Some of you may know that I have a diverse portfolio. One of my stock I pay very close attention as an indication of the crypto markets.
Argo Blockhain holds a small position of about 2% of my total portfolio, however it is showing a very strong retracement signal after some months of not doing so well.
Here it is on the 4 hour chart. If you are reading this on medium the Daily chart is on www.ukbitcoinblog.com
Even a cursory view sees the tell tale W signal. I note also that the markets today are recovering from a dovish fed. However I am very very wary. My feelings are that if the FED hint at bringing forward interest rate changes before 2023 and the market drops again, I will wait a couple of days and probably close my whole portfolio and start shorting things.
You may think, of course, that I’m completely crazy. But this has been backed up by this “‘Big Short‘ investor Michael Burry warns the ‘mother of all crashes’ is coming — and predicts crypto and meme stocks will plummet”. This has been trawling the internet and I take great note of Micheal Burry.
So I think although we are now heading into a nice recovery rally I will be watching very carefully the next FED meeting, very carefully.