Weekly Update and Other Site News

#ethereum #stockmarket #bitcoin #altcoins

Good Morning Traders,

Instead of a weekend video, I will quickly summarize what went on this week and where we are going.

Let’s start with Ethereum. An Ethereum spot ETF was basically approved by the SEC. I estimate trading might start in July but maybe as soon as June. This might have impatient traders cashing out, causing some consolidation. I don’t believe it will be much, if there is more to come. You can see from the chart that some of the consolidation that I previously called for has already occurred and that right shoulder is in play. I’ve redrawn the shoulder, with a better estimate of what we can now expect. Notice that the shoulder is not as deep as it was drawn previously. Ethereum is still bullish. The pause/consolidation period should not last long unless we get another surprise from the SEC or some other news event.

The dollar was stronger this week but has formed a bear flag and should continue its trend down to that 103.5 level.

The VIX is at all-time lows, ensuring that the blow-off top I have been in alignment with for the last year and a half will continue to play out. SPY target 570-600. The time frame for the top is sometime shortly before the U.S. elections.

Gold spiked as expected and is now cooling down. We might expect sideways consolidation for a few weeks if not months now.

BTC dominance is cooling down while Ethereum heats up. Additionally, USDT dominance has reached its target down. This implies that stablecoin is now going into altcoins, mainly Ethereum first. Then trickling down to large, medium, and low-cap alts. Meme coins are an anomaly. They will always just do whatever they want, often disregarding general trend direction, unless/until they become large enough with capital that they have no choice but to follow the larger trend.

Over the holiday weekend here I expect Eth/Alts to move sideway while some may become slightly bullish, popping up here and there.

Next week, more sideways (possibly slightly down) consolidation. The closer we get to early to mid-June, the more bullish we should become.

The remainder of the year should be a ton of fun for all of us. I will continue to pick what I believe are the best set-ups for trading in the crypto space. Our last 9 trades have all been huge wins. We are averaging 32%+ profit per trade on these last 9 trades and it has bumped our portfolio totals up nicely.

As far as other site news goes, we are moving membership chat back to substack. Telegram was simply too tedious and time-consuming to manage. Paying members can begin chatting with each other here. Downloading the app for your phone will give you push notifications however you like. You will be able to adjust in your account settings whether you’d like to be notified for newsletter posts, notes, or chat …whatever your preference is.

Have a great weekend all and Happy Memorial Day to all of my U.S. friends.