Crypto getting destroyed while the stock market and tech stocks soar to new ATHs this week. π€
This feels like the final shakeout before the next leg up begins.
Especially when considering the softer than expected inflation data.
I was worried when the stock market and tech stocks were selling off the other day, but they're now showing signs of life.
A technical bounce for $MINA may be imminent. I re-entered my position at $1.02.
BTW follow me at @Layer1Report for more market signals.
Tech stocks are starting to show some life again.
My model printed a new buy signal for $QQQ at $443.
If this holds up tomorrow, I'd expect some positive price action in crypto into the weekend.
UPDATE:
$MINA got pretty close to hitting the 200dMa this morning. It hit a low of $0.99.
If we continue to drop, I expect there will be strong support near $0.96.
$MINA next major support is near $0.96 at the 200dMa.
We haven't tested the 200d this entire bull cycle. It will be good to see if we test and hold it and get a strong bounce.
@brust_herr@SercioSah Tax season can play a role for sure. People need to sell assets to cover tax bills.
This Dow Jones seasonal chart shows early April usually has a dip.
@SercioSah Hard to say. Possibly a bounce after tax season.
With that said, the stock market is looking pretty weak right now, which is causing issues for alts.
$MINA next major support is near $0.96 at the 200dMa.
We haven't tested the 200d this entire bull cycle. It will be good to see if we test and hold it and get a strong bounce.
UPDATE
Based on my recent tweets, I'm proceeding with more caution. I've exited half of my $MINA position and will hold the remaining half as a long-term bag with expectations of more downside in the short-term.
If the stock market and ETH rebound quickly, I'll buy back.
$BTC has been in accumulation mode from $61.8k to $73.2k. This is generally a bullish signal and points to more upside ahead.
I'd be concerned if we lost $61.8k. That's the area where my algo would also print a sell signal.
For now, we continue to chop.
Another bearish sign. My model just printed an exit signal for $ETH today.
It's been long since Oct 22. It only exited for a few weeks in Jan, but otherwise been long for ~5mo.
I took profits today. I will re-enter on the next buy signal. Will let you all know when it prints.
$MINA fam this is something to keep an eye on. My SP500 model printed a trend reversal today. I'm hoping it's a false signal, followed by a quick rebound.
It's worth taking this seriously as a stock market correction would lead to a bigger sell off in crypto.
The SP500 is showing weakness. My model has been mostly in position since Nov 2.
It only briefly exited in early Jan and got back in a few days later. Today, it exited again.
This makes me concerned about $BTC and alts. A bigger correction could be due if $SPX doesn't recover.
Looking forward, I still think $MINA breaks through the ~$1.70 resistance on the next attempt.
The bigger question is how long must we wait for another test?
Hard to say.
Typically I would be a little more aggressive to take some profits, which always pisses off my followers (heh).
I've learned my lesson how fast $MINA can correct. Can give back weeks or months of gains in a candle or two.
In retrospect, I regret not following my more strict plans, but it's all good.
@genki0893@LeDudeAbides Thanks, i try to keep a close eye on things. I can usually sniff out where we'll hit resistance or find support. It's harder to predict timing though.