Tradersweekly

Tradersweekly

Bitcoin rebounded above $70,000 after falling nearly 18% earlier this month. Currently, it trades near the $71,200 price tag. Technical indicators such as RSI, MACD, and Stochastic began reversing to the upside on the daily chart. In addition to that, the number of Bitcoin addresses with balances exceeding 1,000 BTC continued to rise, suggesting that some of the...

Tradersweekly Updated 

Bitcoin has erased nearly 14% in the past five days, falling below $64,000. In the process, it broke below the ascending trendline that connects peaks from January 2023 and March 2023. On top of that, technicals like RSI, MACD, and Stochastic have continued to decline on the daily time frame, which is turning increasingly bearish and could imply that the...

Tradersweekly

Yesterday’s FOMC meeting ended as widely anticipated, with no change to monetary policy. During the press conference, the FED’s chairman reiterated the central bank’s commitment to bringing inflation under control and outlined a strong economy and tight labor market. Jerome Powell also described inflation as being on a downward trajectory and explained the need to...

Tradersweekly Updated 

Yesterday’s financial print in the United States revealed an uptick in inflation. For the second month of 2024, the inflation rate rose by 0.4% MoM (accelerating 0.1% from January 2024) and 3.2% YoY (accelerating 0.1% from January 2024). Meanwhile, the core inflation rose by 0.4% MoM (staying unchanged) and 3.8% YoY (showing a decrease of 0.1% versus the previous...

Tradersweekly

West Texas Intermediate crude oil regained a bullish momentum and managed to establish a new high at $81.58, which marks the highest value in over four months. Additionally, RSI, MACD, and Stochastic all moved higher on the daily chart. These developments are positive for oil and bolster a bullish case in the short term and medium term. However, while it is...

Tradersweekly

Bitcoin dropped below $67,000 overnight. Interestingly, this price action was preceded by a bearish breakout in the RSI and a reversal in MACD and Stochastic on the daily chart. These developments are highly worrisome, especially as the stock market rally is losing steam at the same time as Bitcoin; since the two markets are quite overbought, the case for a...

Tradersweekly

Volkswagen’s shares have been on a downward trajectory for about three years now, dropping by more than 50%. However, after finding a bottom (presumably) in October 2023, the company’s stock has been ticking higher and forming an upward-sloping channel. While it is yet to be seen whether these shares have really bottomed out, certain developments might boost the...

Tradersweekly Updated 

Bitcoin established a new high just below $73,000 before retracing slightly lower. Indicators such as RSI, MACD, and Stochastic continue to point in the bullish direction on the daily time frame. However, the RSI began diverging from the price, which is something to monitor in the foreseeable future. In addition to that, daily, weekly, and monthly time frames are...

Tradersweekly Updated 

West Texas Intermediate crude oil continues to trade within the upward-sloping channel. However, its bullish trend remains weak, as reflected in the relatively low (but growing) value of ADX (on the daily time frame). In the past two trading sessions, the daily RSI continued to flatten, Stochastic turned lower, and MACD performed a bearish crossover while staying...

Tradersweekly

Month after month, the United States has been reporting strong labor market conditions and lots of new jobs being created. However, revisions to past data are often less talked about in the media, which might tell a somewhat different story than headline numbers at the time of their announcement. Friday’s report shows that nonfarm payrolls rose by 275,000 in...

Tradersweekly Updated 

Yesterday, the SPX formed an opening gap and erased some of its recent gains, which was accompanied by nearly a 10% jump in the VIX. What is particularly interesting about this is the formation of the island reversal pattern on the daily chart. The formation of this topping pattern and simultaneous rise in the VIX after a period of strong gains in the U.S. equity...

Tradersweekly Updated 

After reaching a new all-time high yesterday, Bitcoin underwent a mini flash crash, erasing more than 14% in less than five hours and falling below $60,000. Nevertheless, it took only a few more hours for Bitcoin to recover and get back above the $66,000 handle, where it currently trades. The number of Bitcoin addresses with balances exceeding 1,000 BTC slightly...

Tradersweekly Updated 

While the market continues to rise and investors grow confident the rally won't stop, the VIX keeps subtly making higher highs and higher lows. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a...

Tradersweekly Updated 

Bitcoin extended its rise above $64,000 overnight. Since our previous update, there has not been much change to the number of Bitcoin addresses with balances exceeding 1,000 BTC. However, the addresses with balances exceeding 100 BTC continue to gain growing momentum. On the technical side, daily, weekly, and monthly time frames remain bullish, with multiple...

Tradersweekly Updated 

Yesterday, OPEC and its allies announced plans to extend a voluntary oil production cut of 2.2 million barrels per day through June 2024. Currently, the USOIL trades near $80.20 per barrel, and its structure is undergoing a significant change. Since late November 2023, the USOIL has traded predominantly sideways between $70 and $80 per barrel. However, last week,...

Tradersweekly

The SPX has remained relatively stable since our previous update, trading between $5,000 and $5,100. In the meantime, its bullish momentum slightly decreased (reflected in the declining ADX on the daily chart), and Stochastic, MACD, and RSI remained bullish. In addition to that, the VIX dropped but has not distorted the structure with higher highs and higher lows....

Tradersweekly Updated 

As euphoria grows more and more reminiscent of the market peak in late 2021, there is one strong warning signal emerging. Based on the data from LookIntoBitcoin, the number of Bitcoin addresses with balances exceeding 1,000 BTC underwent a considerable drop yesterday just as Bitcoin managed to break above $60,000. This figure dropped from 2,159 to 2,092, which...

Tradersweekly Updated 

Optimism surrounding earnings last week helped to push the market higher. As a result, the SPX established a new all-time high above $5,100, and the VIX faltered below $14. Subsequently, it did not take long for Wallstreet analysts to upgrade their price targets for various companies, including the one with the most hype around it, NVIDIA. Some of these forecasts...