Bitcoin Breaks Upwards to $30,000, When Will Altcoins Follow Along?
It might feel strange, but green candles do take place in a market, especially the crypto markets. The cryptocurrency markets have been taking big hits in the previous two years, but it seems to be that we're on the edge of a bull cycle to take place. That will mean that we're going to have life-changing opportunities on the markets for altcoins as well, but what should we be looking at if we want to trade them?
A Closer Look at U.S. Stock Indices
In this week’s issue of our Deep Dive Wednesday Trade Letter series I will have a closer look at the charts of three major U.S. stock indices; the S&P 500, the Dow Jones Industrial Average (“Dow”), and the Nasdaq 100 (“NAS100”). There hasn't been that much confluence between these indices and Bitcoin price action recently, but stocks as a traditional risk-on investment asset, can give us wide reaching hints about the general outlook and risk appetite in the market.
Will the dollar continue its uptrend? And what does this mean for the markets?
My bias for the upcoming week is quite clear. So, I will take you through my outlook for this trading week.
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When are Altcoins going to Surge?
Uptober isn't really Uptober for Bitcoin. Price has been correcting towards a level beneath $27,000 and doesn't show that much strength. On the other hand, it could signal a potential buy entry for the markets if the SEC appeal isn't going to happen and the ETF momentum starts to kick back in. Sentiment can switch quite easily. What about altcoins? Where are they right now?
Uptober or Rektober?
It was the only thing that was talked about on social media. Let's close the month of September and we will have upwards momentum in the month October, or so famously called 'Uptober'. People are saying this due to the fact that October, historically speaking, is a good month for crypto when it comes to the performance of crypto. That in combination with the well known quote: "History tends to repeat itself" and everybody with an affinity in crypto is only seeing the good things, but they forget that we are trading at a key level right now... In this tradeletter we will discuss the price action from Bitcoin to see what we can expect in the midterm.
Trouble in the Middle East and the impact on financial markets.
Global financial markets, already shaken by rising interest rates, are now grappling with fresh geopolitical uncertainty following Hamas's surprise attack on Israel.
Mastering Trading Psychology: The Key to Success
Over the past few weeks, we've dedicated a lot of attention to market outlooks and the macroeconomy, and since there have been few changes in this area, we want to delve deeper into a piece of trading psychology in this edition of the trade letter. Many traders tend to forget that the most crucial aspect of trading is decision-making. The right decisions are made with the right mindset and trained skills.
Are We There Yet?
The U.S. Securities and Exchange Commission (SEC) has surprised market participants by prematurely delaying its decision on several spot bitcoin Exchange-Traded Fund (ETF) applications. Prominent candidates affected by this delay include BlackRock, Invesco, Bitwise, and Valkyrie. Despite the news, Bitcoin took out the swing highs of September 19 and August 29 today, and developing a higher high - higher low pattern. For a temporary uptrend to continue, price should stay over 26k$, and after another higher low, ideally around 27 - 27.5k$, the dealing range EQ of 28.3k$ can be broken. If this will be the case, a further increase towards at least 30k$ can be anticipated.
The Altcoin Bull Market Could Be Started!
The markets are heating up, as Bitcoin is breaking above $27,000. Altcoins are starting to show momentum, with Chainlink facing the 15th test of the range high and we're getting the Ethereum Futures ETF in a few weeks time. What's next? Why are these altcoins moving all of a sudden? That's what we'll be discussing in todays version of the Trade Letter!