The Clarity Act failed its cloture vote in the Senate on Tuesday, 49 to 50, well short of the 60 votes required. Formal debate never even started. That was the market structure legislation crypto bulls were counting on to put some wind behind the group, and it is not happening this week.
The headline is not the story, though. Crypto was already rolling over before that vote. I have been telling Moxie members for weeks not to chase this thing higher, and I went short into it looking for a pullback to the 21-day moving average. That target hit Tuesday. The news did not create the move, it greased the wheels.
I go through $IBIT, $ETH, $MSTR, $CRCL and $COIN, and every one of them is telling the same story: the Moxie Indicator rolled negative while price was still pushing higher. On Ethereum that is the inverse trampoline move, price above the 50 SMA with Moxie below zero, which is a false move to the long side nearly every time. Crypto is the most risk-on asset you can trade, and it only works in certain environments. This is not one of them.
My minimum target on $IBIT is the 50-day moving average, and lower than that if the market stays this weak. None of this should be a surprise. Full walkthrough is in the video.
Your Profit Pilot,
TG Watkins
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