Weekly Watchlist Update: Finding Opportunity Amidst the Volatility

Coming off a shaky start to the week the market is starting to look pretty strong here. Let’s see how the week closes but so far so good on the retest of the 58k area. This was one of our original scenarios that we mentioned at the start of April. Quite possible this is still in play and we could see an intense rally unfold.

The other two scenarios as I have been sharing in the chat is that we may make a lower high into the time factors or grind into them before a breakout. I know I have a lot going on here but try to find the blue and red paths I have drawn. Notice how the market stopped today exactly at the intersection of the green 1x1 up and the blue 1x1 down. As I said we are still not out of the woods yet but things are shaping up positively.

That being said, I do think alts are looking very strong and there is potential for us to see a huge run starting soon. While BTC made new lows the major alts did not and even many small caps held strong against the final drawdown. Tomorrow is also the BTC halving. Historically, the market does even better after the halving and alts in particular gain ground against BTC. So maybe the May window is in fact an inflection point in the market between alts and BTC. What I am seeing on a lot of these beaten down charts is a make or break moment coming right at the start of May. Meaning they either need to break out very soon or go into a much longer consolidation. With some of the leading memes breaking out this morning from their downtrends only time will tell but we remain in a positive outlook.

Last thing I’ll say is that this is a strong reminder of why we never panic. We have a clearly defined plan and we execute it. Selling on fear is almost always a bad decision. If the market is going against you do not panic simply wait for a bounce. Right now we are getting that bounce let’s see if it turns into something bigger in the next few weeks.