The lynchpin to the global speculation orgy has merely bounced to its down trending SMA 50, but that has been enough to pressure global markets far and wide. As yet, it’s not a big deal. USD (daily) is trending down and locked below resistance. If that changes well, the view will change. But that’s the up to the minute situation.
On the big picture monthly view Unc dropped from a double top’s lower high and is approaching the 50% Fib pullback area, which is the first very legitimate support. Could it have already bottomed just above this support? Sure could. If so, everyone back away from that punch bowl, there’s a turd in it!
If not, it’s as you were. Party on Garth, party on Wayne. Party on crazy Bitcoin, Robinhood and Reddit kids. The daily chart above will inform, along with a bunch of other reflation indicators and markets we are tracking in NFTRH.
Notice who is again off script with respect to the ‘all one anti-USD market’ theme. There is a reason for that.
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