Cycle Trading: Miner rejection

LikesMoney Independent Analyst

Rejection by the 50 day MA has extended the Miners daily cycle decline.

The Miners closed lower on Thursday then delivered bearish follow through on Friday. The miners closed below the day 32 low on Friday signaling a continuation of the daily cycle decline. The Miners also closed below the lower daily cycle band. Closing below the lower daily cycle band ends the daily uptrend and indicates that the intermediate cycle decline is extending.

I breakdown what is happening with the intermediate cycle in the Weekend Report.

Author

LikesMoney

Independent Analyst

Assets (such as stocks, gold, and the dollar) have identifiable cycles.

EUR/USD hits two-day highs near 1.1820

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GBP/USD reclaims 1.3600 and above

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Gold climbs further, focus is back to 45,000

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Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

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XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.