Do or Die Moment for Crypto

StatsEdgeTrading

Cryptocurrency Highlights

Bitcoin

On the weekly chart, Bitcoin broke its prior low but managed to bounce back by the end of the day. With the weekly candle still open for two more days, I'll be closely monitoring any potential rebound. I'm currently hesitant to short Bitcoin and expect prolonged consolidation before a definitive move.

Ethereum

Ethereum demonstrates relative strength compared to Bitcoin, holding its prior lows and showing resilience. Despite its overall weakness on a larger scale, Ethereum’s short-term performance remains notable.

Solana

Solana is maintaining its key support levels, indicating a positive outlook if it continues to hold. It’s crucial to watch for any movements back to previous highs and their subsequent impact.

Precious Metals

Gold

Gold is holding well at its recent highs. The monthly chart suggests a digestion phase, indicating potential sideways movement before a possible rise.

Silver

Silver shows relative strength, holding its prior lows and moving higher. This performance suggests a favorable position in the current market environment.

Forex and Dollar Analysis

Dollar Index

The Dollar Index has broken down from an ascending triangle pattern, indicating further weakness. We'll need to observe if sellers enter at higher prices or if the index will retest lower levels.

Japanese Yen

Despite intervention from the Bank of Japan, the Yen continues its upward trend. The market's reaction suggests a strong trend, which will be interesting to follow.

Aussie CAD

After a period of consolidation around the anchored VWAP, Aussie CAD shows potential for an upward move. This will be a key area to watch in the coming week.

Stock Market Overview

S&P 500 (SPY)

The S&P 500 continues its strong uptrend, negating previous bearish concerns. I remain long in this market, adjusting my stance as necessary based on trend developments.

Bitcoin Miners ETF (WGMI)

Notably, the Bitcoin Miners ETF is breaking out despite a slow stock market week due to holidays. This sector's resilience is worth monitoring.

Mid and Small Caps (MDY and IWM)

Mid and small-cap stocks are not experiencing the same gains as large-cap tech, highlighting a divergence in market performance.

Mega Cap Tech (Meta, Apple)

Mega cap tech stocks continue to perform strongly, with Meta and Apple leading the charge. These remain the focal points until market conditions change.

Discretionary Stock Pick: Snapchat

Snapchat presents a promising trade opportunity with a forming cup and handle pattern. A breakout from this pattern offers a good risk-reward scenario, making it a stock to watch.