out to be a deep retracement as there was no new low. Continue reading "Major Cryptos Enter Bullish Mode" →

Gold Update: Handle Is Broken, Cup is Next, Target $2,800

Posted on by Aibek Burabayev

Back in October 2020, one of our readers suggested that the famous Cup & Handle pattern could have been built in the gold chart. I have checked his idea and visualized it in that very chart below from the past.

Gold

At that time, the main element Cup had already been shaped (blue). The final part of Handle was yet to appear. I highlighted the hypothetical trajectory with an orange zigzag in the declining red channel.

Let's see what is going on in the gold futures monthly chart below to check if that assumption came true. Continue reading "Gold Update: Handle Is Broken, Cup is Next, Target $2,800" →

Dollar Fades After Hitting The Target

Posted on by Aibek Burabayev

Last December, in the post titled "Is The Dollar Going To Steal The Santa Claus Rally?" I had shown you how a well-known “Double Bottom pattern” had been emerging in the daily chart. According to your voting, most of you have spotted that model as well.

I put the updated chart below to show you the path of the price on its way to the target.

Dollar Chart

The dollar index (DX) has tried to climb over the previous top right after the post. This promising attempt has failed (red X), turning into the deeper complex consolidation (red down arrow). The good thing from a technical point of view was that the price has remained above the Neckline, although the depth of correction was scary. Continue reading "Dollar Fades After Hitting The Target" →

Bitcoin: Digital Gold, Inflation Hedge Or Stock Market Gauge?

Posted on by Aibek Burabayev

Bitcoin celebrated its 13th-anniversary last month. Which place in the financial universe does this "teenager" take over the time? Naturally, the judgment on this constantly changes with the growing acknowledgment of Bitcoin. It started as a revolutionary experiment, and nowadays, it is considered a financial asset with a growing acceptance from investors reflected in the market cap of over $700 billion.

Earlier, Bitcoin was called a "digital gold," which came to replace the ancient store of value. However, it better suits the lifestyle of the modern generation, as it is easier to handle and store compared to gold; moreover, it is digitally trendy.

After that, some analysts considered it as an inflation hedge as the emission of Bitcoin is limited with twenty-one million coins while fiat is not. The ninety percent of maximum supply has already been mined.

Recently, it's been acknowledged as the gauge of the stock market as they collapsed simultaneously.

Let's check on the daily chart below to determine which nickname suits Bitcoin best. Continue reading "Bitcoin: Digital Gold, Inflation Hedge Or Stock Market Gauge?" →

Palladium Update: Contradiction

Posted on by Aibek Burabayev

In October 2021, I shared with you my technical outlook for palladium futures.

The chart structure was clear; therefore, I was confident of further collapse of palladium price. The results of your ballot are in the graph below.

Palladium

Most of you voted for a bullish trend to resume. The second popular bet turned out to be the most accurate as the price has pierced the upper side of the preset bearish target area at $1,558.

The next step after two-leg consolidation was going to be a huge growth of the metal’s price. However, the industry fundamentals do not support that bold plan. Continue reading "Palladium Update: Contradiction" →