I think the last 24 hours shows to me the simple strength of purpose in the markets behind Crypto.

Despite bad news from China (again, we had the same in 2017). Elon Musk not taking Bitcoin anymore. The initial fall was followed by a rebound.

That close and return on the Bitcoin chart is standard in the markets — it’s the sort of behaviour we see in the forex markets when some news is released that doesn’t have any sort of substance behind it.

I can’t believe no one has noticed the lacklustre movements in stocks, dropping quietly. I get so frustrated when crypto moves bearishly people use the words crash. Yet I can see stocks dropping to the point I’m seriously considering shorting companies like AAPL. It may be early at the moment but if we don’t sort out the chip shortage and the markets remain jittery over the FED’s seemingly lack of interest in inflation amongst other numbers. US Stocks could find things very hard if the numbers speak of disaster but the FED is too late to move. If a panic happens we could see a black swan event.

I have a big portfolio and this is pretty frightening stuff. I am really considering closing my long positions even though some are at a loss and for me, that’s not my normal way of trading. As I don’t use leverage I’m happy to wait out a bearish stock move, as I have my targets for closing.

Perhaps the reason that crypto has rebounded so strongly is actually that there is talk that it is a good hedge against inflation. If there is any truth in that only time will tell.

The AAPL weekly chart a few months of just floundering along. Is this the sign of a big bearish move?

https://www.ukbitcoinblog.com/general-info/cryptos-re-bound-but-stocks-still-looking-bad/

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Writing about Trading, Currencies and shares

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Paul Clevett

Paul Clevett

Writing about Trading, Currencies and shares

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