A program came into BTC and took it from 36000 to 43000 all the while with bids being hit and offers being taken 500-750$ apart almost simultaneously. It disappeared only to return a few more times and move things a few thousand points in the same way. 

Anyone watching this program going crazy in bitcoin?

Got a nice scoop at 36,587

Btc.  There is the .50 retracement print I said to expect last night. 

GLD confirming its new channel lines by reversal off the center pivot. Hopefully, we see the expected backtest  of its breakout from the downtrend line and it is successfu.

There is nothing out of the ordinary here. It broke the .382 retracement earlier after hammering away at it repeatedly. The expectation is that this would result as the next target is the .50% retracemnt in the 37s. This is how bear markets work. 

For anyone not aware, today is a Fib turn window with price at a major Fib retracement. 

People tend to view horizontal resistance levels as binary. They absolutely are not. That is especially true when they actually are not horizontal (resistance has been declining in SLV since last Aug). In this case, that resistance line, which is the Fib fan line from 2011 has been compressing price, not simply rejecting it as common resistance does. What that all means is that at this point in time resistance should be expected to fail and release the compression. That is a completely different scenario than when that fan acted as resistance when it first hit last Aug. Furthermore, the expectations for the initial move are simple....34$. That is the height of the 7pt base from the classic resistance level at 27$. It is no coincidence 34 is the .618 retracement to 2011 high where the Fib fan line originates. 

SLV back to the top of its six week channel. 

After consolidating below the Fib Fan line from 2011 that I discussed last week silver is now forging its attack to break out. 

This is a good primer for understanding why Elon caved to the liberal ESG crowd, and why no other public companies will be willing to touch it any time soon.

https://www.hedgeweek.com/2021/03/27/297851/disastrous-direction-travel-why-bitcoin-now-collision-course-esg

That move was all about taking out the stops below the old swing low at 47000 ish. As a general rule, you wont see a decline like that run to a fib retracement (42000) when there are no recent swing lows near by with which to trigger stops to cover short positions with. 

Another view of apple showing how significant this level is to the whole market. 

Keep in mind, the likelyhood of a margin selling induced downdraft in to the close by those holding the ARKK like names is elevated. 

Fib fan and channel support in confluence with price here. 

Watch ARKK. So far, yesterday’s wonder reversal was nothing more than a successful test of broken support at the old march lows at 106.25, which converts that to new resistance. This morning’s gap down if not reversed quickly will further confirm that resistance. Alternatively, if the gap gets reversed it will bouey the market and leave tech hanging on with a boatload of new resistance sitting overhead. 

The statement that the market is broadening in strength has no basis in fact. The numbers do not lie, it is narrowing. What it is doing however is rotating into late cycle names. More relevant to ARKK, the relative strength of technology has made a major top that is very strongly statistical correlated to very long periods of relative underperfomance (decade +). In fact, it is virtually identical to the peak of relative performance that occurred in early 2000 and led to tech never surpassing those levels for 15 years and only after draw downs exceeding well of 50% in most tech ETFs like ARKK.

Remember, most investors thought it was “different this time” in 2000 as well. 

If you found yourself perplexed this morning while all the momo tech names gapped down so hard only to immediately reverse as if some downside target had been achieved then consider the fact that everyone of these momo ETFs...from ARKK to Chinese Internet to Green Energy... gapped directly to their fib fans lines and once that target was fulfilled that was it for the low. 

RP...watch silver for a tell. The technical position is much clearer there. It is sitting against the top of what would look like a typical one year trend channel to most people. However, in reality is a Fib Fan Line from the ATH back in 11. The fan lines have defined its moves and ranges since the low last year. A confirmed break above this line will trigger the start of the next leg up. 

ARKK’s holdings have  been in bear in a market since @Feb 16th as has most of the related tech names. That is an undeniable fact. There is no question it will end at some point, and bounce along the way, but that doesnt change the fact that buying into a bearish market on fundamentals is a very dangerous strategy that has led to the demise of legions of people who became complacent using that approach after long bull markets rolled over as everyone has.