Altcoins Ready For Bull Market?
The altcoins are breaking out left and right, so we can expect them to continue moving, but is it a valid move or are we just seeing ghosts in the markets and those are providing exit liquidity, which we'll most likely are going to get dropped back anyway?
The end of rate hikes?
Investors are anticipating that the Federal Reserve will maintain its current interest rates during its upcoming meeting scheduled for September 19-20. It is expected that the Fed will temporarily refrain from raising rates and will choose to keep the federal funds target rate range steady, between 5.25% and 5.5%. Additionally, they are likely to continue allowing assets to roll off their $8.1 trillion balance sheet. The Federal Open Market Committee (FOMC) is currently navigating the challenge of achieving a "soft landing" for the U.S. economy, with the goal of reducing inflation to approximately 2% without triggering an economic recession in the United States. While the S&P 500 has shown a year-to-date gain of 17.3%, driven by optimism regarding the direction of inflation, there have been recent indicators suggesting that the Federal Reserve's efforts to combat inflation might be starting to have a noticeable impact on the economy, raising concerns.
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Altcoins Ready For A Breakout!
In this update we're looking at a few altcoins which might be ready for a breakout, as we see the strength across the board on altcoins moving left and right. On the other hand, the larger altcoins are showing weakness, so what can we expect as potential trade opportunities?
A Bit More Patience
Nothing has changed structurally for BTC since I wrote the last Macro Monday Trade Letter two weeks ago. The bullish order block is still being respected, and accumulation continues. I expect 1 - 2 weeks of sideways chop, with potential mini “fakeouts” in both directions, but the main thing I am interested in seeing is whether the order block continues to hold. As long as we do not get a confirmed break of this support, it’s simply a waiting game. If price action continues to mimic some more of standard “bore them out of the market” fractals, once (if) things start moving to the upside, the move will be swift.
Is Bitcoin going to range low again?
Last week Bitcoin tried to break out of the range, but it failed again. The break outs that are happening as of late do not really have any conviction behind it. Volume remains low and a lot of the major altcoins are printing new lows. That the altcoins are making new lows is something that concerns me. The whole ‘funding game’ is something that you do not really want to see in a market. Major players are pumping specific assets and are earning a lot of money from it. Yes you could play into it, but it is something that for the majority of people is quite difficult to do so. There is no new money coming in and everything looks like it is bleeding to death.. As most of you know, Bitcoin will always be the leading factor, so let’s dive into the price action of Bitcoin to see where we are and what we can expect over the coming days
The Altcoin Bull Market Could Be Started!
The markets are heating up, as Bitcoin is breaking above $27,000. Altcoins are starting to show momentum, with Chainlink facing the 15th test of the range high and we're getting the Ethereum Futures ETF in a few weeks time. What's next? Why are these altcoins moving all of a sudden? That's what we'll be discussing in todays version of the Trade Letter!
Are We There Yet?
The U.S. Securities and Exchange Commission (SEC) has surprised market participants by prematurely delaying its decision on several spot bitcoin Exchange-Traded Fund (ETF) applications. Prominent candidates affected by this delay include BlackRock, Invesco, Bitwise, and Valkyrie. Despite the news, Bitcoin took out the swing highs of September 19 and August 29 today, and developing a higher high - higher low pattern. For a temporary uptrend to continue, price should stay over 26k$, 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.
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.