Overtime

Mailtime

Good morning,

Quick reminder that Brown Technical Insights is off next week for Thanksgiving. And that means that this Tuesday is our last of the month, so it’s time for Mailtime.

This is when you, the reader, get to have your voice heard, and get my opinion on your market-related questions, or see how I view the chart of your favorite stock.

Thanks to everybody who participated.

Let’s get into it!

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Questions

Are there any signs of a bottom in Bitcoin?

Short answer: No.

Now, that doesn’t mean it’s the end of the world or it has to go down significantly from here, but for my time horizon, the technical case for owning Bitcoin doesn’t exist. The crypto hit fresh six-month lows yesterday, completed a top when it broke below $108k and the 200-DMA in late-October, and affirmed that level as resistance when it failed on a retest last week. In addition, the 50-DMA just crossed below the 200-day, a clear sign that the intermediate-term trend has turned against it.

Below are the forward returns following Bitcoin death crosses: