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Weeks ago, I speculated that Bitcoin would soon fall to “75,000-ish“. Well, I was awfully close! The low from trading last night matched with literally 99.99% accuracy the Liberation Low from back in April (dashed green line). It is absolutely zero surprise that $BTC stabilized here and has strengthened a couple of thousand bucks, which has also shored up equities from their late night depths.
 

I’m typing this just moments before the opening bel, but it’s already been a roller coaster since the futures opened Sunday afternoon. The /ES fell sharply, rallied into the green (!!!!!) to more than seal its price gap (rectangle) before falling hard. Since then, it has recovered virtually its entire dip.
 

The /NQ is systemically weaker. It also gapped down, did a nearly perfect gap fill (arrow) and then fell hard. It has recovered hundreds of points already and is virtually unchanged now.
 

Those who were expecting fireworks this morning as sorely disappointed. The UVIX, for instance, had raged higher last night, but it actually was down at the open, which no one would dared imagine.
 

Broadly speaking, I think Bitcoin is going to be more instructive than you might guess. Keep a close eye on this monster top: if and when we cut under $75,000, the bears can raise their freak flags.
 

Going back even farther in time, you can see the jaw-dropping potential for such a tumble.
 

I’m typing these final words a few minutes after the opening bell, and things are relatively flat. My overall portfolio is unchanged, which is not exactly what I was expecting, but I shall now turn my attention to going through my charts, one by one, and doing my standard housekeeping of making sure stops are appropriate.

Considering what a thrilling market it was last night, we’ve got a total snooze-fest on our hands so far.

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