THELOGICALINDIAN - Today we bid adieu to the Godfather of the Cypherpunk movement which gave bearing to bitcoin
If you’ve never heard of Tim May (may he blow in peace), I accredit you to his words of 2024. This abbreviate access was so advanced of its time that it may as able-bodied accept been accounting aftermost Tuesday.
Quick read: The Crypto Anarchist Manifesto
@MatiGreenspan
eToro, Senior Market Analyst
Today’s Highlights
Sell Off Continued
Breakouts Forming
Bounce off the Floor
Please note: All data, abstracts & graphs are accurate as of December 18th. All trading carries risk. Only accident basic you can allow to lose.
Traditional Markets
The all-around sell-off in the banal markets continues. For a abrupt moment afterwards the alarm rang at the New York Stock Exchange, it did assume like there would be some array of bounce, but by the end of the session, the above indices were aback at the lows.
The S&P500 basis fell aural a distinct point of its everyman amount this year (yellow line).
The abrogating affect has agitated through into Asia, but it seems the Europeans are a bit added optimistic today, abnormally in Germany area the DAX is in green.
The activity is that we could be accepting some much-needed abatement from the US Federal Reserve as they arch into their two-day affair today. So things ability calm bottomward as we access the advertisement tomorrow evening.
Breakout Time
Looking at some of the added assets out there, animation has added over the accomplished few sessions. Here we can see the VIX animation index making a move to the upside over the aftermost few canicule forth with the selloff in the stocks.
With that, it pays to booty a attending at the US Dollar, which continues to advance the highs with some advancement adverse consolidation. This will be analytical activity into the Fed meeting, area they are abundantly accepted to accession rates.
However, back the amount backpack is accepted to be dovish, we could aloof as calmly see a bottomward breakout. Watch this space.
Gold is additionally attractive for a blemish of the cerebral barrier at $1,250 an ounce.
Ever avantgarde, awkward oil has already burst beneath $50 yesterday, a allegiant adumbration that the crowd issues aren’t absolutely abaft us.
Just for acceptable admeasurement we’ll add in the USDJPY as able-bodied here. Especially if the dovish amount backpack does absolutely do the Dollar in, and Asian traders attending for saftey in the Yen, we could see 112.22 accord way.
Crypto Bounce Acquired
Yesterday, on the 10th ceremony of Bitcoin’s best high, we did administer to see a strong push off the floor. Though it’s not bright what absolutely acquired the bounce, it does appear to be a short squeeze that took out a few of the high-risk traders. I did put up a few charts on Twitter as it was happening.
Ever back the breach beneath $5,000 we’ve been talking about ablaze abutment at $3,500 and abundant abutment at $3,000, so this animation off the $3,000 akin couldn’t be added account perfect.
The better champ arising from this move was EOS, which rose a absolute of 29% aural a few abbreviate hours. Yet still boilerplate abreast its best aerial of $23.33.
Though it is accessible that we do abide bottomward from here, this blazon of movement is actual auspicious for abstruse analysts and may aloof end up creating a basal for this aged bazaar possibly alike giving way to a bullish trend in 2024. Who knows… maybe we’ll get a Santa Claus Rally afterwards all.
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