All of a sudden, I’m seeing the word Bitcoin everywhere I go.
It is all over the news.
Bloggers are talking about it.
Everyone is calling a buy for it, even those who have no idea what cryptocurrency is.
So the big question is, is Bitcoin still a good buy at its current price?
Here is some background on Bitcoin:
Before answering that, it’s amusing how everyone is getting excited about Bitcoin now, when just a few months ago most people were saying it it’s a scam, or that it is going to crash to zero, that it is worthless, etc.
Seems like it is human nature to jump on the hype train.
On the weekly chart, we haven’t seen any correction in months, which shows that the trend and momentum is strong in the long-term, but it also shows that the trend is not moving at a stable sustainable pace.
A stable trend is marked by ups and downs, not just a parabolic one-way move.
If you think in terms of numbers, the potential percentage upside gain is much less compared to the start of the trend, which is why I prefer to get in early on a new trend rather than chase a late-stage trend.
If I am going to add more positions or enter, I will wait for a larger correction first, such as a pullback to the EMAs on the weekly chart.
https://i1.wp.com/synapsetrading.com/wp-content/uploads/2021/01/bitcoin-signals-6-150121.png?fit=1149%2C372&ssl=13721149Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2021-01-16 01:59:292021-01-16 10:52:18Is it Too Late to Buy Bitcoin Now?
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https://i2.wp.com/synapsetrading.com/wp-content/uploads/2020/05/weekly-market-analysis-1.png?fit=1021%2C528&ssl=15281021Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2020-06-18 07:46:432020-06-18 07:50:01Weekly Market Analysis – Can the Economy Get Back on Track?
By this time, most people are also starting to believe in the V-shape recovery, and the Nasdaq has already fully recovered from the crisis, surpassing its highs before the Covid crash.
Will the tech stocks be able to lift the rest of the market to new highs, or will the general market drag down the tech giants as the reality of the economy kicks in?
Last month, the USD was very strong, while the AUD was one of the weakest, however this month we have started to see a twist of events, where the AUDCAD is in a strong bull, while the USD/CHF is in a strong bear.
Gold has declined slightly, putting it in weak bear territory.
Nasdaq (NASUSD) remains the strongest stock market, whereas Hang Seng (H33HKD) remains the weakest.
Major Events
The biggest news of the week is probably the awesome jobs data from the US, although there was some classification error.
Stock Markets
The stock markets continued to rise, and as I posted in the case study below, since the tech stocks have gone up so much relative to the rest of the market, I was expecting the rest of the market to play catch up, and on Friday we saw the Dow Jones & S&P 500 outperforming the Nasdaq as anticipated.
Weekly Trade Highlights
Here are some highlights and case studies of trades done on forex, commodities and CFD products, also taken from our private forum.
The first is a trade we did on the USD/CAD, as it broke down from a descending triangle.
Next, we also had a good run on Crude Oil, riding on the surge in prices as economies reopened.
Trading Insights
Join our Last & Final Skillsfuture Workshop!
2 weekends ago, we conducted another full-house Skillsfuture workshop, with 40 pax of new traders & investors, as well as some of my past students who sat in to help out.
So far, every intake has been a full house, which is why we expanded to 3 workshops instead of 1 originally planned, because of the overflow. But our license expires on 18 June, so this is the last and final workshop which we can hold.
This fully subsidised Skillsfuture workshop will give you the skills and roadmap to build a second source of income to plan for early financial freedom, by building an all-weather portfolio that can perform well in any market conditions, and also market timing skills to create additional cashflow from short/medium-term trades.
https://i2.wp.com/synapsetrading.com/wp-content/uploads/2020/05/weekly-market-analysis-1.png?fit=1021%2C528&ssl=15281021Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2020-06-08 03:05:482020-06-08 03:10:06Weekly Market Analysis – Is the V Shape Recovery for Real?
Some people have been thinking that nothing can bring the stock market down, because it has been steadily chugging up despite all the negative news of virus, lockdowns, unemployment, trade wars, and now riots.
So can the market continue to climb up forever? What will it take to actually bring the market down?
The strong bullish trending markets are Gold (XAU/USD), Nasdaq (NASUSD), and the US 10-year T-Note Futures (TNOTEUSD), which have been trending for quite a while, and our positions there have remained largely unchanged.
The most bearish market is the Hang Seng (H33HKD), which is not surprisingly since China is planning to enact more stringent national security laws, which will likely negatively impact Hong Kong’s financial markets.
Major Events
This has been a very eventful year so far, with the virus outbreaks, quarantines, job market crashing, and now the slow re-opening of the economy.
Amidst all that, the amazing thing is that the stock market is recovering much faster than the economy.
And now, tensions between US and China are stepping up, with China’s latest actions on HK and corresponding US retaliation, adding to the accusations of China covering up the virus at the start of the outbreak.
And in the US, we are seeing riots and looting, after a white cop killed a black guy in broad daylight during arrest.
US Stock Markets
The US stock market, especially the NASDAQ, has been on steroids, thanks to the dominance of tech stocks.
In my private forum with my students, I shared a detailed analysis of the S&P 500.
Weekly Trade Highlights
Here are some highlights and case studies of trades done on forex, commodities and CFD products, also taken from our private forum.
Join our Last & Final Skillsfuture Workshop!
Last weekend, we conducted another full-house Skillsfuture workshop, with 40 pax of new traders & investors, as well as some of my past students who sat in to help out.
So far, every intake has been a full house, which is why we expanded to 3 workshops instead of 1 originally planned, because of the overflow. But our license expires on 18 June, so this is the last and final workshop which we can hold.
This fully subsidised Skillsfuture workshop will give you the skills and roadmap to build a second source of income to plan for early financial freedom, by building an all-weather portfolio that can perform well in any market conditions, and also market timing skills to create additional cashflow from short/medium-term trades.
P.S. According to Skillsfuture regulations, the maximum intake is capped at 40 slots, so we will not be able to add new slots once all are filled up. Register early to avoid disappointment!
P.P.S. Your slot is only confirmed after you have completed payment, submitted your claims, and forwarded the confirmation screenshot to the organiser. If you did not complete the last step, your slot is still up for grabs to the next person who completes it.
