OK, I can’t take it anymore. I’ve been doing this over 18 years. I can’t just let a day have two posts – – even a Sunday – – and turn my back. It’s one of my many, many neuroses.
So anyway, let’s just say that Ethereum ($ETH) has sputtered away from its bullish breakout, and a continued weakening of this purported asset would be positive for the 3 remaining asset bears on the entire planet. This would most particularly be true if the trio of exponential moving averages, shown below, began to execute a series of bearish crossovers (or crossunders, I guess).
Looking at the much broader picture, you can see that in spite of all the recent news about the big boys like JP Morgan embracing crypto like neve before, the entire space is worth about one-third what it used to be (even with the huge move higher since October).
I am coming into the week with my dainty little set of seven positions, with XLU leading the way. I stopped trading crypto in 2021 (my only year to trade it, and a nicely profitable one at that), but I still think it’s an important part of the overall psyche and zeitgeist.
