This editorial is from last week’s edition of the newsletter Week in Review. Subscribe to the newsletter to get this weekly editorial the second it’s finished. The newsletter also includes the biggest stories of the week with a comment on each story.
Key Takeaways:
Bitcoin finished the week just above the $71,000 level, prolonging a nearly two-and-a-half-month-long battle with its 200-week moving average. Ethereum printed a modest green weekly candle near the $2,100 mark while most other altcoins either bled down or traded sideways.
Regardless, blocks are being produced and Bitcoin is still consolidating in what Mel Mattison has described as a “textbook” pre-uptrend pattern. Crypto’s next move may be sparked by macro developments, but could also simply succumb to the 4-year cycle and the classic technical indicators, as PlanB is anticipating. Time will tell.
All major stock indices saw surprise moves to the upside, with the S&P 500, Dow, and Nasdaq all up nearly 4% on the week. Gold and silver both resumed their recoveries while oil cooled off, currently sitting below the $100 mark. The VIX has collapsed back to the 19.5 level, failing to reach the “Liberation Day” highs by a long shot.
