🚀 Bitcoin Targets $142K, Gold Holds Strong, S&P Melts Up

Bitcoin Breaking Out 📈

Just analyzed Bitcoin's current setup and the bull flag pattern is looking incredibly strong. We're looking at a potential rally to $142K if this pattern completes. This isn't just a minor move - breaking through $125-126K would mean Bitcoin smashes through multiple resistance levels and breaks out of its parallel channel to the upside.

The consolidation we're seeing right now? Classic pre-breakout behavior. Could easily see this play out over the next couple of weeks. Watch for a test of $118k first.

Bitcoin/Gold Ratio - Critical Level 🥇

Watching Bitcoin priced in gold terms closely. The 29.5-30 level is absolutely crucial support that needs to hold. There's an inverse head and shoulders pattern forming here with a completion target around 35. This would bring us right up to a major resistance zone.

Gold's Real Performance

While gold has been ripping higher nominally (back above $4,000), here's the reality check: When you adjust for inflation using USM2, gold hasn't even broken above its 2011 highs when it peaked around $1,950 an ounce.

Interesting note on the SPX/Gold ratio - historically it's been 1:1, but we're currently at 1.6, suggesting markets might be overvalued. The 200-month moving average has been acting as support though.

S&P 500 - The Melt Up Continues 🔥

The S&P is painting a beautiful parabola on the monthly chart. We're seeing the exact same V-shaped recovery pattern that played out after the COVID crash.

Target: 6,900 by year-end, potentially touching 7,000 in early/mid January.

Volatility? What volatility? It's getting crushed at every opportunity as markets continue melting higher.

NVIDIA Quick Note ⚠️

Spotted a hanging man candle on NVIDIA today - gap up from yesterday's close with a big wick. Could be a topping signal, but honestly, might just see a gap fill before another push higher. The buying pressure is relentless.

Bottom Line

This Bitcoin pullback? Just another buying opportunity before we continue putting in fresh all-time highs. There's nothing bearish about the current pattern. The trend remains firmly up across the board - Bitcoin, gold, and equities all showing strength.

Stay positioned. This is exactly the kind of setup we want to see heading into year-end.

What's your take on these levels? Drop your thoughts below! 👇

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