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We’ve got red futures quotes for the equity markets for a change, which is welcome. I must say, with all the trade announcements, the fact the market hasn’t BUDGED for over a week is kind of indicative of how little the market cares about the trade wars anymore.
These same announcements would have had us crashing back in early April, but as it is now, it’s just a giant shrug of the shoulders, as illustrated by the /NQ:
A couple of days ago, Bitcoin was near lifetime highs but was simultaneously at roughly the same price it was seven months prior. It didn’t seem like much an achievement, considering the tremendous amount of buying and political tailwinds crypto has enjoyed all year. On my tastylive show yesterday, however, I specifically said that Bitcoin seemed to be at the cusp of a breakout, and sure enough, shortly after my show, it rocketed higher to a new lifetime high and then, just this afternoon, rocketed yet again more thousands of dollars. So, bear though I may be, I called this one right.
It’s curious that, while Bitcoin is pretty much just paddling around the water, staying afloat, not doing much of anything (with the same price it had over half a year ago)……..
Let’s touch base on crpyto, shall we? We begin with the biggest of the big, Bitcoin, which didn’t exist when Barack Obama first entered the White House and is now “worth” about $2 trillion. It has had a sensational recovery since April 7th, but the cold fact of the matter is that its price isn’t any different than it was in December 2024. Six months of an EXTREMELY pro-crypto administration, and………….zilch.
In my post on Tuesday 17th June I was looking at an inflection point on Crypto that might break down, and gave targets for that move. That setup started breaking down on Friday and two out of three of those downside target areas, on Bitcoin (BTCUSD) and Ethereum (ETHUSD) were reached over the weekend.
The target that has not been reached was on Solana (SOLUSD) but there is a decent case for all three making a significant low at the weekend lows.
Back in my post on Monday 12th May I was laying out a scenario where possible large large IHS patterns were forming on Solana and Ethereum and I gave the ideal right shoulder targets at 125.43 on Solana and 2135.28 on Ethereum. The weekend lows were at 126.09 and 2113.65 respectively.
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