First, I’ll own it. I said I’d make a separate post admitting it if BTC closed below the 50-week moving average. So here I am, admitting it.
The weekly candle closed at eight, at 74,851. The 50-week moving average was 75,535, so that’s 684 points below. The pattern of seven consecutive weekly closes above the moving average is broken.
We should be clear about how it broke. During the hour at five this morning, price plunged straight from 75,744 to 73,510—a drop of 2,200 points in an hour, with only three hours left before the weekly close. I’d been watching this line since nine the previous evening. At midnight, price was still more than 260 points above it. Then, in the final three hours, one wick sliced right through it.
And this is the third consecutive red weekly candle. The previous two weeks were down 2.39% and 2.25%, respectively. This week was down 4.47%—the losses are getting bigger each week.
Why did it fall? It’s what the title says. Last week, the Nasdaq fell 3.37%, the S&P 500 fell 2.68%, the Dow fell 0.94%, and the Philadelphia Semiconductor Index fell 12.15%—the worst of the four. The Nasdaq bounced 1.09% on Friday, but that wasn’t enough to make up the losses.
btc fell 4.47% this week, more than the Nasdaq. So the resilience I’ve talked about several times before is completely out the window this week. I’ll own that too.
There was another development over the weekend. On Sunday, Nvidia’s board launched an investigation into Jensen Huang, involving independent directors and outside lawyers, in response to media reports that he could be a target of a foreign intelligence operation. The board said there’s currently no reason to believe national security or company secrets have been compromised, and that he’ll remain CEO. We’ll see how the market reacts when U.S. stocks open tonight.
Let me restate where we are. The seven-week pattern is broken, and now the moving average is overhead, weighing on price. btc is currently at 75,288, 247 points below the moving average. It won’t count as a recovery until it gets back above 75,535. If it can’t, that line above us goes from support to resistance.
CPI tomorrow night at 9:30.
I watched it all night. Broken is broken. #AI芯片股重挫纳指周跌3点4百分比
The weekly candle closed at eight, at 74,851. The 50-week moving average was 75,535, so that’s 684 points below. The pattern of seven consecutive weekly closes above the moving average is broken.
We should be clear about how it broke. During the hour at five this morning, price plunged straight from 75,744 to 73,510—a drop of 2,200 points in an hour, with only three hours left before the weekly close. I’d been watching this line since nine the previous evening. At midnight, price was still more than 260 points above it. Then, in the final three hours, one wick sliced right through it.
And this is the third consecutive red weekly candle. The previous two weeks were down 2.39% and 2.25%, respectively. This week was down 4.47%—the losses are getting bigger each week.
Why did it fall? It’s what the title says. Last week, the Nasdaq fell 3.37%, the S&P 500 fell 2.68%, the Dow fell 0.94%, and the Philadelphia Semiconductor Index fell 12.15%—the worst of the four. The Nasdaq bounced 1.09% on Friday, but that wasn’t enough to make up the losses.
btc fell 4.47% this week, more than the Nasdaq. So the resilience I’ve talked about several times before is completely out the window this week. I’ll own that too.
There was another development over the weekend. On Sunday, Nvidia’s board launched an investigation into Jensen Huang, involving independent directors and outside lawyers, in response to media reports that he could be a target of a foreign intelligence operation. The board said there’s currently no reason to believe national security or company secrets have been compromised, and that he’ll remain CEO. We’ll see how the market reacts when U.S. stocks open tonight.
Let me restate where we are. The seven-week pattern is broken, and now the moving average is overhead, weighing on price. btc is currently at 75,288, 247 points below the moving average. It won’t count as a recovery until it gets back above 75,535. If it can’t, that line above us goes from support to resistance.
CPI tomorrow night at 9:30.
I watched it all night. Broken is broken. #AI芯片股重挫纳指周跌3点4百分比
