Usually Bullish, but this time around, I was bearish for the short term as you can see from previous post. Head and Shoulders,Bearish Divergence, strong resistance, declining volume,terrible news everywhere. Everything had to go down or atleast a correction was inevitable.
Stocks hit ATH, Gold hit ATH, Rich getting richer and ...
I thought the economy was going down in a spiral, and it seemed liked that. ~50M Americans lost their jobs, shutdown lockdown and the revenue essentially $0.
What i did not account for is the unlimited supply of money that Papa Powell has. Trillions of $ in stimulus package for esp corporations to save them from bankruptcy and guess what they do; buy up their own shares.
Its not the price of these assests are going up, what essentially is happening is that the value of USD is going down.
Now that its been quite some time since the stimulus package and still many businesses and places are in lockdown,and most probably without revenue for all these months, all the stimulus cash would have been depleted already. If government doesnt announce an new package, i have a strong feeling again that this could be the top because people and ofcourse corporation, to survive, to eat, to live, will have no choice but to sell thier assets, be it Stocks, Gold, Bitcoin ...
But then again , if Papa Powel prints another $5T, just a matter of time before Jeff Bezos becomes the 1st Trillionaire and Gold hit $5k and Bitcoin to $100k.
So lets see how this is going to unfold.
As i told that i was bearish, these were some of my open positions in my margin trade account, currently at a loss of 3.2k. I will wait for 12.2k for btc to close at a loss :(
Meanwhile, i hope we see a correction back to atleast 10k or even lower hahaha...
Anyways it is best not to deal with all these margin trades and loose your sleep. Best would be to get started with crypto.com and get upto 20% apr on your crypto deposits.
