The end of all bears

StatsEdgeTrading

Let's drive into the enchanting world of market charts!

Bitcoin vs Ethereum: A Tale of Two Cryptos

As is our tradition, we will kick off our analysis with Bitcoin.

Despite a drastic pullback a couple of days ago, both Bitcoin and Ethereum are starting to recuperate. What's pivotal is the difference between their comeback paths. Bitcoin is nearly bouncing back to its all-time high, while Ethereum is lagging significantly behind.

"This bifurcation of the crypto market in which Bitcoin is dramatically outperforming Ethereum is important to monitor."

My perfect world? Well, if we get to the recent high and pause for a breath for a day or two before pushing higher, that would be an ideal scenario. We need some consolidation to ply the trade. It's always profitable to trade with the trend!

The Dollar Dances

e

DXY(U.S Dollar Index) had been bouncing back until it broke down this week. Similar to what we had discussed in the earlier week's review, the dollar's pullback made way for Euro's comeback. Also, the impressive thing here is that a short on DXY is practically buying the Euro.

After a wait-and-watch period, we saw a massive Euro rally, leading to some great trading opportunities.

For instance, a Euro Pound breakout that had been in sight triggered yesterday, leading to an incredible trade setup. When the dollar declines, gold rallies. Hence, it's a field day for the gold-longers too!

When the dust settles, we'll await another round of trading in gold.

Equities Breakout!

Moving on to equities now!

The $SPY witnessed a power-packed breakout after weeks of choppy trading. Thanks to the FOMC announcement, the markets made a generous leap.

Remember this, folks – it's not so much about the event's specifics itself but rather the market's reaction to the event.

Propelling forward, both medium and small-cap stocks (MDY & IWM) also enjoyed significant breakouts. Let's not forget to mention the beast trade and the massive breakout on KRE too!

Clean Energy & Others

Delving into ETFs, PBW, a blend of all clean energies, rejoiced in a little breakout today. But sadly, TAN, the solar-only sibling, met its downfall recently.

Meanwhile, URA, my top sector, saw a dip. However, there's glimmering hope of a buy opportunity if we can break through the resistance.

On the bleaker rung of the ladder, UNG couldn't seize the bull's day, reinforcing my belief in trend trading.

"Winners are more desirable than the non-performers. Stick with what's working."

Potential Opportunities

Speaking of opportunities, these are some names that boast potential. For example, the massive 20% gain on ACRH was unexpected but certainly welcome.

Other names like BLNK, BRZE, and APLS are also showing promising signs of breakout.

To wrap it up, fellow traders, always look out for the uptrend. The magic lies in trading with the trend rather than predicting the market dance. Happy trading!

Maybe there's a fun video tomorrow, or definitely, a weekend chat on weekly charts awaits!

"Trading isn't about predicting what happens next. It's about having a response for what happens next."

Stay tuned, share the love, and see you later. Here's to smarter trading!