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Bitcoin Correction
Bitcoin continues to correct while some stocks are pumping!
In this issue we’ll cover Bitcoin, Crypto, and Stocks.
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Bitcoin
After reaching $49,000, we are no longer asking if Bitcoin will go through a correction & sell off. Now it’s a question of how big and how long could this correction will last?
Price has hit shorter-term target 2 of 4 targets so far to the downside and is down -19%
The probabilities are increasing that price could retrace down to the 3rd target box and that would a -25% correction to the middle of the box.
There are several reasons why price could retrace to the 4th target and that would be a -31% correction.
Based on the charts, my experience, the halving, etc…Seems like this correction could last weeks if not not months.
Daily Chart is Bearish
Red Weekly Candles Are Trending
Price is Retesting the Weekly Trending Dots
Shorter-term correction vs a longer-term bullish case.
Below is a Bitcoin weekly chart with a November 2004 Gold fractal post ETF approval. As you can see price immediately went lower, consolidated for a couple of months, & then broke out to the upside. This fractal looks similar to the Bitcoin fractals of 2015 & 2019 that I posted.
Notes:
Green target box was hit & that was the 4th out of 4 targets drawn at the bottom of 2023 pivot low.
Assuming we get another bull run, the yellow line has been hit in every bull run so far. Is this time different?
Yellow line is a slow moving average but is currently trending upwards at $114,139
The orange target boxes are based on a couple of stocks hitting those similar targets in 2023.
Gold ETF Fractal
Crypto
Seems like most of the crypto assets on the sniper watch list are still going through their corrections. Here are some of the ones we watch:
Ethereum -15%
DOT -34%
SAND -36%
SOL -35%
ADA -32%
NEAR -44%
Stocks
Some of the stocks that continue to pump are semi-conductor, “magnificent 7”, & random’s. Of the magnificent 7 stocks, here are the ones that have made recent new ATH’s:
NVDA
MSFT
GOOG is within 1.3% of ATH
AAPL
META
Two that have not: TSLA & AMZN
NVDA Continues to Make New All-time Highs
PYPL’s weekly candle closed +7% since the opportunity alert from one month ago. It’s starting this week with a correction of that big move, so we’ll see if this week’s candle also closes positive.
PYPL
TDOC seems to be lagging PYPL by one week and was put in the newsletter opportunity alert one week later than PYPL. Price is currently down -2% since writing about it 4 weeks ago.
TDOC
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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.
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