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Friday, June 17, 2022

Market Market Update 6/17/2022 - Looking at Capitulation in Bitcoin

This update is going to be brief, and this series on Capitulation is going to have to continue at a later date. 

BitCoin continues to plummet, and like I said in yesterday's update, I'd like to confirm the reversal before calling the bottom.  

Since the global markets seem to be following bitcoin - which is in itself is a little scary, and #Bitcoin along with #CoinBase continues to trend on twitter, I want to remain focused on this market. 

$GBTC - this the most reliable way of charting bitcoin, that I have found. The target is easy to remember 12.22. 

Could see a washout below my blue line, but I would still be a buyer there. Use stops, don't take unlimited losses. Have a plan! 

 I also updated the NASDAQ chart - located in the public charts area - and added some annotations so you can see what's really going on there. This just looks like another washout, heading into OPEX, and another long weekend, as I tweeted out earlier. 


I'm out of time. 



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