- Stocks entering a hawkish environment, tech stocks are by and large high. - Crypto market is in a bear market, see my recent posts.
Technicals:
Quarterly: - Still very high here. Im looking at price support and the 5 year average here, 150ish.
Monthly: - Sitting close to the 24 month average here, but the market still looks high for its trend does it not?
Weekly: - Confirmed trend change, Two swings, the game plan for the short term would be to hold, or short from this timeframe.
Daily: - Range breakout low.
My play: Im watching this for the sake of investment as a way to diversify my crypto holdings, I think buying the dip on this is the equivalent of stocking up on GPU's and selling them to crypto miners for a profit when GPU's are scarce. I'm buying at 150 and 75 if it gets there in a recession, but the demand for chips will only increase in the future of our civilization, if we survive. ;)
if a big recession hits, $75 might happen. in the GFC this went from a peak of $9.92 to $1.48, 85% drop. applied to $346.47 it's $51.69. and valuation at $9.92 was tame, unlike now, the biggest bubble in the s&p.