Stock market in free fall while BTC tests important level

On the one year chart things are looking bleak.

On the 5 year chart the drop doesn't look so severe, but we can still argue the ferocity of this dump is unprecedented and could well mark the beginning of a long downward trend.

Dangerous times for those with their money in this market. Or even, dare I say it, for those with their money in money!

While Bitcoin did see a sharp decline over the last four days there was a clear switch in momentum yesterday when it bounced off this level, unlike the SPX 500 which fell another 4%.

We are not out of the woods yet, as new support levels very often break in the first few days.

In summary

Everyone says the stock market is crashing because of the virus but we all know this market was living on borrowed time. In the end cause is irrelevant. Only effect worth considering.

So, just in case this situation escalates quickly in your area, my advice is to go buy yourself a big box of long term storage food. In Italy their supermarkets are empty now. And this happened very fast.

The global food system was under threat long before the virus (thanks to the deepening Grand Solar Minimum) but now it is truly collapsing. Someone I trust (@iceagefarmer) put out an uncharacteristic and direct message a few days ago:

If you're not into buying gold, crypto is the next best thing.

But always remember, it is easy in a world where everyone is looking for digital gold to sell us something which glitters just the same as gold, but in fact has no value.

Due diligence is essential in this game, just as it is when it comes to forming an accurate picture of what is going on in this world.