Bitcoin has been primarily choppy since our previous article. As a result, not much has changed in our stance, and we continue to pay close attention to the resistance at $28,000. A failure of the price to retake this level and hold above it will be bearish. Contrarily, a breakout above $28,000 will raise our suspicion. Besides that, there is one more thing we...
After reaching more than $28,500 on Monday, Bitcoin fell to about $27,200. So far, that seems to justify our skepticism about the recent rally (a potential fakeout). However, the number of Bitcoin addresses with 1,000 BTC or more in the balance started to tick slightly higher, which raises our suspicion as it is a bullish development. In addition to that, MACD...
In the previous article about SPX, we discussed how the market conditions were changing and that a prolonged period of selling could be upon us (just like in 2022). Then, on Friday, we articulated our worries that the market was reaching oversold territory in the short term, making a case for a brief rebound (up to Resistance 1 and potentially slightly below...
On Tuesday, we touched on the subject of corporate forecasts in the oil market portrayed in the media. In fact, we remarked how the recent announcements of ultra-bullish forecasts were very reminiscent of the 2022 oil market top and that we were pretty skeptical about the rally's sustainability (though we warned about this on a different platform three weeks...
Last Thursday, we highlighted a rally in the Chinese stock market, with the Hang Seng Index rising as much as 3%. In addition to that, we speculated about the potential relief in SPX, with emphasis on resistance near $4,335 (which failed to be taken out). Today, we want to draw attention to Chinese stocks again. The Hang Send Index fell approximately 3% overnight,...
Recently, more and more financial institutions have been upgrading their price targets for oil. Mostly, these forecasts were upward of $100 per barrel, with JP Morgan and some other financial entities forecasting prices as high as $150 in the coming months. About three weeks ago, we tweeted that these statements are very reminiscent of those made in the second...
In the previous article on Bitcoin, we discussed the possibility of another fake breakout above the resistance at $26,800. We stated that we expected the rally to be bought by retail, which seems to be confirmed by the latest data from LookIntoBitcoin, showing the number of small Bitcoin addresses (with balances below 100 BTC) increasing and the number of large...
About two weeks ago, we warned XRP would likely test its support near $0.43. However, this has not been the case so far, and XRP moved from around $0.48 to $0.52. Despite this upward movement, we believe the retest is still due to happen. In fact, we would not be surprised to see XRP continue lower than that, being dragged by the rest of the cryptocurrency market....
Finally, our expectations were fulfilled, and gold dropped below $1,900 yesterday. We continue to be bullish on gold in the long term. However, in the short and medium term, we are still inclined toward the scenario with gold sliding lower, likely testing $1,875 (and potentially $1,850 if the weakness in the stock market does not stop). Therefore, just like in the...
Today, we want to highlight the latest developments in the Chinese stock market, which continues to sell off relentlessly. The Hang Seng Index made a new low near HK$17,352, which translates to a loss of nearly 15% since late July 2023. The decline in the CSI 300 Index is approximately the same. As for the U.S. indices, SPX lost about 8% in the past two months,...
Per request, we want to take a look at Filecoin. This cryptocurrency has been around for a few years, and the first thing that stands out to us is that its value is down more than 98% since its peak in 2021. Another thing that caught our attention is the relatively lower daily volume since the start of summer compared to the period in the first six months of 2023....
Yesterday, when Bitcoin approached the resistance at $26,800, we warned that another fakeout to the upside might be upon us due to the whales liquidating their positions and redistributing coins to retail. Shortly after that, Bitcoin broke above the resistance for a very brief time and then fell to around $26,100. Interestingly, the move-up coincided with Gary...
In the previous article, we reiterated our belief that Bitcoin is headed lower. Today, we still hold this opinion and expect Bitcoin to drift to the area around $24,000 in the short/medium term (though beyond that, we still stick to the main scenario we have been warning about for the entire bear market rally, which is Bitcoin revisiting its last year’s lows). To...
Last week, the FED meeting resulted in no rate hike. However, Jerome Powell reiterated the central bank’s commitment to fight inflation, with dot plots showing the possibility of one more rate hike this year and interest rates staying elevated for at least another two years. That is no surprise to us as we have been warning for months about interest rates going...
We recently pointed out how the Chinese stock market started to stagnate despite the regulator's intervention. Additionally, we noted that this was likely to happen in the U.S. market as well. Fast forward to today, and that is indeed the case. Since the beginning of the current month, SPX failed to reach a new high. Therefore, we are paying close attention to...
After a big drop in Litecoin from nearly $115 to less than $58, the opportunity for a swing trade in the opposite direction might be arising. The setup we are watching would involve taking a long position with the breakout above Resistance 1 and tight stop-loss below it. The idea behind this trade would be to ride the price retracement toward the 50-day SMA. The...
Yesterday, Bitcoin broke below $25,000, and in the process, it moved closer to a critical support level of $24,756 (before rebounding toward $26,000 overnight); if this support level is broken to the downside, it will mark a new low since 15th June 2023 and strengthen a bearish case in the short and medium term. Furthermore, if successful, we expect the breakout...
In line with our previous ideas and choppy price action, we continue to wait for a better opportunity to add gold to our portfolio. We are neutral to slightly bearish in the short term while bullish in the long term. However, we still deem a weakness in the stock market as a danger to the higher price of gold (at least for now). As a result, we believe gold's...