Tradersweekly

Tradersweekly

While bullish in the long term, we are still awaiting further pullback in the price of gold after its impressive run above $2,000. Right now, we are paying close attention to support and resistance levels near $2,009, $1,985, and $1,959. If the price of gold manages to hold above $1,985, it will be positive; the same applies to the breakout above $2,000 and...

Tradersweekly Updated 

In a wild sequence of events, we saw the number of Bitcoin addresses (with holdings exceeding 100 BTC) soar last week, followed by the announcement of fake news and the breakout above $30,000. But as if this was not enough, Bitcoin did not stop there, and euphoria around Bitcoin Spot ETF approval caused it to spike almost as high as $36,000 overnight. While these...

Tradersweekly

The current earnings season in the United States brought forth intriguing results. Nevertheless, we have seen some adverse reactions to relatively good results. For example, Alphabet (Google) lost about 10% following its quarterly earnings on Tuesday, despite its revenues and net income soaring (YoY) in 3Q23 by a significant margin (though it is important to note...

Tradersweekly

A few weeks ago, we expressed our bewilderment at the U.S. administration and its handling of the oil stockpiles. Despite oil plummeting below $70 during the summer, officials did not take the initiative to refill the Strategic Petroleum Reserves (also canceling plans to buy oil in July 2023), prompting us to speculate about what trick the administration could...

Tradersweekly Updated 

One of the cryptocurrencies that came to our attention recently is Binance Coin. Currently, it trades near $213, down nearly 40% from its summer highs, which makes a compelling case for a rebound. As a result, we watch a setup with a long position entry above Resistance 1 and a tight stop-loss order below it; Resistance 2 will act as our price target level if the...

Tradersweekly Updated 

Yesterday, the Volatility S&P 500 Index hit its highest value since late March 2023 (when regional banks were imploding), reflecting a quickly deteriorating sentiment among market participants. Both SPX and ES1! constituted a new daily low, which continues to support a bearish case. This case is also supported by RSI and Stochastic reversing on the daily time...

Tradersweekly

In the previous idea about gold, we expressed skepticism for overly bullish prospects in the short term (in the long term, we stay bullish). The main idea behind that is gold often reacts (initially) positively to geopolitical tensions, stock market weakness, or any type of disruptive event. Nevertheless, even if persistent, these events (or disruptions)...

Tradersweekly Updated 

We saw XRPUSD pop slightly above $0.51 three days ago on the fake news about the SEC approval of Bitcoin Spot ETF. However, these gains lasted briefly, and XRPUSD bounced off the 50-day SMA that remains hovering above the 20-day SMA, indicating a downtrend. As for other technicals (on the daily time frame), MACD, RSI, and Stochastic are bearish. In fact, MACD...

Tradersweekly Updated 

In the previous idea about Bitcoin, we emphasized the need for quick action in regard to cutting a short position with a breakout above $28,000. By now, this should provide one’s cryptocurrency portfolio with protection from the volatile whipsaws and allow for a calm reassessment of the situation. Rising volatility and resumption of the weakness in the stock...

Tradersweekly Updated 

The past few days were quite choppy for SPX. However, S&P 500 E-mini Futures have not broken above the 0.5 Fibonacci retracement level. That allows us to maintain a bearish stance and keep the recently introduced setup valid. As a result, there is not much to write about today, except for one noteworthy thing that caught our attention overnight: one of the largest...

Tradersweekly

After literally months of waiting, we finally signaled that gold had reached some attractive price levels on 2nd October 2023. Subsequently, gold bottomed out in the next four days and rose more than $150 from its lows. While these gains are impressive, we are starting to grow very skeptical about how much higher gold can go from the current level. That’s because...

Tradersweekly

Meta Platforms posted a new 52-week high last week, hitting $330.54. After that, it retreated lower, creating a potential setup for a double-top pattern. As a result, we are carefully watching the developments on the daily chart, with the main focus on RSI, which seems to have topped slightly below 70 points last week. In many instances, such behavior is...

Tradersweekly Updated 

Bitcoin jumped by more than $500 within a minute during the early European morning. Currently, it trades around $27,800, and once again, we will pay close attention to the critical resistance level at $28,000. If Bitcoin breaks above the resistance, it will be slightly bullish; indeed, it will also coincide with tight management of the short position, cutting it...

Tradersweekly Updated 

After staying adamant in our assessment that XRP was manifesting only another short-lived bounce above $0.50 (and then fakeout above $0.54), we finally saw it falter in the past few days. Overall, the picture has not improved, and technicals point to more weakness for the token. We still believe the support at $0.43 will be taken out, and new lows will be put in....

Tradersweekly Updated 

Yesterday, Bitcoin dropped below an important support at $26,800. Currently, it trades slightly above this level. As a result, we will pay attention to Bitcoin’s ability to stay above $26,800; if it fails, it will be negative. Besides that, we will also watch RSI, Stochastic, and MACD on a daily time frame, all of which started to flatten recently and now point to...

Tradersweekly Updated 

S&P 500 E-mini Futures (ES1!) bouncing off the 0.5 Fibonacci retracement level prompted us to introduce an aggressive trade setup yesterday, with a short entry below this level and tight stop-loss above it. After that, we wished to see a surge in VIX, which subsequently materialized, and VIX skyrocketed more than 17% within two hours or so. Today, to further...

Tradersweekly Updated 

Finally, the SPX rebounded to the level we initially expected it to reach (outlined last Friday). This move was accompanied by a bullish reversal in RSI, MACD, and Stochastic on the daily chart. To support a continuation higher, we want to see these indicators continue to develop bullish structures. However, to support a thesis that this is merely a correction of...

Tradersweekly Updated 

Over the weekend, a new conflict broke out in the Middle East after Hamas, a designated terrorist organization, initiated an assault on Israel. This attack is already roiling the oil market, which saw oil prices rise more than 5% after the futures market opened. However, it is possible the impact has not been fully felt yet, considering the potential for further...