Man flu continues… Bed, medicine, laptop, charts…
It’s Easter weekend and also April Fools Day… But no practical jokes here, well not from me anyway.
Focus for the week will be monitoring the Indices for further downside (especially if the SPX manages to break the 200 day EMA) and watching crypto’s for further falling and possibly finally reaching the bottom?
My biggest question is, if indices drop and money is removed from that market, why would it enter into a more risky market like Cryptos? Surely, if the Indices do plummet then Cryptos will continue to plummet too?
Or, are we being led down a path? Is the crypto drop and indices drop just a ploy to invoke fear into the market and make everything a cheap buy for the big money investors?
The key Indice to watch is the SPX500 which leads the way. NAS100 is my prefered indice to trade to to shorter moves and better risk management with a small account. The GER30 is interesting as it seems to be under pressure more than other european indices.
A high test pin bar of 4 hr trend indicates possible further downside at least back down to the 200 day EMA recent support level.
A similar view on the NAS which will follow the SPX. Awaiting market re-open to place an order to short down to about the 6460 level.
The GER30 has been making consistent lower-highs and lower-lows. Expecting the GER to fall from current levels once the market opens.
Only a few pairs I’m going to be focussing on this week…
Open long trade with SL at breakeven. Expecting a H&S formation, however it’s looking less like it may reach that level and it could be running out of steam. If the H&S does complete then I’ll be looking at shorting below the neckline.
After a break of trend line and a “double top” stall, this pair could now turn to a downtrend. Confirmation will be when it breaks the neckline.
AUDJPY is respecting previous S/R levels and the downtrend too. Currently is re-testing resistance which was previous support.
BTC continues to fall, breaking through the $7k level and dipping to $6,500. Expecting further falling as the Crypto market cap continues to fall.
NEO is one Altcoin I’m keen to get back into. Currently prices are now sub $50, an absolute steal. But with the total crypto Market Cap dropping still and Altcoins losing their market share to Bitcoin, NEO (along with almost every other coin) still has further falling to do, possibly even to $30.
Over the weekend the Crypto Market cap dropped over another $50b to a low of $245b. Further falling is expected to $200b and possibly below.
BTC share rises again to 45.5% market share meaning Alts are falling at a faster rate than BTC.
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