Market Insights 02/08/22
With some key economic figures coming later this week, some thoughts on the broad market and levels that I have my eye on in the S&P and BTC.
Last week I shared some key levels in the Bitcoin chart. In that post, I said I wanted to see what Bitcoin did over the weekend. As Tuesday comes to a close, not only has Bitcoin convincingly moved through my first resistance level (pink line), but it is now flirting with my next level to keep an eye on (yellow line).
At roughly $44k, Bitcoin is now about two thirds of the way to my next resistance mark. I think we'll probably see some chop in this general area before a potential breakout above $46k. The RSI 14 is getting a little elevated but we're not overbought yet on the daily chart. On the weekly chart, there is plenty of room to run both in price and in RSI.
You can see Bitcoin is now ahead of the 8 week moving average ($42,739). Not only that but a downtrend in weekly RSI 14 has broken out. Even if we didn't just find Bitcoin's bottom, I think we're going to see Bitcoin at least get to $50k before we see any reversal. If that is indeed the case, this could just be a counter trend rally in what is otherwise a bear market in Bitcoin. I'm honestly not sure. I'd listen to both sides, to be honest. But for now, I think bulls still have control for another few grand.
Here's what I'm seeing in STONKS
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