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Well, I’m annoyed. Before we get to that vital subject, let me offer an observation about the equity market in general.
We start with the Dow, which had yet another record high close at 51,563. Over this week, it has been gaining strength, in spite of all logic, reason, and respect for economic and data-based sense. It just…………..keeps……………going.
No, this isn’t another Oprah post. I’m talking about BITI, the inverse-on-BTC ETF which has hammered out what is looking like a sensational inverted H&S bottom. It isn’t quite complete, but if it crosses above $29, that suggests a measured move of about $43.
Perhaps you are aware, but most of you probably aren’t, that Strategy (MSTR) has another symbol floating out there with the symbol STRC, which is their very high dividend (over 12%) way of coaxing cash into their coffers to – – well – – buy Bitcoin. Or, these days, they are selling Bitcoin in order to buy STRC holders. In any event, this critter has broken its uptrend for the first time ever, so I think it’s worthy of mention.
It’s grim out there in crypto-land. To be clear, I think we’ve already started a bounce, but I’d say once BTC is back around $71,000, it’s time to be more bearish than ever.
