#NoHypeTraders market analysis report 20th of April 2022
DXY dollar index analysis
SP 500 index analysis
THETA coin analysis
TLM alien worlds analysis
Hi guys, I will be sharing with you some personal trading ideas here. As usual they do not represent financial advice and you will not trade on the following scenarios before doing your own analysis. Crypto trading is a very risky endeavour and if you are not careful you can lose all your hard earned money.
If you need help trading or investing don't forget to check out our premium subscriptions on #NOHYPETRADERS.
We managed once again to be ahead of the markets as we anticipated in our last week's report. Sadly I was having some zoom training sessions right when it happened and wasn't able to get in on the BTC trade. Made some good returns on the alt coins positions though. Well you win some, you miss some.
In order for BTC to continue it's run it must overcome the 42.000$ area for now. A clear breakout and re-test for support would confirm continuation. We had a very nice (confirmed) bullish divergence on the RSI coming ou of oversold that played out nicely. The levels to watch are marked with blue lines on the chart.
I am now watching for a potential bearish divergence that would effectively invalidate our previous bullish one. Also remember that everything moves in (Elliott) waves, so a small retracement ( no more than 0.618 on the Fibs scale ) would be healthy and would support further bullish action.
bull(ish) : 4h close over 42.200$
bear(ish) 4h close under 39.000$
It's somewhat normal for the dollar to go up in times of war. What we are seeing right now is actually what we expected to see since September 2021 when we talked about and even anticipated a large scale event (ww) could be happening in the next 6 months. Sadly, we were right again.
Coming back to the charts we notice that our previous target in the 101 points area was reached. At this levels we are seeing a momentary rejection, this should be very good both for crypto and stocks.
Having a golden cross (ma50 over MA200) on the daily in September 2021 made the DXY index very bullish. Although this happened we still saw BTC go to almost 70k in October. So, probably, following the same symmetry, even though a correction is very close on the DXY, expect some lagging in the crypto markets.
But eventually they will go up, I'm giving it 70-80 days to ATH.
3. SP 500 index
If crypto made a bounce, so did the US 500. The most interesting fact is that we're seeing a 0.5 retracement fibs level that held as support thus far. This would traditionally mean we are going to revisit the previous highs. It matches up with our overall crypto analysis and offers much needed confirmation. A melt up should follow even though the unemployment rate is constantly going up.
The RSI is printing a bull div and the MACD signals the "selling" is coming ton end. the next 60-80 days should go bullish.
The markets can stay irrational much longer than you can stay solvent (somebody else said it, not me, but I totally agree ).
4. THETA coin
I am currently very bullish on THETA. Managed to do a nice spot trade in the last couple of days, I am currently waiting for a 0.61 fibs retracement to confirm the bullish move to the upside. My personal target is in the 12.5$ area in the next 60-80 days. It's been almost 1 year of accumulation, when it will go, it will go hard. Will keep updating on the buys.
On the RSI daily a nice bullish divergence coming out of oversold, waiting to see if the potential bear div forming will invalidate. MACD signalling end of sale.
bull(ish) : 1 day close over 3.4$
bear(ash) : daily close under 2.60$
GMT has been the talk of the town in the last 30 days or so, doing a whooping 36.000% since last month. A correction should follow. We anticipated the small rejection in the 3.83$ area. If it manages to climb up over 3.83-3.85$ we should see a run up to 4.80$ levels. I am watching this actively and will update on the live trading channel.
bull(ish) : 4h close over 3.85$ - target in the 4.85$ area
bear(ish) 4h close under 3.20$ - target in the 1.9$ area
TLM is coming out of oversold on the daily with a bullish divergence confirmed on the RSI. It didn't yet have the same run as other cryptos so it presents a really great opportunity to trade.
bull(ish) : 4h close over 0,1080$ - targets on chart
bear(ish) 4h close under 0,0931
Disclaimer : the opinions presented in the following report are my own and DO NOT CONSTITUTE FINANCIAL ADVICE. Cryptocurrency trading is a very risky endeavour. You can and probably will lose your money if you do not do your own research.