Macro continues to dominate the conversation. And there are a dozen bad things happening simultaneously, which I have covered a lot in recent videos.
Many are still calling for lower prices across the board for basically everything. Cash is one of the few “safe” places right now although really just the dollar as most FOREX is getting hammered.
Maybe we can hold onto the Uptober meme?
That is to say that October is often a green month.
Everything kind of looks terrible right now. So a short squeeze or little bear market rally would be just the thing to catch the market off guard.
That being said, things continue to look absolutely terrible in global markets. Rumors are circulating that Credit Suisse might be about to go under. That would be our “Lehman Brothers” moment in the markets.
Bitcoin Miners sold a lot of coins recently adding pressure to an already weak market. We must remember that these guys are in the business of making cash and that they need to sell to cover the costs of their business. Still, though, it does create downward momentum at a bad time.
Bitcoin’s linear chart is showing us testing the trend line again this week. A break higher here would be a nice start to… well… something.
That being said, the log chart, the one I pay more attention to, and which I believe is the most important