Intraday Market Thoughts Archives
Displaying results for week of Nov 05, 2023Bitcoin Overtakes Tesla Market Cap
"OK Ashraf we understand why you compare Bitcoin to Gold as you explained here, but why are you comparing a finited digital asset to a publicly traded company involved in so many different sectors?" . Well, Tesla combines two powerful trends: Electric cars, electric batteries and AI data/capabilities. The chart below shows the previous occasions when BTC mkt cap crossed above Tesla's to follow-through vs others when it failed. See and think for yourself. Btw, that BTC/gold ratio is now at 19.
False Breaks & Right Shoulders?
Nasdaq seems on its way to starts its seasonal rally. But what if it's a situation of a false trendline break, followed by a right shoulder? We've seen this in late 2021 and September 2023. Could Nvidia serve as an additional clue? Start watching from 3:40 mins and decide for yourself.
Gold's Up & Down Cycles
A friend of mine manages risk for a major broker, mentioned the 6-month DOWN cycle and 12-week UPcycle in gold. Take a look and decide for yourself starting from 9:07 minutes of the video
Bitcoin Breaks to 18 oz Gold
Bitcoin/Gold ratio has just hit $18/oz, the highest since May 2022, when the ratio began crashing as the Fed began the first of 75-bp hikes. Returning to the level prior to the ratio plunge is significant. I've indicated in a recent video how the $16/oz BTC/XAU ratio served as an effective green light for inflection points (rallies & declines) in bitcoin. And to understand why I choose to compare BTC vs GLD, here is a reminder.
US500 Quadruple Resistance
Find out the importance of the Quadruple Resistance on SPX (US500) starting from 10:40 mins in the video below and how to trade it (Targets vs Stops) Full video.
Ethereum & 477 Day Cycle
Is it time for Ethereum to shine? We've all seen Bitcoin dominance hitting nearly 60%, while altcoins remained in the dark. But take a look at ETH/BTC, possibly putting in a bottom, coinciding with a 477-day cycle. And while BTC has already reached its inv H&S target of $35000, hitting new highs for the year, ETH remains below its year's high of $2160. Does the cycle analysis imply more upside in ETH relative to BTC? See for yourself. By the way, that Bitcoin/Gold ratio is now fast approaching 18 (that is well above the 16 explained here)
