✍️ Weekly Trade Plan & Recap 7th Jan - 12th Jan
Coinbase - a sign of trouble for Bitcoin? Plus analysis on Gold, Silver, the Dollar Index, S&P 500 and Bitcoin
Coinbase - potential trouble for Bitcoin?
Last week I mentioned Coinbase (COIN) had reached a Supply zone and the lower timeframe structure (inset chart) had started to turn down.
We also see that Bitcoin has correlated to Coinbase very well.
Here’s the 1 hour chart of Coinbase stock at the close of business on Friday - the market has continued to stairstep down from Supply and is looking increasingly bearish.
Given that Coinbase is the most accessible “on and off ramp” for retail investors to enter and exit the Crypto market, I believe this to be a good indicator for the future of Bitcoin and Crypto in general.
Granted, the eagerly awaited Exchange Traded Funds from the likes of Blackrock Et al. will allow investors to “buy” Bitcoin via the Fiat markets without even getting their hands dirty with real Cryptos. But do we really trust the Cabal who manipulate the Fiat markets to make everything fair and square in Crypto? Something to think about.
Gold Day Trade Setups
With an absence of higher timeframe setups last week, I decided to look for some shorter-term day trades/scalps in Gold. There were 3 setups that netted a reasonable profit which we’ll discuss in detail below.
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