Bitcoin Confirmation? And First Target Tagged!

#bitcoin #crypto #traderlife

Traders,

Yesterday, I alerted you that our trendline had been broken for the ninth time. The number of times our trendline had supported us made me a bit cynical that the bears would ever break it with confirmation. But today, it looks like we’ll finally get our confirmation candle on the daily.

In fact, not only is our chart shaping up to show confirmation, but Bitcoin has already tagged our first target down PRECISELY! We hit it almost to the dollar.

I expect a bounce from here. We are already seeing that as of this post. We should then hit our heads on 59.3k and drop again. The question becomes, will we break that first purple trendline to the downside and continue down to 48.5k.

To answer that question we have to zoom way out to a much larger macroeconomic picture both in the U.S. and globally as it all impacts our inflation rate here in the U.S. and hence, the Feds decision on how they’ll tackle it.

It is becoming increasingly clear with each recent data dump that the Fed will NOT (with almost 100% certainty) cut rates at the next decision point. In fact, questions are springing up as to if we’ll even get any rate cuts at all this year. The economic situation in the U.S. is far far more dire than 99% of its population has any clue about. The U.S. is so close to economic collapse that even the wrong words out of the mouth of JPOW could send the whole thing down like the house of cards that it is.

Unfortunately, what has put the U.S. in this situation is unbridled spending by the mafia in charge. But it’s not like any of them want to fix the problem. Actually, the exact opposite appears to be true. The end game looks to be an entire crash of the current economic system and model in favor of something else (who knows what that is?).

With exorbitant spending unrelentingly directed towards supporting other countries, and with unimaginably stupid internal U.S. policy which I won’t get into here for fear of recourse/repercussions from political cult members and NPCs, inflation coming down is increasingly unlikely if not nearly impossible.

Therefore, we can expect rates to continue to be paused. The likely scenario then is exactly what I had stated it might become in last week’s video recap. The dollar will stay strong and possibly even spike up more to that 107 mark, fear (VIX) will spike again, metals/commodities will spike, stocks will continue to pull back led by megacorps like NVDA, and all of this will drag Blackrock Trading Coin (BTC) which is trading just like another stock now, down with it.

Thus far, alts have held up pretty decently. You’ll see from my portfolio that I have not taken anything off simply because I have not been stopped out. This is good news as it also supports the thesis in quite a few of my previous posts that altcoins will simply double-bottomed. Since we have been picking up positions near or at the bottom, we should all do very well here once Bitcoin also finds its bottom. To see all my positions, hit the button below…