When volatility in many different markets rises in a significant way, it's rarely a bullish development.
Today’s 11% mini-crash in Bitcoin is taking it below the “descending triangle” pattern that I touched on a few weeks ago….breaking well below its July and August lows in SIGNIFICANT way.
It is getting VERY, VERY ugly today.
We've seen SO many huge moves in several different markets recently. Bitcoin today, a 14% move in crude a week ago, the HUGE move in the Treasury market in early September, the 20%+ rally in gold over the summer and last week's "repo madness".
It is RARELY a good sign when so many different markets see this many huge moves in so many different markets...so close together. At some point, we have to stop blaming the algos and ask if something else is going on.
Matthew J. Maley
Chief Market Strategist
Miller Tabak + Co., LLC
Founder The Maley Report
275 Grove St. Suite 2-400
Newton, MA 02466
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