We are in a funny market right now that is likely to lead to a big move after the Fed meeting for gold. You can see that after the recent DOW dump and bounce that things are starting to drift.
This is happening with gold and gold stocks and drifting markets into Fed meetings usually lead to a spike in volatility with a big swing.
This is leading to what is likely going to be the trade of the week with a gold swing around this Wednesday’s Fed meeting.
My buddy Matt Morris is targeting this trade. To learn about how he plays volatility spikes (and has done so successfully around Fed days) click here.
Now I want to talk about Bitcoin as it crashed the other month and so did other crypto currencies while most crypto/blockchain stocks simply pulled back slowly and then held support.
Many Bitcoin players claimed that it would go up to new highs after dipping below $10,000 the first time, but in reality they were suffering as victims of a massive market manipulation. While Bitcoin players looked up to the whales, the whales fleeced them. That’s the simple way to put it.
And the sad thing is the Bitcoin leaders that always pump it won’t stand up to the whales. I’m like the only one pointing out what they do.
Now I have nothing against buying into a fad sector as long as you admit what you are doing. That’s why I looked at RIOT as a play in October and then said to sell when the party ended. And early last week I warned to dump these stocks as turds as they were poised to be among the worst to suffer in a stock market momentum rally starting to stall.
There are stock market bulls that look down on Bitcoin players who are making a massive mistake in being snarky to people trying to “HODL.”
Every day there is bad news on crypto it seems. Today Twitter announced it was banning all ads for crypto. Of course Facebook and Google aleady have done that, but without the mass ads the crypto pyramid won’t have the new people coming into it that it needs to sustain itself.
I talked with David Skarica yesterday in person in a live video session about what is happening. I happen to be visiting him at his place.
Like this video so that we know that you are there. If you want to be notified the next time we go live by Youtube subscribe to my Youtube channel by clicking here.
I see no trading pattern in crypto coin or blockchain stocks to buy into for a low risk trade for high reward here.
Last October stocks like RIOT actually had my favorite Two Fold Formula trading setup, but that was back in October and this is March.
That’s why I have myself lost interest really in what is going on with them.
Really trading takes a game plan and not just chasing a move after it happens.
That is the lesson I hope Bitcoin people take from the December peak.
But it is a lesson that can applied right now with a new game plan going into this week’s Fed meeting.
Grab Matt’s game plan by going here.