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Markets Crash...BTC In Play!
Welcome to late-week trade! For the past 48 hours, Wall Street action has been frenetic. Heavy volatility has swept the markets, headlined by a 6.35% Thursday plunge in the NASDAQ 100. You read that right…6.35%! The CBOE Volatility Index (VIX) spiked 69% on the day, closing at 28.18. Thursday’s action was reminiscent of the heavy selling during the March 2020 COVID pandemic.
At this hour, there is a sense of angst in the air. US traders are eagerly awaiting the Asia-Pacific open to see if the financial contagion has gone global. We’ll have the latest during our NFP Live coverage Friday at 8:20 AM EST. If you are going to trade during this incredibly volatile time, be sure to cut leverage and apply sound risk management principles. Just the same, the volatility is providing us with opportunities. Here is a potential bid zone for Bitcoin (BTC):
Yearly 50% Fibonacci Retracement: 71,677
Check out our Key Levels for more information on this Trade Idea.
The reason for the sudden volatility is the US election fallout. Many questions are swirling around not only the Trump administration but also the Iran War. Will hostilities resume this weekend? Is the Trump Cabinet to undergo a major shakeup? Will the Democratic Congress go after AI in 2027? These questions and much more are driving a market panic the likes of COVID-19.
Buckle up; we’re just getting started!
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