At Some point, supply meats demand and demand meats supply. We have endless supply and we have seen an amazing run. The NASDAQ is now within 2% of some inescapable inflection measurements. Sorry but it’s just not going to go on forever and I think the capitulation of bitcoin is the beginning. Of course, these markets will come back but from a lower price. With NASDAQ 100, we are damn close. The only number you need to worry about is the immediate pattern that defines 13,600 as the long-term objective matching with the all-time 3.14 extension in the futures price on the continuous contract at 13,770 This too could go higher but as I said in today’s gold members session, we need to begin to shift our expectations from hyperbull to cautious as a reaction is near by definition. Probably gave back a little more money than I should have with this crypto thing but I am fine. What I am really analyzing is my delay in the full reaction to the big numbers that we defined at 35,000. I was able to get off most of it about 5% below that price but for me that’s not acceptable. So, I am going through my mistakes in optimization of execution. There are still many things to consider about cryptocurrency but this was a Pure price action decision. I congratulate some of the notable posts that were clearly pointing out the bearish situation unfolding. In the same way that I’ve put many people in front of this market over a half a year ago with some heady targets to consider, I have to lay it out there on the line for everyone that my sentiments must express my current change in position for now. You know I will always give you my best and do it in advance!
Crypto and Thoughts for Now…
by harmonictrader | Jan 22, 2021 | Uncategorized |