Agreed. I mentioned that in a video I believe it was last week about how M2 money supply has been in a virtually unprecedented decline/contraction & how the next inevitable big drop (50%+), possible even catastrophic drop (70%+) will have simply made a shyte-ton of US Dollars simply disappear from the system.

Bitcoin is nothing but a string of code/algorithm or whatever you want to call it backed by absolutely, literally nothing but hopium. No earnings. No tangible assets. No intangible assets. No dividend. No potential for future earnings. At least you got a nice looking flower to stick on your kitchen counter (at least for a few days) when you bought into the Dutch Tulip bubble.

My last analysis on Bitcoin was last week & nothing has changed. It’s basically testing those previous highs I said traders would likely be targeting & I’m still just watching & waiting patiently for the next objective entry, long or short but most likely a short if anytime soon. This link will start at the coverage of Bitcoin from that video. I’ll definitely keep it on my radar & LYK if I see anything compelling: https://youtu.be/HGDMtIqPD0w?si=KTiZNHGGVBuRKE3K&t=3231

Just like SPY, SOXX made a single day close and QQQ printed 2 closes just in front of NVDA earnings which I had warned in advance & at the time that gave the breakdowns a higher chance of proving to be whipsaws because they happened right in front of NVDA earnings. SOXX, being top-heavy in NVDA, snapped right back above the trendline the very next day just as QQQ & SPY did due solely to NVDA following their earnings report. I covered that quite extensively recently.

SOXX has yet to take out the same uptrend line on the more significant (for identifying potential trend changes) WEEKLY time frame, which is what was covered in this video. When trading/analyzing off the weekly charts, all that matters is how the weekly candlestick closes at 4pm on Friday. SOXX has been riding that weekly uptrend line like a champ so once that goes with conviction, that should provide a high-probability sell signal for a swing or trend short on the semis. Here’s that weekly chart.