Mid Week Market Analysis Update from Marty: Wed Dec 1, 2021
Added 2021-12-02 04:05:24 +0000 UTC
Good afternoon members.
Just a quick update on the charts.
Bitcoin is still in a no-trade zone. Awaiting a directional signal.
ETH is looking like it is ready to run but will wait for the BTC signal.
Just for fun, I wanted to look at the S&P chart as mentioned in our Sunday session.
This volatility is suggesting we will see more downside in the coming days and possibly pressure most of the other markets including crypto.
Sunday's session, we mentioned the big drop on Black Friday's limited trading session.
I suggested on Sunday, we would bounce back up to the 4650 level on Monday and then reverse on Tuesday and retest the previous day's bottom.
This is a classic 2-day reaction trade. (one of my own indicators)
Today Dec 1 the S&P started strong but we will likely continue to see downward pressure for the rest of the week.
This could pressure the cryptos in the short term if it gets out of control.
Eventually, though, there will be intervention if required.
Below is a pic of the current S&P
I will keep you posted if and when we receive a clear signal on BTC in either direction.
I am still expecting a strong month when this correction comes to an end.
Stay safe
Martee
Please do not use this info as trading advice, it is simply my personal opinion.
