Daily Market News - 1st Oct 2021

Bitcoin Targets

There’s a lot of uncertainty in the world at the moment. Rising fuel costs, Inflation and rising debt levels and the global equites market is showing signs of weakness for the 1st time in a while.

While many of the individual stocks have already corrected / crashed (many are -50% from their highs in February) there is 1 area of the market that I’m incredibly bullish on at the moment.

I’m sure many of you are onboard with crypto now, it took me a while too, but charts don’t lie, and when my Apple Watch gave me an alert last night that Bitcoin was +8%, I couldn’t help but think it might be a decent spot to park your capital if you’re a believer in the longer term play (like I am)

Below is my chart for Bitcoin, and for me it’s reasonably straight forward.

Call it voodoo or nonsense if you like, but for me Bitcoin is a textbook Fibonacci chart, and this is 1 of the things I like about Crypto, it respects Technical Levels, and I like that. (I talk about it in the 5min video analysis below)

I have 2 Targets and if Bitcoin can move higher from current levels and stay above that 100 Day Simple Moving Average (which I’m using for Risk Management purposes)… I think $70k by year end is a logical target before a melt up to $100k-$112k shortly thereafter.

Ethereum & Cardano

The knock on effect to the other top tier crypto names would likely be highly bullish.

Below is another chart showing the ratio / relative comparison chart of both Ethereum and Cardano vs Bitcoin.

In short, if the ratio resolves higher, you can expect institutional capital to plough into these 2 names because the charts will tell everyone who pays attention to big details like this that the alpha is found there, and that’s a big deal in the Institutional world.

If you’re looking for a 5min analysis brining in a few more charts, I talk about a lot more below. Feel free to check it out.

In summary, price will need to confirm these moves and while I personally hold for the long term and don’t trade these names any more, there is massive risk of drawdowns when it comes to crypto, so thoroughly evaluating your own individual risk tolerance so you can sleep at night would be very sensible.

If you enjoyed the read, feel free to check out the rest of the website and share on Social Media if you think there’s value to be had from my post.

Thanks for reading.