Altcoins have been really interesting in recent times.
I can’t help looking at altcoins each morning to see what has happened in this space in the past 24 hours. Although I should also make it clear, we are not trading altcoins due to past experience prohibiting us to be involved with euphoric stages in cycles.
Also, I want to make it clear, I do not know where we are in the cycle as the whole
If we look at the S&P 500 yearly charts, we can see price is around the highs of last year and earlier this year. This will always be considered a sticking point for price due to reversal levels and congestion from the past.
If you were on yesterdays webinar, you will know we have been in a resting phase of the market and also the reason why we are in that phase. We need to
TSLA closed +3.7% yesterday giving the company a market value of about $208 bln.
That is now more than TM (Toyota) which has a market value of about $202 bln.
From $350 to over a $1000 in less than 4 months. That is phenomenal. I imagine the hedge funds that were short this stock are probably very happy they exited their positions with the loss they had when they did.
March 23 2020 was the low registered for the year so far and from there we have seen a nice recovery in the market. We started our bullish stance just 10 days from that low this year. The prior year the low was registered on Christmas Eve 2018 before the recovery began and we began our bullish stance just 6 days later in 2019.
Both times this was against what the majority of traders