Common Sense for Uncommon Markets
By Bill Taylor, Contributor/CIO-Entoro Investments
The opinions expressed below are my own & do not represent those of Entoro Investments, Digital Wealth News or any affiliates. Any financial advice included in the column is for entertainment purposes only.
Bullish for week of 4/25/23
BTC | ETH
Neutral for week of 4/25/23
GOLD
Bearish for week of 4/25/23
S&P 500
4/25/23 Closing Prices:
BITCOIN: $27,296.70 (-$62.92) | (-9.8% change Tue-Tue)
ETH: $1,813.80 (-$17.66) | (-13.7% change Tue-Tue)
Gold: $1,982 (+$9.00) | (-.003% change Tue-Tue)
S&P 500: 4,071.63 (-65.41) | (-2% change Tue-Tue)
Every week gets just a bit more “interesting.” A couple more regional wars have broken out, geopolitical rhetoric is getting “feistier,” cable news personalities are getting fired, U.S. political corruption is being exposed, the Fed is still about to raise interest rates (again), another bank is on the verge of failure AND it’s only Tuesday. So far, financial markets have not paid much attention (SO FAR) and here we are.
Oh, if you haven’t checked, next week is May and the old adage of “Sell in May and Go Away” kicks in.
After big run ups, both bitcoin and ether have pulled back (well needed),with BTC down almost 10% (Tue-Tue) and ETH off just short of 14% (Tue-Tue). Gold teased above $2k but couldn’t stay there and it looks like the S&P 500 (equities) noticed the calendar and realized May is next week. It lost 2% (Tue-Tue).
Looking ahead, financial markets seem to be looking all the way into next week. April is a distant past even if there are a few more day left. Last chance to sell BEFORE May and get out of town. Stay tuned.
What to do now?
BITCOIN & ETH: Expect a bit more weakness after the big rally. BTC maybe sees $25K-$26K, ETH $1,700-$1,750. Hold longs and add on this “dip.” Uptrend for both is intact.
GOLD: Should be higher…..it isn’t. Hold. Its not just a store of value…..its a SNORE of value. The metal is just a frustrating hold…..in my opinion.
S&P 500: Sell, sell short and prepare for reality. The news (economic and all other) is bad. Bad news is bad news. New lows for equities are coming.
HOPE SEEMS TO BE OVERRIDING REALITY FOR INVESTORS. HOPE IS NOT AN INVESTING STRATEGY.
NEW TARGETS:
- BITCOIN 2023…….UP
- ETH 2023…………UP
- GOLD 2023……….??????????
- S&P 500 2023……..DOWN…….DOWN……DOWN……...LOOKING AT 3,250
Current trading positions:
- SLIGHTLY LONG BITCOIN
- SLIGHTLY LONG ETH
- NEUTRAL GOLD
- SHORT S&P 500
We compare the price of Bitcoin, Ethereum, Gold & the S&P 500. We use the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement on the digital assets & gold.
Bill Taylor is CEO of Digital Wealth News and an advisor to Entoro Investments. He is widely published & quoted in financial media and an international expert on markets and BTC, ETH, Gold & SP500.
His opinions are solely his own and for informative purposes only.
