Judged from a distance, what went on with Bitcoin over the long weekend wasn’t much to consider.
Looking closer, however, it was a relatively dramatic move. I am short this stuff, remember, and over the past six trading sessions this sucker moved from $57,000 to $64,000 (roughly speaking) in a series of five consecutive green bars. Not fun! The fever seems to have broken, however, and we’re sinking nice and hard again.
In turn, the entirely-green sheet of futures quotes has become more mixed, and at least generally weaker. As I’m typing this, the /NQ has shaved off a hundred points of its weekend rip.
And the industrials, by way of /YM, have likewise trimmed three hundred points since midnight. To be clear, it’s a green morning early on, but nothing nasty.
Getting away from the microscope-level, the simple fact is that the /ES has been cycling aimlessly for WEEKS now, with uplift happening from political cheerleading and weakness happening from, well, reality and facts.
The big picture since March 30th is unchanged, however. We have the prospect (and it’s just a prospect) of a very meaningful top, provided the /ES gets below that green horizontal. That’s a big “if”, but that’s the truth.
I’m coming into this week fairly aggressively at a 144% commitment level, and there are a TON of charting opportunities I’ll be looking at in order to increase that risk.
