What a Month…
Macro continues to dominate the conversation. And there are a dozen bad things happening simultaneously, which I have covered a lot in recent videos.
Many are still calling for lower prices across the board for basically everything. Cash is one of the few “safe” places right now although really just the dollar as most FOREX is getting hammered.
Maybe we can hold onto the Uptober meme?
That is to say that October is often a green month.
Everything kind of looks terrible right now. So a short squeeze or little bear market rally would be just the thing to catch the market off guard.
That being said, things continue to look absolutely terrible in global markets. Rumors are circulating that Credit Suisse might be about to go under. That would be our “Lehman Brothers” moment in the markets.
Bitcoin Miners sold a lot of coins recently adding pressure to an already weak market. We must remember that these guys are in the business of making cash and that they need to sell to cover the costs of their business. Still, though, it does create downward momentum at a bad time.
Bitcoin’s linear chart is showing us testing the trend line again this week. A break higher here would be a nice start to… well… something.
That being said, the log chart, the one I pay more attention to, and which I believe is the most important chart to watch is SUPER far away from its down trend line at this time.
The S&P 500 just confirmed the so called “kiss of death” on the monthly chart.
Here’s how it works.
- Price drops under the 21 month EMA
- Price rallies off low but fails to break back above 21 month EMA
- Monthly candle closes under the first low.
The last few times this happened we saw major downside come into the markets.
I remain very cautious at this time.
Top Airdrops of the Month
Top Altcoins to Watch
Top NFT Mints of the Month
Best DeFi Farm of the Month
2022 has been a painful year, and it is unlikely to get much better anytime soon.
During this time it is essential more than anything else to simply survive.
All the best,
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