Le Point Macro Hebdo: The Stock Market Is Collapsing, And Bitcoin Too (-10%)!

fall continues – While Bitcoin has shown resilience in recent weeks, the price of Bitcoin fell more than 10% yesterday. For a moment, the price even dropped below $30K. The stock market continues to decline and there is no real end in sight. The LUNA had to sell BTC at a loss To be able to compensate for the fall of its decentralized stablecoin is unable to hold its assumed value of $1. Bitcoin’s downfall has been intensified by recent terrestrial treasury issues. The market took the opportunity to liquidate the bullish bettors, but is it over? To see the state of the market!

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Bitcoin: Sharp Drop, Blood’s Flowing!

Yesterday was a particularly painful day for scammers Bitcoin. Bitcoin lost more than 10% Luna lost 55% After the problem with the floor tanks. This is the daily bitcoin chart:

Bitcoin price against the dollar (1D)

Bitcoin is back in Final support at $30,000. Let’s not forget that this is a file average price Bitcoins collected by companies like Tesla and Microstrategy. This is the level that should absolutely prove in conclusion. course now My day down, until proven otherwise. For this, buyers will have to manage the strong selling trend by building a reversal pattern (W).

The fall is brutal, but the primary is reserved, for now. It seems that the price of bitcoin in Ranging from $30,000 to $60,000 It can go on. We are now waiting for the trend to reverse at the support level and for the price to cross the descending (brown) trend line.

Stop Risk Assets: Gold Trying to Recover, Will the Dollar Continue to Rise?

Gold stagnates at support at $1,860

The gold that’s meant to be protection During complex periods, it is not possible to find a buyer at the moment. It is subject to decrease of more than 10% Since early March 2022. Gold is declining, but the graph is still standing Long term bullish.

Gold is at support at $1,860.  It can quickly find itself in the reload zone between $1,820 and $1,750.
The price of gold against the dollar (1 d)

The price of gold is still bullish, but it is still noticeable Local summit in early March. Buyers defend support at 1860 USD. Gave the first stop, there is a good chance to find gold in reload area (0.618-0.786 Fibonacci retracement) between $1,820 And $1750.

We have to wait to see direction reversal In the short term to see gold lead again. Gold has a very high capitalization, the price movement takes large amounts, and it will take a long time.

The dollar does not seem to weaken! This is not good for risky assets!

The dollar continues to rise. The dollar must completely weaken if we are to review risky assets. since The dollar goes up, the risky assets go down :

The dollar is still not weakening!  Alert for risky assets if the trend continues.
Dollar Index Chart (1D)

The Dollar Index (DXY) does not appear to be losing its momentum at the moment. There is no sign of a peak at this time. Momentum does not weaken, Buyers are there. The RSI should close below the yellow line and below the established trend line since the beginning of 2022. Technically, the possibilities remain, for now, towards continuous rise.

Stock market: big risks in the short term?

The stock market is struggling to recover. The current situation is critical Most stocks will go down.

S&P 500 Support Breaks: Back to $3,700?

Last week we were talking about Bracket to keep $4,150. give up. The Fed meeting did not allow for a break. High prices do not satisfy the market Even if it remains very low compared to inflation.

The S&P 500 broke the support at $4,150 and is likely to head towards the next level at $3,700.
S&P 500 price per dollar (1D)

Owns the S&P 500 bow break which also represents first stop (0.382 Fibonacci retracement) for the movement that started in October 2020. Next support is in the reload area, at 3700 dollars. Support mentioned last week in $4150 is the resistance now.

S&P 500 A . price is shown daily downtrend As long as the bottoms and tops descend. We will have to wait for the trend to change to see the performance of the indicator again. Momentum is bearish, but a . can still be formed bifurcation If the RSI closes above 66. This may require the S&P 500 to bounce back strongly. Unfortunately, this does not seem relevant.

Coinbase digs, close to $30?

Coinbase is located in downtrendit’s getting close to the downtrend line around it $30 :

Coinbase continues to fall against the dollar.
Coinbase price against the dollar (1D)

Coinbase is free fall Since breaking the support in $215. The price can find a buyer close to $30 If the price continues to fall. The price for this action is very recent, and there is no support at this level. will be necessary Determine the change in dynamics To increase the odds of a lower bottom.

Momentum can also form bifurcation If the RSI manages to close above 60. Again, it seems Unlikely Let it happen. The markets should recover very quickly.

Nasdaq can recover!

we know that, Bitcoin is closely related to the US marketbut especially on the NASDAQ.

Nasdaq on support at $12,000.
Nasdaq price against the dollar (1D)

The NASDAQ Stock Exchange is also present in daily bearish momentum. The Nasdaq Index Can Rebound From Support At $12,000but it will take Reflexive structure to confirm.

Momentum, such as the S&P 500 and Coinbase, could form a bullish divergence. For this, the RSI should close above 64. This is not the preferred scenario, but it is still possible as long as the RSI does not go down 25.

Finally, we see that the US market is bearish. Bitcoin, which has held up well so far, has returned to the final support and buyers should definitely hold on to it. Gold has more room to fall, but the momentum for this asset is still bullish. The dollar index is still not weakening. This is not good news for so-called risky assets like cryptocurrencies.

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