Crypto Shows Strength as Stocks Stumble: Market Insights and Winning Watchlist Additions

Another strong bounce back for crypto as stocks slide this week. Our watchlists had a great week and we made some new additions but first I want to cover a bit on the current state of the market.

Starting with stocks.

I outlined the path in black that I expect the market to take. At the moment it is oversold and forming a bullish divergence so I expect a bounce for a few days maybe even a week or two. But so long as the market doesn’t take out the high marked by the red arrow I fully expect a new low to be made and likely in that August time frame.

Look at the red boxes. Last correction was 14 trading days, a similar correction in time will put us right on August 6th. At the same time a 50% retrace of the run can be expected now and as you can see the 50% level in black is my target, roughly at 5300.

As for crypto my plan is simple right now.

In the short term we are strong. BTC is above the 50% level and retested it perfectly this week. Now we are right at the 75% level and the red weekly downtrend line. In short, a weekly close over 68k will be a very good sign for more upside. I do believe we will see the market make a new all time high here in the next two weeks but only briefly as the August 6 date comes into effect. Based on past history a sharp drop would not be out of the ordinary. But then BTC will quickly regain its ground in September and October.

Now let’s take a look at our watchlist portfolio’s. This week was another great week for us with some promising new additions as well as a few of our recent picks that have now soared over 200% in just two weeks time.