Stocks and Bitcoin rally on Thursday, but this is just a “dead cat bounce,” said Chris Vermeulen, chief market strategist at The Technical Traders.com.
Vermeulen told David Lin, anchor for Kitco News, that stocks show selling signs, and while Bitcoin has some more upside left in this bounce, he expects major resistance at the $50,000 level.
For these reasons, Vermeulen is 100% allocated into cash right now.
Visit The Technical Traders.com at https://www.thetechnicaltraders.com/..
0:00 – Bitcoin cycles
11:34 – Equity market, 100% cash
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