Markets

Market Leadership in Flux, Bitcoin in Trouble: Market Conclusions

Published

7 months ago

26 June, 2024

Market Leadership in Flux, Bitcoin in Trouble: Market Conclusions

Yahoo Finance Jared Blikre joins Asking for a Trend to break down his key takeaways from the trading day.

Blikre explains that stock market leadership is in flux. While the technology sector and megacaps are leading the way, energy has risen as crude oil is above $80 per barrel. The financial and commodity sectors are also rising, shaking up the market rating.

Blikre also notes that July is historically a positive month for the Nasdaq (^IXIC). The first 10 days of the month usually have the best performance in the index, and this July could not be any different.

Finally, bitcoin (BTC-USD) is facing its cliff Mt. Gox. The former cryptocurrency exchange is set to distribute 140,000 as part of its bankruptcy settlement.

For more expert insights and the latest market action, click here to watch this full episode of Asking for a Trend.

This post was written by Melanie Riehl

Video transcript

The NASDAQ 500 stock fell three days today as NVIDIA shares rallied.

Now, I’m here to tell you more about the train of the day.

The bottom line is that Yahoo funds its own Jared Bli Jared.

Thank you, Joshua.

Take away the number one leadership in the stock market.

It’s in flux now.

We saw the NASDAQ and the Dow acting in a transversal way.

Uh, but we’ve seen a trend change over the last few days, which itself has reversed today.

So let me explain everything here.

Here’s the sector action for what we saw today.

Technology and communication services which are meta, alphabet and XL C. Those were the number ones, that’s the mega cap trade that’s doing really well.

We know that in the last few years, but in the last seven days, we’ve seen some other sectors really rise to the forefront.

And here, over the seven days, we see energy, crude oil above $80 per barrel.

There is XL C in the area again.

We are still in the mix, but we have finances and basic products.

So a different mix on top.

And here we have the real estate sector, which fell 1.8%, without giving much thought to it.

Uh, but overall it’s kind of a change in leadership and we can see that with software now, even the software is behind the scenes, you’re even seeing the other sectors and subsectors.

Jared.

Yes.

And I think the big lesson of software is software.

You know, people think of technology as a monolith, but you have software and chip stocks, you also have other things, but software is not doing well.

But I want to show you this graph here.

This is an intraday chart that looks very similar to the five-year chart. It’s just a coincidence, but now we have software that is forming a cup and a handle.

The story continues

This is a handle that has not yet broken upwards.

But if and when it does happen, all the right levels to watch.

Second point.

Yes.

Well, the second point has to do with July, all of that.

We talked about this last week.

So I took this graph and one more.

This is the new graphic.

It’s July, going back just 20 years on the NASDAQ.

So each of them is July.

Just.

What you can see is that 10 of the last 11 years have been positive and that is incredible.

So it makes you wonder: will we be pro-profit?

Of all this in July.

Well guess what, um, these are the first 10 days of the last 10 days of each month and what we’re showing is a chart that we saw last week.

July here, the first 10 days of July, the best of the year.

So we could see, you know, another big pop in July, let’s say Jared June, let’s say we sail in July.

Right?

Does this change the way you think about what might lie ahead?

Sorry, scroll down to July, you know the changing picture of seasonality is kind of painting here.

Well, this is interesting because today we saw a resumption of this mega cap trade.

I think if we saw some outsized returns in the following days until the end of the month, it would slow down.

So you could think of this as advancing some of that demand.

So maybe July doesn’t need to happen if we end June with a bank.

But you know, if we go sideways over the next few days, I’d still look for that July pop.

All good.

Takeout, Jared Bitcoin.

Bitcoin is facing the cliff of Mount Gox.

And for those of you who remember 10 years ago in Bitcoin, Mount Gox was the biggest cryptocurrency exchange, it did 70% of all global volumes and it crashed, it actually got hacked, they lost somewhere around 750,000 Bitcoins.

He guesses?

There are 100,000 and 40,000 that are there, they have to be distributed by an administrator in Japan because that’s where the company was based.

Once 100 and 40,000 Bitcoins $9 billion.

If they all hit the market at the same time, you could imagine the deluge of sales that would happen there.

They are worried about selling pressure.

Yes.

Uh Turn up the technicals, give me Jared, pull out Bitcoin when the charts tell you now.

Now we’re speaking my language here.

Here it is, here is Bitcoin.

You can see that it is down 4.6% from trilling.

Seven days, up 4.5% today.

You know, it was kind of difficult the last few years, but it recovered.

There’s also Monk Cliff in Germany, which was selling some Bitcoins that had been confiscated there, you know, in cryptocurrencies, you never know the whole story, do you?

But here’s the five-year chart and here’s what I want to show you.

Here’s another cup, here’s another handle.

This is a higher level, higher than this.

But we are still just signaling here waiting to break until this range is broken.

Does not mean anything.

Alright, that’s what to watch Jared.

Thank you my friend.

Source

Related Topics:Jared Blikre stock market

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Markets

Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows

Published

6 months ago

17 July, 2024

FinCrypt Staff

Crypto Markets Rebound Ahead of Early Ethereum ETF Approval

This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.

Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).

The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.

Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.

Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.

Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.

Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.

Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.

U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.

Source

Markets

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Published

6 months ago

17 July, 2024

FinCrypt Staff

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.

Worldcoin (WLD) Price Analysis

O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.

The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.

Arweave (AR) Price Analysis

Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.

AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.

Price Analysis of Injective (INJ)

Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.

INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.

Source

Markets

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Published

6 months ago

17 July, 2024

FinCrypt Staff

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.

ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.

ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment

Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.

On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.

The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.

Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.

One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.

Source

Markets

Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt

Published

6 months ago

17 July, 2024

FinCrypt Staff

Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt

Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?

Posted on July 17, 2024 at 12:00 PM EST.

Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.

They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?

They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?

Program Highlights:

Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
What are the new updates about Ethereum ETFs and their expected launch?
Why Solana Hasn’t Performed Significantly Better Since Trump News
What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week