Bought in a little higher on the sell off with a clearly stale limit order. Two streams: (1) global markets equities and crypto now under pressure, (2) bullwhale had been buying 6800 to 7000...either the latter keeps on going with their attempts to influence the market or they are going to lose money on the estimated quarter billion in Bitcoin they have just picked up.
By some fluke managed to buy back in at 7488...short term bull phase being sorely tested, probably by equity market weakness i.e. tech and FANG stocks. Hopium still encouraging me to target a rally up to just under 9000 where I find a confluence of Fibonacci levels. Bigger picture is unfortunately it doesn't look like we're depressed enough to moon it from here.
The red line is the federal reserve balance sheet, total assets. Most of the rallies since the January high have been during weeks where the fed has temporarily stopped shrinking its balance sheet. Another shrink was disclosed late on 26 June. The fact that the sell off occurred after the disclosure, rather than the shrink itself suggests investors are trading the...
