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I know I’ve voiced my disdain for Bitcoin on a Fundamental level. This is neither here nor there, however, as I have been skeptical of this since it was valued at $200 per coin and I was obviously proven wrong (so far). Regardless, I’m a chartist at heart. Just pointing out what I see in the short term.
Crypto’s rise over the past week has been just ridiculous. Bitcoin added thousands and thousands of dollars based on, I suppose, the fact that there’s only one FTX out there to blow up. Crypto dragged ALL other asset classes higher with it.
Crypto’s rise since the FTX wipeout in November has been fast and furious. Since the “animal spirits” of crypto are clearing driving equities as well, it’s important to stay in tune with what this world is doing. It seems to me that some of the biggest symbols out there are just about done.
Well, if I had any sense, I would have heeded the signal loud and clear, because it never fails. This is just a sampling from late December and early January:
Bitcoin is up nearly $4,000 since its November FTX-wipeout lows, and its ascent has lifted animal spirits across all asset classes. I’d like to point out we have nailed, pretty much to the penny, the major Fibonacci Retracement level today.
