Hi Riders, In this edition we will review the weekly chart of Nasdaq, Bitcoin and total altcoins. In summary, to invest in the long term we have not yet broken key levels so we have to wait.
For altcoins there is a confirmed weekly bounce signal, so start paying attention to signals on lower timeframes for longs.
This week we released a very important subindicator: "Key Levels" which is part of Trend Rider Algo #2, make sure you are using the latest version.
We are still working on our learning course, we just have found an idea way to present the material, similar to an online course (stay tuned!)
If you don't have our indicators yet, i invite you to check our free trial at: trend-riders.com/demo
One more week of sideways action on NASDAQ, still holding slightly below Weekly Rider and divider Band. We want a clean break of the macro trendline at 12.5K to start flipping bullish.
Nasdaq 1W chart
For bitcoin, there has been a slight improvement, but we are still below the first major 17.7K level that was missed after the FTX scandal and the first major macro resistance at 22K.
Something that I have been able to notice is that the money flow in the Microstrategy share is increasing and is even currently positive on the daily chart, this may be a foretaste of a movement in bitcoin.
Bitcoin 1W chart
Last Sunday it confirmed a sign of a probable bounce in the weekly chart and we have been able to see these first two of the week as the price has appreciated slightly. In fact, the altcoin chart looks slightly better than the bitcoin chart as the current price is at similar levels to the lower low prior to the FTX crash.
It would be ideal for the bounce signal to lead us to test the lower limit of the Rider Band. Due to this I have positioned myself in some coins based on their daily and weekly chart and I will be aggressively taking profits until at least bitcoin recovers the resistance of 17.7K
Altcoins Marketcap 1W chart