Volkswagen’s shares have been on a downward trajectory for about three years now, dropping by more than 50%. However, after finding a bottom (presumably) in October 2023, the company’s stock has been ticking higher and forming an upward-sloping channel. While it is yet to be seen whether these shares have really bottomed out, certain developments might boost the...
Bitcoin established a new high just below $73,000 before retracing slightly lower. Indicators such as RSI, MACD, and Stochastic continue to point in the bullish direction on the daily time frame. However, the RSI began diverging from the price, which is something to monitor in the foreseeable future. In addition to that, daily, weekly, and monthly time frames are...
West Texas Intermediate crude oil continues to trade within the upward-sloping channel. However, its bullish trend remains weak, as reflected in the relatively low (but growing) value of ADX (on the daily time frame). In the past two trading sessions, the daily RSI continued to flatten, Stochastic turned lower, and MACD performed a bearish crossover while staying...
Month after month, the United States has been reporting strong labor market conditions and lots of new jobs being created. However, revisions to past data are often less talked about in the media, which might tell a somewhat different story than headline numbers at the time of their announcement. Friday’s report shows that nonfarm payrolls rose by 275,000 in...
Yesterday, the SPX formed an opening gap and erased some of its recent gains, which was accompanied by nearly a 10% jump in the VIX. What is particularly interesting about this is the formation of the island reversal pattern on the daily chart. The formation of this topping pattern and simultaneous rise in the VIX after a period of strong gains in the U.S. equity...
After reaching a new all-time high yesterday, Bitcoin underwent a mini flash crash, erasing more than 14% in less than five hours and falling below $60,000. Nevertheless, it took only a few more hours for Bitcoin to recover and get back above the $66,000 handle, where it currently trades. The number of Bitcoin addresses with balances exceeding 1,000 BTC slightly...
While the market continues to rise and investors grow confident the rally won't stop, the VIX keeps subtly making higher highs and higher lows. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a...
Bitcoin extended its rise above $64,000 overnight. Since our previous update, there has not been much change to the number of Bitcoin addresses with balances exceeding 1,000 BTC. However, the addresses with balances exceeding 100 BTC continue to gain growing momentum. On the technical side, daily, weekly, and monthly time frames remain bullish, with multiple...
Yesterday, OPEC and its allies announced plans to extend a voluntary oil production cut of 2.2 million barrels per day through June 2024. Currently, the USOIL trades near $80.20 per barrel, and its structure is undergoing a significant change. Since late November 2023, the USOIL has traded predominantly sideways between $70 and $80 per barrel. However, last week,...
The SPX has remained relatively stable since our previous update, trading between $5,000 and $5,100. In the meantime, its bullish momentum slightly decreased (reflected in the declining ADX on the daily chart), and Stochastic, MACD, and RSI remained bullish. In addition to that, the VIX dropped but has not distorted the structure with higher highs and higher lows....
As euphoria grows more and more reminiscent of the market peak in late 2021, there is one strong warning signal emerging. Based on the data from LookIntoBitcoin, the number of Bitcoin addresses with balances exceeding 1,000 BTC underwent a considerable drop yesterday just as Bitcoin managed to break above $60,000. This figure dropped from 2,159 to 2,092, which...
Optimism surrounding earnings last week helped to push the market higher. As a result, the SPX established a new all-time high above $5,100, and the VIX faltered below $14. Subsequently, it did not take long for Wallstreet analysts to upgrade their price targets for various companies, including the one with the most hype around it, NVIDIA. Some of these forecasts...
News of MicroStrategy adding 3,000 more Bitcoins to its stash sent the cryptocurrency soaring from around $52,000 to more than $57,000 in less than 24 hours (now, MicroStrategy holds about 193,000 BTC). This price action was accompanied by the RSI’s retracement to the overbought territory and a bullish reversal in MACD and Stochastic (on the daily timeframe). The...
Defying our expectations, the West Texas Intermediate crude oil rose above $75 and began to form a rectangle pattern between $76.16 and $79.25 (following a breakdown of negotiations between Israel and Hamas). Currently, the USOIL is trading near the lower bound of this range, which also coincides with the 20-day SMA that acts as an alternative support level. On...
While Bitcoin continues to trade around the upward-sloping parallel, the number of Bitcoin addresses with balances exceeding 1,000 BTC keeps rising. Indeed, this figure is up by about 7.53% (about 150 addresses) since it reached a low on 19th January 2024 and about 3.62% in the past two weeks. On the other hand, the number of Bitcoin addresses with balances...
Bitcoin halving is an event that halves the rate at which new Bitcoins are introduced to a network (or mined). This event occurs approximately every four years or after 210,000 blocks have been mined; as a result, each halving reduces the reward given to miners by half and mimics a concept known as the hardening of a currency (meaning it is harder to extract it...
Today is a big day, with the NVIDIA earnings being scheduled after the U.S. market close and FOMC minutes coming out about two hours before that. While waiting for these releases, we would like to discuss several developments in the market. First, the SPX’s price is flirting with the bullish trendline connecting important troughs on the 4-hour chart. Second, the...
Bitcoin has held relatively steady above $50,000 for about five days. In the meantime, the volume has kept falling, and the number of large speculators (Bitcoin addresses with balances exceeding 1,000 BTC) has marched higher (there was a slight drop in the figure yesterday, though). Simultaneously, the RSI has continued to trend in the overbought territory on the...