Tradersweekly

Tradersweekly

Yesterday, Bitcoin briefly surged past the $30,000 mark amid news about a new Federal Reserve program named Novel Activities Supervision Program. The statement on the central bank’s website says, “The Program will focus on novel activities related to crypto-assets, distributed ledger technology (DLT), and complex, technology-driven partnerships with nonbanks to...

Tradersweekly Updated 

On Saturday, we drew attention to the bearish crossover between the 20-day SMA and the 50-day SMA. As much has not changed since that, we have no reason to change our stance and continue to think there is a good chance of Bitcoin falling lower (to the area around $27,00). We will update our thoughts once new developments appear. Technical analysis gauge Daily...

Tradersweekly

Since our last update, the SPX has largely remained below the resistance near $4,527. Concurrently, the VIX has not shown a notable decrease, hinting at the possibility of more market panic and weakness in the SPX. That, combined with the fact that Chinese stocks continue to roll over, leaves us on high alert, and we are growing increasingly bearish in the short...

Tradersweekly

In today’s update, we want to draw attention to a bearish crossover between the 20-day SMA and the 50-day SMA. This development confirms the presence of a very weak downtrend and bolsters the bearish case in the short term. Therefore, we will pay close attention to the support at $28,574. If it is taken out, then it is very likely we will see Bitcoin test...

Tradersweekly

The gold market has been volatile in the past few days, prompting us to maintain a neutral stance in the short term. However, what caught our interest during this time was MACD trying to cross through the midpoint on the daily chart. If successful, this event will likely coincide with more weakness in gold, potentially dragging it toward the area between $1,900...

Tradersweekly Updated 

In our preceding discussion on silver, we delved into the dynamics of supply and demand, highlighting the deficit in supply compared to demand throughout 2022. In addition to that, we talked about how this opportunity, coupled with some other factors, could present an interesting opportunity to go long silver. Since then, the price of silver rose from around...

Tradersweekly Updated 

In a significant development overnight, Bitcoin plummeted below $29,000, marking a new low at $28,726. In the process, Bitcoin dropped below the 50-day SMA, which previously acted as a support (now it acts as a resistance). In addition to that, DM+ and DM- performed a bearish crossover on the daily time frame, and RSI, MACD, and Stochastic continued to develop...

Tradersweekly Updated 

A while ago, we drew attention to the intriguing correlation between the Chinese and U.S. stock markets. In fact, we presumed that if the Chinese economy and stock market were doing well (following the reopening after Covid-19), it would be inherently positive for the U.S. stock market and could postpone a recession to later. From around October 2022, both indices...

Tradersweekly

In the aftermath of the latest Federal Reserve (FED) meeting and subsequent 25 basis points rate hike, SPX has been experiencing fluctuating price action, oscillating primarily between $4,520 and $4,600. This range-bound activity could indicate investors’ caution as they grapple with the implications of the FED's policy changes and monitor the incoming economic...

Tradersweekly Updated 

Even if you are not a gold bug, you have probably caught the news about central banks being on a gold-buying spree, with 2022 marking the record year for central bank purchases. This trend has not stopped in 2023, and many countries intensified the diversification of their reserves amid economic uncertainty, geopolitical tensions, and high inflation in the United...

Tradersweekly

Overnight, multiple news media reported that according to Brian Armstrong, Coinbase's CEO, the Security Exchange Commission (SEC) advised the platform to halt trading in all cryptocurrencies except for Bitcoin before initiating a lawsuit against the company. The lawsuit, filed last month, accuses Coinbase of failing to comply with the current regulation that...

Tradersweekly Updated 

Bitcoin has been trading around the 50-day SMA for the past three days. As long as it stays below $30,000, prospects of more downside are real, especially as MACD performed a bearish crossover through the midpoint on the daily chart, which is a highly bearish development. Nonetheless, we would like to note that we are still missing confirmation from DM+ and DM-,...

Tradersweekly

Yesterday, Federal Reserve (FED) raised interest rates by 25 basis points. During the press conference, Jerome Powell reiterated the central bank’s commitment to fighting inflation and getting it back to 2%. The chairman noted that the economic activity expanded moderately and that growth and consumer spending slowed from earlier in the year. In regard to the...

Tradersweekly Updated 

Today's focal point rests on the Federal Reserve's (FED) highly anticipated Federal Open Market Committee (FOMC) meeting, which is widely expected to increase interest rates by 25 basis points. This decision would mark the 11th rate hike since inflation started to go rampant in the United States as a result of unprecedented quantitative easing following the...

Tradersweekly Updated 

Over the weekend, the cryptocurrency market was relatively muted. Bitcoin continued to oscillate between $29,600 and $30,350. So far, it has not taken out a low at $29,508 from 18th July 2023. However, it also has not shown signs of stabilizing above $30,000. Therefore, we continue to wait for Bitcoin to either break below $29,508 or hold above the important...

Tradersweekly

Yesterday, after the market close, International Business Machines, Netflix, and Tesla unveiled their earnings for the second quarter of 2023. Investors did not take this news positively, and shares of all three companies slumped in response. Today, in the pre-market, Netflix is down more than 8%, Tesla more than 4%, and IBM approximately 1%. More U.S....

Tradersweekly Updated 

Bitcoin reached a new high of $31,818 last Thursday. The next day, we voiced concern over the potential trend reversal due to the falling number of Bitcoin addresses with balances exceeding 100 and 1000 tokens, implying that big players were taking profits (the same thing happened in April 2023 after Bitcoin rose above $31,000, preceding the drop below $25,000)....

Tradersweekly Updated 

Silver is a precious metal that has long been valued for its versatility, beauty, and rarity. Its unique properties have made it an important material for both monetary and industrial uses. While silver is often overshadowed by gold in terms of investment appeal, it has its own unique investment potential that should not be overlooked. Based on the data from The...