Crypto/Equities Market Update 5/29/2022
Subtle Rally. Needs to hold. Keep a tight risk profile.
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Cryptocurrency
What do the colors represent?
TEAL – Weekly Close above 53.7k = High Probability of continuing bull run.
LIGHT BLUE – Weekly Close above 50k = High probability of possible reversal.
WHITE – Weekly Close Below 42.2k = High probability of going lower.
RED – Weekly Close below 32.1k = High probability run is done.
Update:
Bitcoin has decoupled from the stock market. Bitcoin was selling off as the equities market was starting to rally. I’m not sure if the inverse will stay the same, but it’s important to note that this level is pretty low. Many people have not bought and that’s totally fine if you have a plan. If your plan doesn’t work - what will you do?
On smaller timeframes, Bitcoin seems to be starting a small rally upwards at this time of this writing. There’s a lot of overhead resistance to overcome. If we really start to rally then the next resistance points will be 32, 34, and 38k. After that it all depends on what the market decides. Don’t get overly bullish. Keep your emotions in check and be very cautious at this time.
Equities
What do the colors represent?
BLUE - WEEKLY CLOSE ABOVE 14.7K
PURPLE - 1ST SUPPORT 12.4 – Close below this -> See Next Support
TEAL - 2ND SUPPORT 11.8 - Close below this -> See Next Support
RED - 3RD SUPPORT10.8 Close below this -> Invalidation.
Update:
This rally is going to be a normal pullback rally for any short seller. This is when many are taking profits. As shorts take profits, the bulls (longs) will also start to buy and create buying pressure in this direction. We don’t know if this will continue. The weekly 200MA still hasn’t been tested and that’s a very key level. We have 11k Nasdaq area for the weeks though. I would base my risk here and then keep a tight risk profile to make sure the investment doesn’t go against me if I’m in profit. Raise your stops as you start to get more in the green.
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