Will Bitcoin Give Us Clues?

Ok, so we got a bit of a pump generated in part by the levels discussed here holding.

We got a poor earnings release from J.P. Morgan, and a jobs miss (and a PPI miss). The question before us is: has all of this been priced in? Are we going to head much lower, and if so, will that be now, or a bit later?

It’s possible that today’s pump is another “2” (last night I discussed the possibility of a 1-2 in green; today could be a 1-2 in the next, lower degree).

I last discussed Bitcoin here. If this still is a green “2,” just a bit bigger than discussed last night, we can wrap this pump up anytime between here and the orange box:


Which would make this pump across risk assets another bull trap.

So, let’s see what we see. I am supposing for the time being that this will probably fail.

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