There is a substantial amount of volatility in all markets right now – as expected.

  • I am sitting in cash positions on Binance except for Polkadot, Cosmos, Bitcoin, and Chainlink.
  • I am sitting in 80% cash on my equities positions. 20% still in assets (still in profit).
  • I am remaining in cash until the dust settles. I need the following answered before I buy again:
    • What will CPI print tomorrow?
    • What will Binance and the SEC do with FTX?

News of FTX insolvency has crypto markets plummeting.

Bitcoin / $BTC

Yesterday Bitcoin sat at ~$19k: I called for $BTC at $14k.

We’re currently sitting around $16k.

  • Next target remains at $14k unless otherwise invalidated
  • News of what will happen to FTX, Solana, and Binance over the next few days will determine where the Bitcoin bottom is this time around
  • The market is clearly weeding out broken projects (Celsius, Voyager, Luna, and now FTX)
    • Solana used to trade at ~$255
    • It’s currently trading at $14

S&P 500 / $SPY

  • Clear rejection of resistance
  • SPY headed lower with crypto
  • CPI print tomorrow will tell us more about which direction the market is headed
  • Market strength and momentum is absent

Dollar Strength Index / $DXY

  • Bear channels on the $DXY tell us a top is close or already reached
    • Three peaks means strength is waning (typical double or triple top formation)
  • The Fed is losing steam raising rates at 75bps each FOMC meeting
    • They’ll continue to raise rates but should begin to taper off the amount they’re raising each meeting or else risk unemployment levels beyond what the US economy can sustain
The Rebel Economist
Author: The Rebel Economist

Civil Engineer // Aviator // Photographer // Avid Coffee Enthusiast // Your investment strategies could differ from mine based on your risk tolerances, research, and time horizon, so I encourage you to do your own research as information provided by The Rebel Economist or Breaking Metrics should never be considered financial advice.

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