Tradersweekly

Tradersweekly

The recent turmoil engulfing Binance, the world's largest crypto exchange, has cast a shadow over its proprietary cryptocurrency, Binance Coin (BNBUSD). The upheaval was triggered by the unexpected resignation of Changpeng Zhao amid his confession to criminal wrongdoing (facilitating money laundering) and the announcement of a hefty fine for the exchange,...

Tradersweekly

On Friday, the Volatility S&P 500 Index reached new lows unseen since January 2020. What is intriguing about this situation is that new lows in the value of the VIX tended to be followed by a subsequent spike in the index and weakness in the U.S. stock market (over the past year or so). Considering that the recovery of the Chinese stock market is starting to show...

Tradersweekly

Since the start of the week, the big talk in the cryptocurrency market has been about Binance and its CEO, Changpeng Zhao. On Tuesday, the U.S. Securities Exchange Commission announced that the CEO of the largest crypto exchange in the world pleaded guilty to a federal charge involving money laundering. Simultaneously, Binance admitted that it had not implemented...

Tradersweekly

Despite our expectations for gold to continue slightly lower, it rebounded from around $1,940 to more than $2,000 per troy ounce. While this move is impressive, it is important to note that gold has been rising together with the stock market. As a result, we are again skeptical about its prospects of retaining the current price tag (especially if the stock market...

Tradersweekly

For the past week, Bitcoin remained choppy between $35,000 and $38,000. During this period, there was no significant change in the number of Bitcoin addresses with balances exceeding 1,000 BTC; however, the number of Bitcoin addresses with balances exceeding 100 BTC rose a bit (in fact, it has been trending up slightly since 11th November 2023). In addition to...

Tradersweekly

The price of WTI crude oil continues to rise ahead of the OPEC+ meeting scheduled for Sunday, during which cartel members will discuss policy regarding production. The group will likely decide to lower the output in response to more than a 20% decline in the oil price since September 2023 highs (now, closer to an 18% decline). While a drop in supply is normally...

Tradersweekly

Bitcoin attempted to establish a new high above $37,978 in the past two days but failed. In the meantime, the decline in ADX on the daily chart began to reflect a slight loss of bullish momentum; additionally, MACD, Stochastic, and RSI reversed, now pointing to the downside. These actions heighten our alert level as we continue to see the falling number of Bitcoin...

Tradersweekly

Against our expectations, the rollover in the Chinese stock market has not materialized, and the SPX broke above the downward-sloping channel. Currently, the SPX trades near the $4,500 price tag. In the following days, we will pay close attention to whether it will manage to hold above the upper bound of the channel. If it fails, it will raise our suspicion over...

Tradersweekly

After hitting nearly $38,000 last Thursday, a questionable relationship between the rising price of Bitcoin and decreasing volume continues to develop. In addition to that, the data obtained from LookIntoBitcoin reveals the number of Bitcoin addresses with balances exceeding 100 BTC dropped from 16,029 to 15,966 between 8th November and 13th November 2023, marking...

Tradersweekly

In tandem with our expectations, we saw gold give up some of its gains after an impressive rally last month. Currently, it trades near $1,938 per troy ounce. Although we remain bullish in the long term, we are still unconvinced about a straight path higher in the short term/medium term. In fact, we believe gold has a chance of continuing lower, especially if the...

Tradersweekly

As the Chinese stocks are starting to show signs of weakness after a few days of upside movement, we expect the same scenario to play out in the U.S. market. With that said, the setup we introduced in a previous article remains valid. To support a thesis about a bearish reversal, we want to see MACD fail at breaking into the bullish zone on the daily chart; in...

Tradersweekly Updated 

While Bitcoin hovers slightly below $35,000, the volume continues to decline, suggesting a decreasing interest among buyers near the current price tags. Consequently, we remain very vigilant and monitor the situation. On the daily chart, RSI is approaching 70 points; if it breaks below this level, it will bolster the odds for a trend reversal. In addition to that,...

Tradersweekly

West Texas Intermediate crude oil hit our price target of $80 and continues to slide lower. At the moment, it trades slightly above $76, which marks a decline of nearly 20% from the highs in late September 2023. Today, we want to talk concisely about two things. First, China’s demand for oil began to slow down again after slightly picking up during the summer,...

Tradersweekly Updated 

As the bearish setup we introduced last week was not triggered, we continue to watch the SPX on the sidelines and wait for a better trade opportunity to emerge. In the meantime, we want to highlight a persistent positive correlation between the U.S. and Chinese markets. It is amazing how, once again, the reversal in the Chinese stocks preceded the same price...

Tradersweekly Updated 

For the past four trading sessions, West Texas Intermediate crude oil oscillated between $83 and $85 per barrel. At the moment, it trades near the lower end of this range, and technical indicators on the daily chart continue to grow bearish; the same applies to technicals on the weekly graph. As a result, the likelihood of oil slumping below $80 in the...

Tradersweekly Updated 

As Bitcoin’s price action continues to grow erratic, we keep staying on the sidelines and monitoring the situation. Today, we would like to highlight one development that occurred yesterday when Bitcoin nearly hit $36,000. We are talking about the significant drop in the number of Bitcoin addresses with balances exceeding 100 BTC (remember, there was a massive...

Tradersweekly Updated 

During yesterday’s FOMC press conference, Jerome Powell outlined the resiliency of the U.S. economy and labor market. In addition to that, the chairman reiterated the FED’s commitment to fighting inflation and bringing it to the goal of 2%. However, when asked whether the FED is confident about financial conditions being restrictive enough to finish the fight, the...

Tradersweekly Updated 

The S&P 500 Index bounced off the support near $4,103 on Friday. Then, today, the futures market opened up about 0.5%, bringing the index closer to $4,140 (by the way, on Friday, the futures market also opened up by approximately the same amount). Now, we will observe whether the index will overtake its Friday high; if yes, it will bolster the odds of a rebound in...