Bitcoin has a lot of opportunities, ETFs will be a tailwind, says Piper Sandler’s Craig Johnson

Craig Johnson, Piper Sandler, joins ‘Power Lunch’ to discuss technical support for stocks JPMorgan CEO Jamie Dimon spoke about to CNBC.

>>> WELCOME BACK TO POWER LUNC EVERYBODY. TIME FOR SOME TECHNICA SUPPORT. OUR CHARGES TODAY IS CRAIG JOHNSON. WE’RE GOING TO DO SOMETHIN SPECIAL TODAY. YOU MAY HAVE HEARD A GREAT WID RANGING INTERVIEW WITH JPMORGA CEO JAMIE DIAMOND EARLIE TODAY. SO HE’LL SET UP ALL OF OUR TOPICS LET’S LISTEN TO DIAMOND’

THOUGHT ON CHINA >> ANYONE WHO IS LOOKING T INVEST IN THERE HAS TO BE LITTLE WORRIED OF COURSE, IT’S COMPANIE LIKE JPMORGAN, WHEN IT COMES T FOREIGN POLICY, BLINKEN DECIDE AND THE PRESIDENT. I ABSOLUTE I’M AN AMERICAN PATRIOT. BUT THEY WANT US THERE THEY’RE NOT ASKING THE AMERICA COMPANIES TO LEAVE

BEING THE PREMIE BANK IN CHINA HELPS US EDUCATE THE GOVERNMENT IT HELPS US EDUCATE THE WORL ABOUT CHINA. I’M GOING TO SAY YOU HAVE TO B VERY CAREFUL THE LAWS HAVE CHANGED, AND W HAVE TO CHANGE WITH THE LAWS BOTH IN CHINA AND AMERICA. WE’RE ACTIVELILY DOING THAT

>> HOW WOW YOWLED PLAY IT? >> LET’S TAKE A LOOK AT TH CHARTS WE’VE GOT HERE. THIS LONG TERM CHART HAS BEEN DOWN FOR AN EXTENDE PERIOD OF TIME WHEN YOU LOOK AT THIS CHART, YOU CAN SEE ALL WE’RE DOING IS CONSOLIDATING DOWN HERE, TYLER WE’RE BELOW THE 200-DAY MOVING AVERAGES

THIS LOOKS ASSERTIVE TO US IT’S NOT THE BEST WE’RE TRYING TO BE IF WE’RE TRYING TO MAK MONEY. AND THE DOWN TREND IS STILL VERY MUCH INTACT HERE THE BIGGES HOLDING IS INSIDE OF HERE, ALL THESE OTHER NAMES LOOK LIK THEY’RE BREAKING DOWN, READY T TAKE ANOTHER LEG LOWER

>> SO NOTHING IN THIS CHART SAYS BYE? >> NOTHING ON THIS CHART SAY BYE. I WOULD RATHER BUY HERE IN THE U.S. THERE’S A LOT BETTER LOOKING CHARTS IN THE U.S. >> LET’S LISTEN TO WHAT JAMI DIMON HAD TO SAY ABOUT BITCOIN MAYBE FOR THE LAST TIME EVER >> THAT MY LAST STATEMENT,

EVERYBODY IS TALKING ABOUT BITCOIN. I DEFEND YOU RIGHT TO DO BITCOIN. OKAY I DON’T WANT TO TELL YOU WHAT TO DO SO MY PERSONAL ADVICE IS YOU DON’T GET INVOLVED, BUT I DON’ WANT TO TELL YOU WHAT TO DO. IT’S A FREE COUNTRY. >> IT’S A FREE COUNTRY IT’S A FREE COUNTRY, CRAIG

WE KNOW WHAT HE THINKS O BITCOIN, BUT A LOT OF PEOPLE HAVE MADE A LOT OF MONEY IN IT LATELY >> I’LL TELL YOU ABOUT THE OPPOSITE TRADE OF JAMIE DIMON ON BITCOIN AND FROM M PERSPECTIVE. IF PEOPLE WANT TO TRADE THEM THEY CAN TRADE THEM. THERE’S A LOT OF OPPORTUNITY ITS HERE

I LOOK AT BITCOIN AS WE HAVE MADE A HUGE LOOKING BASE HERE ON CRYPTOCURRENCY AT THIS POINT IN TIME THEY HAVE BROKEN BACK ABOVE THIS SORT OF RESISTANCE LEVEL AND THIS LEVEL THAT WE’RE SETTING OURSELVES FOR THE NEXT LEG UP. YOU’VE GOT TO KEEP IN MIND WIT

IT AS I JUST SAID THE OTHE WEEK WE’RE NOW STARTING TO GE BITCOIN ETFs, AND THAT’S GOING TO ULTIMATELY BE A DRIVER FO CRYPTOCURRENCY, AND THERE WILL BE A PICK UP IN DEMAND YOU CAN USE THESE KINDS OF PRODUCTS TO EXCHANGE I THINK A LOT OF COUNTRY AROUN

THE WORLD THAT LACK BANKING CA USE CRYPTOCURRENCIES THAT’S WHERE BITCOIN WIL ULTIMATELY CONTINUE TO WORK. >> WELL, JAMIE DIMON ONLINE FO MR JOHNSON HERE >> I’LL TAKE THE CALL ALL DA LONG >> LASTLY DIMON SEEMS A LITTLE WORRIED ABOUT THE U.S. ECONOMY LET’S LISTEN >> I THINK IT’S A MISTAKE TO

ASSUME EVERYTHING IS OKAY. AND WHEN THE STOCK MARKETS ARE UP, IT’S LIKE A LITTLE DRUG WE ALL FEEL, LIKE IT’S JUST GREAT BUT REMEMBER WE’VE HAD SO MUCH FISCAL MONETARY STIMULATIONS, SO I’M A LITTLE MORE ON THE QUESTIONABLE SIDE THAT WE’RE FACING A LOT OF THINGS IN ‘2 ’25.

>> CONCERNS ON THE HORIZON WHAT DOES THAT SAY ABOUT HIS COMPANY, JPMORGAN, IF HE THINKS THE ECONOMY I HUNKY-DORY >> IF I LOOK AT ALL THE BANK STOCKS AT THIS POINT IN TIME I’M MORE PRODUCTIVE ON THE BAN STOCKS THAN WE’VE BEEN IN WHILE. YOU CA SEE HOW WE HAVE BEEN MAKIN

THESE SERIES OF THE HIGHS AN LOWS ON THE CHARTS, MAKING A NICE UPWARD TRENDING CHANNEL AND COMING OFF THE OCTOBER LOW OF LAST YEAR, BUT AS WE MOVE FORWARD IN 2024 THAT WE WILL SEE THE FINANCIAL STOCKS DO WELL AND IT WILL BE VERY CLOSE TO INVERTING TO A

POSITIVE SLOPING CURVE FOR THE FIRST TIME