It’s hard to get excited about drops in the ES and NQ anymore. As I sit here at this very moment on Thursday evening, they ES and NQ are both dropping, but it seems that every drop is simply met with more buying, as shown below. The good news – – indeed, the only good news – – is that, on a broader time scale, equities are still slipping away. Still, it’s maddening. I wish they could just GO down and STAY down.
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Bitcoin plunged from 7385 to 6830, or 7.5%, Wednesday in reaction to a Business Insider report that Goldman Sachs has decided to drop a year-ago decision to create a crypto-currency trading desk.
Apparently, Goldman is “uncertain” about the regulatory environment. Hmm, really? Since when has Goldman shied away from forging a new path while it influences the architecture of a new regulatory environment?
Be that as it may, let’s notice on the attached chart of September Bitcoin that the reaction to the report triggered a plunge that traversed the entire width of the bullish one-month price channel. But the weakness in and of itself has not (yet?) inflicted serious technical damage to the upmove from the August low at 5850 to the September high at 7415. (more…)
Thanks, Evan! Now go back to your principle focus of attention, instead of building a profitable company.