Bitcoin: Make It Or Break It

One of our readers requested the update on cryptos, including Ethereum, this week. Here we go.

The leading coin has taught us excellent lessons recently. I shared with you a bullish setup for Bitcoin a month ago. In the following update, I recommended to move the stop loss higher from $50k to $55k area to cut the risk after the breakout and increase the risk/reward ratio to sound 2.7.

The price indeed broke above the confirmation level of $61782 and quickly reached the new all-time high in the $65k area, but then it failed to advance.

Bitcoin

We have the first lesson here from the RSI. As we can see on the sub-chart, the indicator did not confirm the new all-time high as it established a lower peak instead. This built the Bearish Divergence then, and the outcome you already know, the price collapsed dramatically. Continue reading "Bitcoin: Make It Or Break It"

Could Silver Futures Hit $30?

Silver Futures

Silver futures in the July contract settled last Friday in New York at 25.87 an ounce while currently trading at 27.48 up over $0.60 for the week, continuing its bullish momentum as prices are near a 2 1/2 month high.

I have been recommending a bullish position from around the 25.85 level, and if you took that trade, continue to place the stop loss under the two-week low standing at 25.74 on a closing basis only as the proper exit strategy. The next major level of resistance stands at the 28.00 / 28.25 level as that could be broken in next week's trade, and if that does occur, I think we will test the 30 level soon.

I also have a bullish platinum recommendation, and I think gold and copper will continue to move higher as I see no reason to be short this sector. The U.S dollar has hit a two-month low this week as that is a bullish factor towards silver coupled with the fact that the 10-year note has hit a two-month low in yield at 1.53% as this market fundamentally and technically speaking has everything going for it, so stay long.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Copper Futures

Copper futures in the July contract is trading higher for the 3rd consecutive session, up another 1260 points or 2.75% at 4.7285 a pound, hitting an all-time high this week as this gravy train continues its bullish momentum. Continue reading "Could Silver Futures Hit $30?"

Weekly Stock Market Forecast

This week we have a stock market forecast for the week of 5/9/21 from our friend Bo Yoder of the Market Forecasting Academy. Be sure to leave a comment and let us know what you think!

The S&P 500 (SPY)

Stock Market Forecast SPY Daily Chart

The S&P 500, (analyzed here using SPY) had created a topping process as I have been commenting on, and was on the 4th day of bearish activity when a new blast of buying took the market out to new highs.

This completes my forecast the other day when I said... Continue reading "Weekly Stock Market Forecast"

Disappointing Jobs Report And Record Highs

The S&P 500 and DOW jumped to record levels on Friday despite a disappointing April jobs report. The Labor Department said nonfarm payrolls increased by just 266,000 in April, far less than the 1 million total economists were expecting, according to Dow Jones. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers, higher than an expectation of 5.8%. Meanwhile, March's originally estimated total of 916,000 was revised down to 770,000.

As the market came to a close on Friday, the S&P 500 climbed +0.7% to 4,232.60, hitting a record high. The DOW rose 229.23 points or +0.7%, to 34,777.76 to reach another closing high, and the NASDAQ jumped +0.9% to 13,752.24. Continue reading "Disappointing Jobs Report And Record Highs"

Should You Own Cryptocurrency?

The short answer: Yes.

I’ll get to the reasons why it should be a part of just about every investor’s portfolio in just a moment.

I’ll also get into why, if you do take the plunge into crypto, do so gingerly.

But before we get started, take a look at the first three installments in this multi-part series about blockchain and cryptocurrency. We talked about why they’re so important, what they’re all about, and what they really mean to you.

Feel free to take a look at these when you get a sec. But they’re not needed to get a deep understanding into what we’ll talk about today.

So, let’s get to it. Here are just a few reasons to own cryptocurrency... Continue reading "Should You Own Cryptocurrency?"