In this edition of our newsletter, we will focus on the four major markets: SPX, NASDAQ, Bitcoin, and Altcoins, seeking similarities to draw conclusions.
Facts:
All four markets show active bull signals.
All four markets are above the divider band.
Bitcoin and Altcoins have retraced over the past three weeks and are testing the bands as support.
SPX confirmed take-profit signal a couple weeks ago, while NASDAQ is trading in a red area right now.
The trend oscillator is red for all four assets.
Conclussions below
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Conclusion:
In the macro picture, all assets appear healthy (except altcoins which are 50-50 right now) as they are above the divider band and the trendline that marked the bear market for months.
In the short term (1-4 weeks), there is some instability due to recent take-profit signals , which is indicating that the price is testing support.
Considering all this, I am inclined to believe that the divider band should hold as support, so I will buy at spot close to band as possible (22K-25K would be ideal) and add if we get a green circle on our oscillator. This is the most likely scenario (for Bitcoin, it could drop to 22,500 and still remain above the band).
For Altcoins, it is better IMO to wait for rebound signals on the weekly chart before making any mid term decisions.
Oscillator line still red, so can not say we are on full bull market mode. Markets need a little push first, that is the main reason why i a am cautious and waiting for at least the green circle.
I will change my point of view only if assets close a full candle below divider band.
Algo #1 and 2
Trend Oscillator
Oscillator line still red , and only a green circle on nasdaq, waiting patiently for the same signal on Bitcoin and Alts.
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