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Most trading bromides are useless and annoying (the all-time champ: “Trade the chart in front of you”) but one I think is actually worth remembering is “Trees do not grow to the sky.” That is a reference to stocks going up, but there should be some converse for stocks going down, like “Roots do not go to the Earth’s molten core.” Nah, that’s not quite it.
Anyway, this has been a fun week, no doubt about that for one moment:
Ya know, maybe I should return to my crypto trading account. I’m good at these charts, but I’m not making money at it.
Only yesterday did I write More Sauce for the Goose, which noted the important failure of Bitcoin’s trendline. Not even one full day later, we have this:
It’s hard not to want to get used to days like this. Remember, you can get any of your watch lists mailed to you for free by going to this page.
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I’ve been calling for Tesla (TSLA) to move towards its supporting trendline for weeks now, and it has done so in virtually a straight line. The company has shed hundreds of billions in value since its pre-earnings peak only weeks ago, having lost one-fifth of its market cap in that time. If it breaks this trendline, that opens up the prospect of challenging the Fibonacci levels beneath.
