Weekly Market Wrap: The Crypto Bull Cycle is Back!
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With the stock markets running into strong resistance, this could be a critical point to see if it can push to test new highs and resume the uptrend.
As the war drags on, and inflation continues creeping upwards, it is also possible that the stock markets head into a period of sideways movement until the outcome of the war is clearer.
On a more positive note, the crypto bull market looks to be back on track after taking a 3-month break, which could likely take it to new highs.
[Photo: Sinaia, Romania – See my full travel photo log!]
For our weekly market wrap, we go through some of the trade calls and analysis from last week, which gives us valuable insights for the week ahead.
We cover 3 main markets with a total of 200+ counters, so we will never run out of trading opportunities:
- Forex, CFDs, commodities, bonds
- US stocks, ETFs, global stock indices
- Cryptocurrencies, crypto indices
By covering a broad range of markets, we can focus our attention (and capital) on whichever market currently gives the best returns.
Table of Contents
Forex Market Highlights
Bitcoin, USD and the commodity currencies continue to dominate.
JPY weakened a lot during the past week, leading to sharp moves in /JPY pairs.
Product: Forex
Name: New Zealand Dollar / Canadian Dollar
Ticker: NZDCAD
Exchange: N/A
Analysis: A mini double top near resistance.
EP: 0.865 to 0.869, or any pullbacks
SL: 0.882
TP: 0.835
Commodities Market Highlights
“The de facto buyers’ strike on Russian crude that began a month ago propelled oil prices to their highest levels in years. Now the real effects are starting to create a second wave of impact on oil markets, disrupting Russian exports and threatening further price increases. ”
https://www.wsj.com/articles/oil-prices-stay-high-as-russian-crude-shortage-hits-market-11648350193
Product: Commodity Index Fund
Name: WisdomTree Enhanced
Ticker: GCC
Exchange: NYSE
Analysis: Following up on the last post, it is forming a small consolidation at the 20-EMA. Getting ready for the next run.
EP: 25 to 26, or on pullbacks
SL: 24
TP: 32+
Stock & Bond Market Highlights
Nothing much has changed since our last post, as prices continue to move as predicted.
Crypto Market Highlights
Following up on Ethereum (ETH), it is now up 58.3% from its lows! ????
With an expected upgrade for Ethereum coming soon, I am more bullish on this than Bitcoin.
I alrdy have about 30% of my portfolio in crypto, with the bulk in Ethereum. If you do not yet have any positions, you can consider buying on any 5-10% pullbacks.
Product: Cryptocurrency
Name: Terra
Ticker: LUNAUSD
Exchange: N/A
Analysis: A potential cup and handle accumulation pattern forming. Keep an eye on the breakout! ?
EP: 97 to 100, or on pullbacks
SL: 87
TP: 150+
Good luck, and may next week bring more excellent profits!
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
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