Market Update 9/25/22 Why We Cant Have Nice Things
TIMESTAMPS:
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BTC 0:00
Why the Macro Still looks Bad 7:02
ETH/BTC 8:33
DOGE 9:35
XRP 12:55
Closing Statements 19:45
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I go over what I think pretty quickly and then go into the nuance of the movements and then a quick overview of ETH/BTC, Doge and XRP. I recommend watching at least the first 4-5 minutes of the video.
Summary: the Macro looks horrible and that hasn't changed. The price needs to reach around 22.4k within the next couple of days for me to even consider a change in mid-term trend. The fact that BTC mainly moves when the stock market is open hasn't changed either.
There are conflicting buy and sell signals on the short term now with converging sell signals on the 2 and 4hr timeframes.
Yesterday's day candle, to make things worse, hit the target we needed to hit on todays candle, 4 hours before it needed to be hit. Furthermore, were collapsing back down to hit the target we need to hit (today), with the downward trend from everything crated on todays day candle thus far.
I mention Doge XRP and ETH/BTC also, but not much has changed with those.
Check near the end of the video for XRP as it is the only one that may have a chance of doing anything. Though, depending on where the day timeframe candle ends for btc things could be bad in the short short term and indicate weakness coming into the stock market this Monday.
Now, I wait for things to happen, so none of this means much to me until we start these candles where I want to see them. I just like to put out my thoughts to better explain my thinking and show how this strategy can be used for the longer time frames and similarly for the shorter time frames.
Also BTC starting the week right under the Day hull and with a down trend on it, generally shows a big drop chance on the short to mid term.
I will be streaming the Week candle change, starting tonight at 19:30 EST (UTC-4). As I always do.
________________________________________
BTC 0:00
Why the Macro Still looks Bad 7:02
ETH/BTC 8:33
DOGE 9:35
XRP 12:55
Closing Statements 19:45
________________________________________
I go over what I think pretty quickly and then go into the nuance of the movements and then a quick overview of ETH/BTC, Doge and XRP. I recommend watching at least the first 4-5 minutes of the video.
Summary: the Macro looks horrible and that hasn't changed. The price needs to reach around 22.4k within the next couple of days for me to even consider a change in mid-term trend. The fact that BTC mainly moves when the stock market is open hasn't changed either.
There are conflicting buy and sell signals on the short term now with converging sell signals on the 2 and 4hr timeframes.
Yesterday's day candle, to make things worse, hit the target we needed to hit on todays candle, 4 hours before it needed to be hit. Furthermore, were collapsing back down to hit the target we need to hit (today), with the downward trend from everything crated on todays day candle thus far.
I mention Doge XRP and ETH/BTC also, but not much has changed with those.
Check near the end of the video for XRP as it is the only one that may have a chance of doing anything. Though, depending on where the day timeframe candle ends for btc things could be bad in the short short term and indicate weakness coming into the stock market this Monday.
Now, I wait for things to happen, so none of this means much to me until we start these candles where I want to see them. I just like to put out my thoughts to better explain my thinking and show how this strategy can be used for the longer time frames and similarly for the shorter time frames.
Also BTC starting the week right under the Day hull and with a down trend on it, generally shows a big drop chance on the short to mid term.
I will be streaming the Week candle change, starting tonight at 19:30 EST (UTC-4). As I always do.
This means I expect BTC to hold at least until the market opens and possibly the market may open up.
What I am looking for is APPL to start at or above 151.20 and I expect we have a decent chance at a stock market recovery or at least the first step that is needed to make solid ground. Obviously I believe this can easily translate to BTC making nice gains. We will have to see what happens, but that is what I am looking for.
Nothing really different from where we left off on Friday evening, but BTC (starting slightly above the hull average for Sunday) is in an acceptable spot to receive support from the stock market.