2024-05-14 12:48:50
Quick Weekly OverviewToday:
-PPI data
-Fed Chair Powell speaks
Tomorrow:
-CPI data
Thursday:
-Initial Jobless Claims
AnalysisThere are some important events this week which should bring volatility to the market. Yesterday we saw some big moves in the stock market, with GME and AMC pumping 74% and 78% respectively (24h change%).
However, the crypto market remains sideways. This consolidation phase is normal after the strong correction we saw a few weeks ago. The question here is whether this is a consolidation before a bearish continuation, or a reaccumulation phase after a shakeout.
Based on the charts and indicators, we can see that many cryptos are at hight time frame (HTF) support, including the TOTAL crypto index (https://www.tradingview.com/x/3um0oMIn/), and the Altcoins index (https://www.tradingview.com/x/whik8bYy/).
ConclusionAs long as these supports hold and there's bullish price action/indicators above them, I expect bullish continuation.
I'm about 30-40% exposed to the market right now, with the majority in spot altcoins, along with the ETH and SOL longs. If the situation changes, I will adapt and start closing positions.
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