Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Nice Looking Short Setup on Crypto

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I was looking at the nice short setup on Crypto earlier this week and both BTCUSD (Bitcoin) and SOLUSD (Solana) then broke back over the very obvious resistance at the 200dma. The obvious question is whether this is a break up and possibly that might be the case, but it doesn’t look like it.

A weak RSI 5 daily sell signal has fixed on ETHUSD (Ethereum), and a full daily RSI 5 sell signal has fixed on Solana. These have a solid history of making at least the minimum target at the 35 level on the daily RSI 5.

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Nice Looking Short Setup On Crypto

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There is a decent correlation between the trends on equity indices and Crypto, as I’ve mentioned before, and we are seeing a small but significant looking inflection point on both of them today that I was looking at in my premarket video on Crypto today.

The chart below shows one of my SPX daily charts with SOLUSD in the background. You can see the possible small double top setup on SPX here, and I have a similar setup on SOLUSD (Solana) and BTCUSD (Bitcoin), both of which I will be showing further below. The correlation isn’t perfect, but it is strong.

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Bitcoin’s Path

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Assets are all joined at the hip. Gold. Equities. Bitcoin. It’s all the same. They tend to move up and down together. Because of that, crypto merits respect, even if its own wanderings are just an approximation of what equities are doing. Here’s the thing that’s important to remember: in spite of all the lunatic price projections for Bitcoin over the years, the price is lower NOW than it was 41 MONTHS AGO. Yep, buying Bitcoin in April 2021 would have yielded you a loss after all this time.

More germane for the present, BTC has still been engaged in a series of lower highs, which is the very essence of a downtrend (albeit a recent one). Don’t count on BTC to save the day anymore.

In The Big Inflection Point on Crypto

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A week ago I led with a chart looking at the strong correlation between SPX and BTCUSD (Bitcoin). I was talking about the big inflection point likely coming up on SPX, and SPX is in that inflection point now, at a stage where it could very much break either way, though the Fed gave bulls a big boost yesterday. Whichever way SPX breaks here, Crypto will likely follow to a significant degree.

On the Bitcoin daily chart, the daily middle band was backtested and held as support. BTCUSD has also broken back over the 50dma, and is close to a test of the 200dma currently at 63985. Bitcoin is looking a bit stretched at the moment, over the daily upper band currently at 62775, but still well short of the daily 3sd upper band currently at 65078.

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