The Debate

Think about what has happened over the last few weeks OUTSIDE of Crypto.  Among other events, the Fed raised rates for the third time this year, the 10 Year Yield spiked to a seven year high, Cannabis stocks went berserk, Crude Oil made a four year high, the S&P 500 made another new all time high and the US Dollar just shot up six straight days, wreaking havoc on international stock markets yet again.

And Bitcoin’s (BTC) volatility has plummeted… Is it any wonder, then, that less and less focus has been on Crypto from the masses?  But just because fewer eyes on the popped bubble doesn’t make BTC meaningless.

There have been two constants in Bitcoin’s price action in 2018.  Support near 6,000 has held various times, and each rally from support has yielded lower highs.  That’s not terribly encouraging, but at some point, we’re going to reach the apex of this gargantuan triangle pattern, and something will have to give.

So, while Bulls have been discouraged and less willing to flood the market with fresh capital, think about this:  Since the low on Feb 6th, Bitcoin currently is +11%.   The SPX is +13.7% since its own low on February 9th.  That’s pretty darn close.  And no one is talking about it.

The bottoming process continues.