Copper and Bitcoin Technical Deepdive - 4/3

TL;DR

Copper may experience a reversal, Bitcoin had a significant increase, and Netflix could face resistance and potential problems.

Transcript

a traitor's tail Pinkard here at Forex stop hunter on Twitter I want to start off with some natural views using my weekly charts and a telescope instead of a microscope I've been talking about copper we have the initial breakdown to 285 it was able to generate another spike up with the optimism over China's data on Sunday night we have the potentia... Read More

Key Insights

• 🌐 Copper may see a reversal due to concerns of global slowing and central banks talking dovish.
• ❓ Bitcoin experienced a significant surge, reaching almost $5,000, but caution is advised as it is not considered an uptrend.
• 🥺 Netflix is facing resistance at the $375 level, and a drop below $340 could lead to further problems.
• 🥡 Taking profits is emphasized as a crucial strategy in both Bitcoin and trading Netflix.
• 👀 The gap at $300 for Netflix is considered an important level to watch.
• 🔇 The speaker highlights the importance of timing, market discipline, and risk management in trading.
• 🍉 While profits can be made in cryptocurrency and trading, a long-term bull market is not expected at this time.

Questions & Answers

Q: Why does the speaker believe copper could be a potential sell?

The speaker predicts global economic slowing, which is causing central banks to talk dovish. This suggests that copper, despite its recent spike, could face a reversal and potentially go down to $2.85 or lower.

Q: What trading opportunity did the speaker mention regarding Bitcoin?

The speaker suggested that anyone who had been listening to them for the past few weeks and had crypto exposure should have profited from Bitcoin's surge. They advise taking profits and possibly exiting half the position, although a longer-term move to $6,000 is not ruled out.

Q: What potential issues does Netflix face according to the speaker?

Netflix is facing resistance at the $375 level, and if it starts trading below $340, there could be problems. The speaker suggests using strength to lighten up on Netflix, and the gap at $300 could be significant.

Q: Is the speaker anticipating a bull market in cryptocurrencies?

No, the speaker mentions that cryptocurrency, specifically Bitcoin, is not in the beginning of a bull market yet. While there may be more trading opportunities, caution is advised, and profits should be taken.

Summary & Key Takeaways

• Copper initially broke down to $2.85 but saw a spike due to optimism over China's data. However, there is still potential for global economic slowing, making copper a potential sell.

• Bitcoin experienced a surge, reaching almost $5,000. However, it is not yet considered an uptrend, and taking profits would be a cautious move.

• Netflix, a recovery leader, is encountering resistance at the $375 level. If it trades below $340, there could be further issues, and the gap at $300 may be significant.