In This Issue
- I share my thoughts on the correction, US recession fears, First Republic Bank, Coinbase sues the SEC, Arbitrum pump narrative, the big picture & my position updates.
- This week on chain.
- Rekt Capital has the latest technical analysis for you on the market.
- Rebecca has all of the latest news for you.
- Erik has a report for you on the arguments for and against Ethereum ‘flippening’ Bitcoin.
- Defi Dad has a tutorial for you on how to earn 73% APY in real yield with FRAX on Metronome with stablecoin smart farming.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
For any support related issues please visit wealthmastery.io and click the bouncing blue circle in the bottom right corner.
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The News Now
The Correction
The entire crypto market is in correction mode this week. It seems we have a bit of a hangover after the excesses of meme coin mania last week.
And as is so typical of these markets when we see a correction come there are renewed calls for new lows and panic is spreading. And, to be clear, I have no idea what will happen for sure. No one does. But, corrections of 15-30% are pretty standard for Bitcoin in an uptrend. Plus at the time of writing we are already seeing a little bounce come in.
Some things to consider:
- Bitcoin weekly RSI never hit overbought. We still have room to go.
- Bitcoin RSI hit strong oversold signals on the 4 hour charts earlier this week. Usually marks lows.
- Bitcoin only came down to test support at the previous zone of support around 27k.
- Bearish engulfing candle on the weekly. However, still putting in higher highs and higher lows. So not all bad.
- The monthly MACD is nearing a bullish cross. Not confirmed yet.
- 50 day MA retest. Bounced off it as support.
Long story short, the market is a critical point. If support fails here then it could lead to a further sell off. But, some indicators are showing that the 2023 rally could still have a lot of fuel left in the tank.
But keep in mind that a major US recession could mean all bets are off. So let’s discuss.
US Recession Fears
Renewed fears over a US recession are weighing heavy on markets and there are many shock potential news events coming in the next week or so.
- The market is currently considering a 75% chance that the USA enters a recession this year. Loads of indicators are flashing saying that a recession is coming. A lot of people online are pointing towards the Philly FED Manufacturing Index as the big canary in the coal mine right now. However, most of the times this indicator has triggered the recession was already well under way or even almost over.
- US company earnings this week for many S&P 500 giants such as Amazon, Meta, and Coca-Cola. Bad results here could cause market disruption. Better than-expected results could bring more confidence to the market. And what is crazy is that so far, many companies are beating expectations.
- Goldman Sachs was one company that missed on earnings. It lost about half a billion on consumer loans. The risk of defaults is rising and not a good thing.
- US new home sale data and…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
