Bitcoin

Market Leadership in Flux, Bitcoin in Trouble: Market Conclusions

Published

10 months ago

25 June, 2024

Market Leadership in Flux, Bitcoin in Trouble: Market Conclusions

Yahoo Finance Jared Blikre joins Asking for a Trend to analyze his key takeaways from the trading day.

Blikre explains that stock market leadership is changing. While the tech sector and megacaps have been in the lead, energy has rallied as crude oil hovers above $80 per barrel. The financial sector and commodities are also rising, shaking the market ranking.

Blikre also notes that July is historically a positive month for the Nasdaq (^IXIC). The first 10 days of the month usually have the best performance in the index, and this July could not be any different.

Finally, bitcoin (BTC-USD) faces the cliff of Mt. Gox. The former cryptocurrency exchange is expected to distribute 140,000 as part of its bankruptcy settlement.

For more expert insights and the latest market action, click here to watch this full episode of Asking for a Trend.

This post was written by Melanie Riehl

Video transcript

OS and P 500 NASDAQ bo with team fell three days today as NVIDIA shares rally.

Join me now with more information on the train of the day.

The bottom line is that Yahoo funds its own Jared Bli Jared.

Thank you, Joshua.

Take the number one lead out of the stock market.

It’s in flux now.

We saw the NASDAQ and the Dow acting crosswise.

Uh, but we’ve seen a trend change over the last few days, which itself has reversed today.

So let me explain everything here.

Here’s the sector action for what we saw today.

Technology and communication services that are meta, alphabet and XL C. Those were number one, that’s the mega cap trade that’s doing really well.

We know that in the last few years, but in the last seven days, we’ve seen some other sectors really rise to the forefront.

And here, over the seven days, we see energy, crude oil above $80 per barrel.

There is XL C in the area again.

We are still in the mix, but we have finances and basic products.

So a different mix on top.

And here we have the real estate sector, which fell 1.8%, without giving much thought to it.

Uh, but overall it’s kind of a change in leadership and we can see that with software now, even the software is behind the scenes, you’re even seeing the other sectors and subsectors.

Jared.

Yes.

And I think the big advantage of software is software.

You know, people think of technology as a monolith, but you have software and chip stocks, you also have some other things, but the software is not doing well.

But I want to show you this graph here.

Um, this is an intraday chart that looks a lot like the five year chart, it’s just a coincidence, but now we have software that is forming a cup and handle.

The story continues

This is a handle that has not yet broken upwards.

But if and when that happens, it’s all right levels to watch.

Second point.

Yes.

Well, the second point has to do with July, all of that.

We talked about this last week.

So I took that graph and another one.

This is the new graphic.

It’s July, going back just 20 years on the NASDAQ.

So each of them is July.

Just.

What you can see is that 10 of the last 11 years have been positive and that is incredible.

So it makes you wonder: will we be pro-profit?

Of all this in July.

Well guess what, um, these are the first 10 days of the last 10 days of each month and what we’re showing is a chart that we saw last week.

July here, the first 10 days of July, the best of the year.

So we could see, you know, another big pop in July, let’s say Jared June, let’s say we sail in July.

Right?

Does this change the way you think about what might lie ahead?

Sorry, scroll down to July, you know the changing picture of seasonality is kind of painting here.

Well, this is interesting because today we saw a resumption of this mega cap trade.

I think if we saw some outsized returns in the days leading up to the end of the month, that would subside.

So you could think of this as advancing some of that demand.

So maybe July doesn’t need to happen if we end June with a bank.

But you know, if we go sideways over the next few days, I’d still look for that July pop.

All good.

Takeout, Jared Bitcoin.

Bitcoin is facing the cliff of Mount Gox.

And for those of you who remember 10 years ago in Bitcoin, Mount Gox was the biggest cryptocurrency exchange, it did 70% of all global volumes and it crashed, it actually got hacked, they lost somewhere around 750,000 Bitcoins.

He guesses?

There are 100 and 40,000 that are there, they have to be distributed by an administrator in Japan because that’s where the company was based.

Once 100 and 40,000 Bitcoins $9 billion.

If they all hit the market at the same time, you could imagine the deluge of sales that would happen there.

They are worried about selling pressure.

Yes.

Uh Turn up the technicals, give me Jared, pull out Bitcoin when the charts tell you now.

Now we’re speaking my language here.

Here it is, here is Bitcoin.

You can see that it is down 4.6% from trilling.

Seven days, up 4.5% today.

You know, it was kind of difficult the last few years, but it recovered.

There’s that Monk Cliff too, Germany, uh, was selling some Bitcoins that were confiscated there, you know, in crypto, you never know the whole story, do you?

But here’s the five-year chart and here’s what I want to show you.

Here’s another cup, here’s another handle.

This is a higher level, higher than this.

But we are still just signaling here waiting to break until this range is broken.

Does not mean anything.

Alright, that’s what to watch Jared.

Thank you my friend.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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