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To the delight of the crypto bros, Bitcoin has broken out to levels never before, surpassing the Inauguration Day peak. I wouldn’t be surprised to see it push tens of thousands of dollars higher from this point, particularly with such a supportive federal government behind it.

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In spite of this, I still think Ethereum (ETH) is an important warning sign for equities. My view, as I’ve stated many times, is that the broken trendline is a close cousin of the QQQ broken trendline, and that resistance at the underbelly of that line is going to be potent.

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