Let's start with the fact that it's been a while since the market has had a good opportunity for swing trades and spot purchasing. My previous post was about how we will not be reaching higher prices. In fact, the DOW JONES topped since that post. Now in October we are still in a down-trend and the monthly chart on the DOW JONES has crossed...so more down is still in my expectations. The DXY in my last post showed weakness at 101, dropped as expected to 99, but not for long and has now since rebounded back to 107. Forex has just been a mess, trading in a monthly range, more or less for the most part. BTC is now back at 31k after that drop below 25k. If you are looking to learn to trade, or would like to optimize your current strategies go to www.FSharpGroup.com to book an appointment. As far as the crypto, I was warning about expecting a flush, especially in alt coins, which happened...but adjust and prepare for this bounce. Following the DOW JONES is an overall expectation of stocks / indexes like the S&P. Below I show the DOW JONES on my 1month chart analysis that I'm watching.
I want to share this weekly chart, and since this is supposed to be a weekly view, I just want to alert how much pressure and volume crypto is in right now. This will definitely indicate a take profit area, and personally I'm not looking to take any more exposure right now until this finds its support to the lows. If you pull up the monthly chart on a wider view, 32k-30k has so much resistance that this will find its support down in order to follow through up from here. Taking in consideration world events and the nature of the festive times arriving closer to the New Year, makes more sense for this hype and volume to fizzle out. In my chart, I believe that if bitcoin falls below 26k, this will be a different new year... expecting tests back to 20k.
The alt-coin I'm watching closely and I'm very bullish on currently is YFI. Watching the monthly, weekly, and 3day, they are all showing great signs of a rebound like a rounded bottom. PEPE also on the monthly- showing lots of likelihood of a bottom. Meanwhile, SHIBA & ETH look like the DOW JONES to me, and could drop more and it's still possible to see BTC do that too. Depending on BTC... the final coin I'm very interested in is ADA, and on the monthly showing signs of a rounded bottom. To me, that shows a true bottom, which could be possible if BTC holds 26k or better in the next 2 months.
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