Nick Santiago: Bitcoin about to break lower?

Financial Survival Network, Released on 6/21/21

1. Bitcoin falls again, tests critical support. Bitcoin is falling again this morning. The catalyst for the weakness is due to China’s crackdown on cryptocurrency mining. They have now extended the crackdown to the southwestern province of Sichuan. $COIN $MSTR $GBTC $ETHE

2. The major market indexes are rebounding a little to start the week. The close will be important to see as the markets were short term oversold after last week’s decline. Pattern is everything going forward. At this time, the S&P 500 INDEX is trading slightly below its 50-day moving average. This is a very important moving average that is followed by most institutional traders. Beware of solstices, they often mark major market turning points.

3. Gold/Silver if it goes lower, it’s a load the boat opportunity. A lot of damage was done last week. It was a very ugly sell-off. Damage was done to the charts. Is it a bearish setup that might test March lows. Copper got hammered last week as well. Today it’s trying to bounce back. It went parabolic and it needs a multi-month correction.

4. Crude oil have been very strong. Now it’s run into a very strong resistance level, it’s 2018 top. Nick is short oil as well. It was starting to look parabolic.

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.

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