Market Journal: Bitcoin

Bitcoin confirms the NDX breakdown and US Tech’s status as the global source of funds for Chinese Tech exposure.

Discussion

As discussed this weekend, The Great Global Tech Rotation from US to Chinese Tech is underway. US Tech broke down today precisely where it needed to confirm its relative strength downtrend, and unsurprisingly Chinese Tech reasserted itself just 24 hours after pausing. Tonight after hours, Bitcoin confirms the Tech breakdown with an ugly break to new day lows after failing to confirm the SPX/NDX rally into September 30.

The easiest call on the planet today is SPX rips to 6000+ by early 2025. We’ll see what Chinese Tech has to say about that…