Yesterday, Bitcoin endured a volatile session with an early plunge to $25 000, followed by a rebound to a new high of $23 815. Interestingly, the price action occurred after the U.S. stock market closed and was characteristic of profit-taking, lasting merely a few minutes. This ties to a pattern of wild moves to the upside after the market close or during the...
Bitcoin is up approximately 46% since its 2022 low, and market euphoria is taking over. There is a tremendous increase in ideas claiming a primary trend reversal (from bearish to bullish) and people dismissing any chances of a recession in 2023. However, we want to take a step back and ignore the noise. Over the past year (since the 2021 market top), there were...
With the recent rally in the cryptocurrency market, the XRP community is becoming overly bullish again. As a result, we see double, triple, four, and even five-digit price targets being promoted with assurances that nothing will ever go wrong for XRP. However, we would like to remind our audience that there is nothing like risk-free investment in the trading...
More than a week ago, XRP reached our short-term price target of 0.30$ in a brief and sharp selloff. However, since then, the price has erased its losses and gained over 20% from the low. Interestingly, this retracement coincides with the price returning to the 50-day SMA, which is usually associated with corrections of the primary trend. Therefore, we will pay...
SPX is up 4.5% since the start of 2023 and 14.5% since its lows in October 2022. As a result, we are noticing an increase in calls for recovery and the beginning of a bull market. However, we are skeptical about these calls. With 2022 full-year results from U.S. banks, we now know their net profit decreased dramatically from the previous year; in the case of...
Recently, Bitcoin broke above the narrow range we showed in previous articles. Subsequently, it gained bullish momentum, rising to $21 456. Interestingly, the cryptocurrency paused its climb slightly below the resistance at $21 473. If Bitcoin breaks above this level, it will further bolster the bullish case in the short term. However, the inability to break above...
Another big bank that reported its earnings on the past Friday is Bank of America. The bank generated $27.5 billion in net profit and $95 billion in revenue for the full-year 2022. Its net income decreased by 14%, and revenue rose by 6.6%. The net interest income jumped by 22%, and the noninterest income dropped by 8%. The Consumer Banking segment added over 1...
During the summer of 2022, we laid out a thesis about the stock market progressing in the second stage of the bear market. We said that we would look for signs of corporate underperformance and downgrades in forward guidance within earnings statements for 3Q22 and 4Q22. In the 3Q22 earnings season, many companies began downgrading future outlooks and warning...
In our last post on Bitcoin, we reiterated our bearish stance (beyond the short-term). However, we also allowed for the possibility of BTCUSD moving higher after breaking above $17 250 (the upper bound of a narrow range). Since then, the volume has seen gradual growth accompanying a price increase of more than 10%. Furthermore, the daily time frame has managed to...
Since our previous idea, gold bounced higher, breaking the $1 900 price tag. Currently, XAUUSD trades near $1 908, bringing it up more than 4% year to date. We continue to be highly bullish on this asset in the long term. However, we are still worried that stock and cryptocurrency markets are also rising tremendously; based on the information available, we believe...
In our previous post on the Nasdaq index, we stated that the bullish breakout above the descending channel would bolster the bullish odds in the short term. Furthermore, we said that in such a scenario, we would closely observe volume and the ability of SMAs to halt the price rise. Interestingly, after the breakout, NQ1! jumped approximately 3.8% and stopped...
As Ethereum’s chart closely resembles Bitcoin’s graph, there is not much to report. Despite that, we would like to remind our audience that we stay committed to our price targets of 1000$ and 900$. Our thesis is based on a combination of fundamental and technical factors explained in the idea attached to Illustration 1.01. Illustration 1.01 Illustration 1.01...
Since December 2022, the price of West Texas Intermediate crude oil has been moving choppily between $70 and $83. Currently, one barrel trades near $77.50. We continue waiting on the sidelines for the market picture to clear. However, we are still unconvinced by bullish scenarios for oil, forecasting a return of $100 and above. That is because we already see a...
Bitcoin is getting stuck within the narrow range, manifesting a neutral trend. It currently trades near $17 200, which is slightly below the range's upper bound. In the big picture, we continue to be bearish on Bitcoin. However, the lack of a trend makes a case for both scenarios, bullish and bearish. Therefore, we will pay close attention to the price action and...
Over the past two months, Bitcoin’s volatility and volume have diminished significantly, which hardly supports the bullish narrative about the growing interest in Bitcoin. At the same time, active addresses holding Bitcoin dropped from 5 165 158 on 7th November 2022 to only 4 585 372 on 26th December 2022 (based on the information obtained from Glassnode),...
On 8th November 2022, shares of Exxon Mobil reached a high of 114.66$, marking over a 280% increase since their lows in March 2020. The company has enjoyed this two-year lasting rally thanks to the growing prices of oil, which translated into growing corporate earnings during this period. However, with oil prices peaking in the first half of 2022 and worsening...
Last year, NQ1! dropped approximately 34%, entering a bear market territory. In 2023, we hardly expect any significant improvement in the stock market due to the persistence of bearish fundamental factors, including high inflation, the prospect of more interest rate hikes, and a global slowdown. We expect these factors to stay in place throughout the year and...
Since our previous idea, USOIL broke above 80$ and halted its rise slightly below the 50-day SMA. After that, it faltered to 79$ handle where it currently trades. Meanwhile, we noticed bullish calls emerging all over the place. However, while we allow for the possibility of a further price increase, we do not think it will be as dramatic as many people forecast....