The Indicator
Bitcoin is consolidating while NASDAQ continues to pump!
In this issue we’ll cover Bitcoin, Crypto, Stocks, & a longer-term opportunity alert.
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Bitcoin
After a monster move up a week ago after price nearly reached $45,000, price has been consolidating the past 10 days.
Weekly chart is still currently ultra bullish aka “overbought” but RSI did have a sharp reversal move down from 83 to 73 & is something to keep an eye on. Also, this is the first RED weekly candle after printing 8 consecutive green candles.
Daily chart was ultra bullish but no longer is & we’ve been calling out bearish divergence since November 1st as something we’ll continue to monitor.
12-hour chart had a sell signal. Will the daily chart have a sell signal in the near future?
3 of the 4 shorter-term targets have been hit to the downside so far.
Last week we asked if scenario 1 would happen & Bitcoin would run up & hit longer-term target 4? or Would scenario 2 happen & price retraces to the yellow target box near $32,000-$34,000. Both scenarios were either a short-term correction or a longer-term correction for the next buy the dip scenario. Starting to lean towards scenario 2 but not confirmed yet.
In past cycles, we’ve seen price peak out around 1300-1320 days before the next halving event that is estimated to be April 18th, 2024. I’ve been covering this on videos & live streams & will continue to do so.
Bitcoin Video Update: 👇
Crypto
Ethereum hit longer-term price target 2 of 4 just above $2,300. However there are signs of a correction and/or has already started it.
Bearish divergence
Lower high
Multiple candle closes below trending dots
Multiple candle closes below upward trend line
Shorter-term target 1 of 4 has been hit so far
There currently is no sell signal on the daily chart but there was a sell signal on the 12-hour chart.
Stocks
NASDAQ continues to be “overbought” on the daily chart & can remain that way with no signs of reversal as of writing this.
Candles are on 🔥
Price is above trending dots & upward trend line
Weekly chart is also ultra bullish
Opportunity Alert:
PYPL weekly chart just had a buy signal on the weekly chart after hitting a low of $50/share. Possible longer-term buy & hold.
Daily chart is bullish
Weekly chart is bullish
Long-term bullish divergence going back to February 2022 (not a typo)
117 week bear market with a -84% correction during that time
Cautions:
A higher probability is a weekly candle close above the downward trend line
A more defined higher low on the weekly chart is a higher probability
The potential longer-term targets:
Gap at $72
200-week moving average hasn’t been retested since January 2022 & is currently at $146. Other targets as well.
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Disclaimer
The contents of this newsletter are expressed in my opinion only, none of which is financial advice. Always do your own research as this information is intended for educational purposes only.
Any suggestions, comments or questions, please feel free to direct message me on twitter @JesseOlson.
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