Although Bitcoin very recently achieved another lifetime high, which took it a good four months to accomplish since the Inauguration Day peak, there was no follow-through at all. Instead, it sputtered and quickly slipped by about eight thousand dollars.
Simultaneously, Ethereum raced toward the underside of its broken trendline, but it likewise ran out of gas and never even managed to tag the busted trendline.
This all plays nicely into something I’ve been hitting on a lot lately, which is the prospect of a crypto swoon compelling tech stocks to also move lower. Keep a close eye on what $ETH does relative to its broken trendline, since I think the same action is going to play out in NASDAQ-land.
Because, let’s face it, over its long and sordid history, Bitcoin’s rainbows are getting less and less vertical, and I think there’s a real chance that, ultimately, crypto could be one of the great financial debacles of human history, if for no other reason than the fact that everyone and his brother thinks it’s going to be our salvation.
