Cryptic ball: just a double top?
It's like not much has happened over the past days as the markets remain comfortably numb to the pain felt around them, be it due to this war, impoverishment through inflation, or even the odd bat showing up in a Batman movie screening!
So, let's talk about some things that provide clues for the weekend ahead.
- Bitcoin tried to break $40k again as Putin remarked of "certain positive developments" but the news was short-lived and the pump failed. Bears haven't attacked yet, allowing bulls to secure a higher low at $38.5k. If that level is breached, I'm expecting BTC to test $37k and if that fails then $35k is next.
- Terra's LUNA, one of the alts with the best relative performance this month, has also retraced 15% since yesterday's failed attempt at a new all-time high. If bulls don't catch up their breath soon, the weekend will likely feel dumpy as the chart hints at a double top which will scare most in absence of greed.
- US stonks are about to close the week on a red note too, with the Dow heading for the fifth consecutive week of losses, further adding pessimism to an already complicated context - with all major indices stuck in bear territory.
Still, with all this fear going on and most eyes gazing at overpriced commodities, I'm not expecting anything to catch the world by surprise over the next few days. Yes, Friday the 18th we'll have the Fed likely hiking interest rates, but that's priced in. So, unless Putin scales the nuclear threat I believe we'll continue to range. However, this is one of those weekends where I rather be hedged. Stay safe!
Chart art: just (another) bad week?
Three things: just a priority?
- Jack Niewold tells us "how to curate an above-average Twitter feed".
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- The DeFi Edge tells us "how to find the time to keep up with crypto".