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Market Update 12/5 – Crypto Ideas after a Wild Weekend
That 11/10 reversal nailed the high. From high to low, BTCUSD dropped 39%. The low over the weekend was at the center line from the channel that originates at the 2015 low. 53000 has been a key level since September and I’m watching for resistance at that level. With the low at the center line however, watch for support at 45000-46000. An aggressive bearish target on a break of the center line is 23000. The longer term picture is below.
Market Update: December 20
DXY is up sharply in early week trading, raising the specter that wave ‘5 of 5’ is complete at last week’s low. If the rally stretches into 5 waves, then focus will be on buying a small pullback for what likely proves to be a multi-month rally in order to correct the entire decline from the March high. Stay tuned.
Market Update – 11/18 – USDTRY (gasp!) Channel
The TRY crisis has led to USDTRY near (or at…I’ll explain) the top of a decade + channel. The channel top when using intraday highs/lows is about 11.61. When using daily closing prices, USDTRY is at the line now. An interesting juncture and one that wouldn’t be surprising as resistance. That’s as bold as I’ll get regarding USDTRY comments right now.
Market Update – May 13
ES broke the noted level at the end of the day. 2885 is now resistance if reached and general focus is towards the 2637/97 zone (yellow box). The bottom of this zone was resistance in March. It’s also the 38.2% retrace of the decline from the February high. The top of the zone is VWAP from the low and the 3/13 high.
Greenback Gains Against Comdolls As Risk Sentiment Dampens
The US dollar advanced against risk-sensitive currencies including the Australian dollar, New Zealand dollar and Canadian dollar in early trading on Thursday. The move came after a gloomy economic forecast from the Fed and reports of rising coronavirus cases in the US.
Market Update – August 5
There are similarities between the current gold rally and the rally into the 2011 top. Price has met the line off of the February and August 2019 highs (highs of proposed waves 1 and 3).