Stock Market Woes
As we dive into December, U.S. stocks are feeling a bit queasy, reacting to the growing unease around the ongoing pandemic. COVID-19 cases are skyrocketing, sending investors scrambling for the exits, while markets collectively cringe like it’s the bad end of an indie horror film.
Bitcoin’s Rocky Road
Meanwhile, Bitcoin has taken a bit of a tumble, dipping below $18,800 after getting thwarted by the stubborn resistance wall at $19,500. It’s like trying to break into a party where everyone’s already hit the dance floor, and you’re stuck outside waiting for someone to let you in.
Global Health and Market Health
The pandemic is serving up some serious anxiety—especially in parts of Europe. Our friends in Sweden, who previously opted for voluntary guidelines, are now rolling out restrictions faster than you can say “social distancing.” This trend has investors on edge, nervously watching the stock market rally fizzle out as cases climb.
Technical Tensions
Market analysts are eyeing Bitcoin closely, especially around the critical resistance levels of $19,500 to $19,600. If Bitcoin can’t muster the strength to break through, traders may be looking at a potential support range between $14,000 and $18,000—a space that feels reminiscent of an awkward family gathering.
JPMorgan’s Silver Lining
On a brighter note, those slick analysts at JPMorgan believe that despite current turmoil, we are still cruising along in a bull market. While they admit that long equities might be a bit overcrowded, any upcoming dips could simply be a shopping spree for patient investors. Because who doesn’t love a good sale?
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