Crypto/Equities Market Update 6/26/2022
In our opinion, this bounce ain't it chief. Sucker's rally.
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Cryptocurrency
What do the colors represent?
LIGHT BLUE – First Accumulation Zone
RED – Second Accumulation Zone
Update:
In the coming weeks we will be coming out with a capitulation thesis for the reason why we think it’s possible to hit the 13.5k range for Bitcoin, but for now these are the areas we would scale in. We know we mentioned this last week about bouncing (I think in the equities section), but that still doesn’t necessarily tell me the market is starting to change. Things take time to bottom and it’s very easy for this to get drawn out. People may FOMO into this rally, but you have to understand that it’s very easy to get caught in this trap. When we think a potential bottom is in, we will definitely let everyone know, but you will have to be accountable for that buy button. Our time frames aren’t the same. Our risk isn’t the same. So in the coming months when we buy, it’s totally up to you. We take no responsibility for anything you do. Just be aware of that.
Equities
What do the colors represent?
RED - 3RD SUPPORT 10.8 Close below this -> Invalidation.
Update:
What is happening?
Many of the markets are going to rally because shorts are covering their positions and we have hit a support level on the NASDAQ. As far as the SPY that’s a different story. Again, this is something that people are going to get caught in. We still don’t like the chart levels we are facing, but it’s important to note the three different charts - 2008 showing how steep the decline is. The time frame you see is in weeks so be careful. Since we’ve invalidated - this is just how we want to show our thesis for holding out and not buying at these levels. We lost money some money on the way down, but could be losing more.
What’s actionable?
Patience. Let the market guide the direction of what we should do. We should be chopping with this range or making a lower low with significant volume to show the short term support of where the market is at.
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