I regret to inform you all that I have returned to Valencia which of course means that I am back to tormenting you all with my daily market musings. We actually didn’t venture very far from home this time as the tiny backwater of El Campello is located near Alicante on what is known as the Costa Blanca of Spain. The location itself is pretty nondescript but as you can see the ocean views from the house we had rented were absolutely stunning.
The land of smiles has become the land of sweaty balls… so I’m clicking my heels together three times and escaping back to Australia for some peace and quiet. That being said, I feel a disturbance in the crypto force. Remember last week I said that bitcoin should be going down hard but I don’t trust it? It felt “engineered” which I hardly ever say out loud.
It is axiomatic that surprise actions cause the biggest moves.
So it’s no surprise at all that when everybody expects support to hold, and it doesn’t… hilarity ensues.
That really looks like a completed retest of the lows that should kick off at least a test of the old highs.
Aww sheet… that’s gonna leave a mark
So now we really are retesting the lows. Except THIS time, notice the volume is rising to the downside. Odds now favour breaking support again.
But that’s not the whole story, BTC is a heavily manipulated market, and a concerted effort by the Tether/Whales crew could jump in and [...]
The featured image above shows the view we found upon our arrival mid last week, but in the interim cloudy weather has moved in turning the horizon into one giant white reflector. Quite frankly I’m actually not a big fan of neither the beach nor the ocean. I just don’t get the point of aging your skin with damaging UV levels whilst constantly picking sand out of every orifice. And having been raised in the Austrian highlands I’ll take an alpine excursion over a day at the beach any day. Before you get your hopes up – all incriminating photos of me wearing Lederhosen as a young child have long been destroyed.