The Weekend Crypto Forecast
Weekend of 5/3/24
As a reminder, I send these out for free most weekends, but if you want full weekly forecasts for crypto and stocks, then it’s best to sign up as a member to receive the weekly newsletter.
Theme Card: Six of Pentacles
This card tells us that we’re in a position to give or receive charity; both positive situations. The card’s historical data confirms this.
Usually what we see is a dip that gets bought or a rally that’s later sold. So it’s a bit of a mean reversion play depending on how Friday sets it up for the rest of the weekend.
Let’s see what the daily cards say.
Friday Night: The Star
This card offers hope and healing. Usually, this results in a bit of a dip that gives us time to retrace and get in at a lower price.
However, it has a 10% chance of going green, and since crypto is rallying as I type this, we may just have that luck tonight.
Tomorrow’s card tells us not to chase rallies anyway, but if we do get a dip it will be worth buying for a one-day trade.
Saturday: Seven of Cups
This is the card of illusory gains. It says we’ll see a rally that tries to lure us in, only to watch those gains disappear later in the session. We’re a seller of rallies here, but not in a huge way. I’d rather ride a quick long and take profit than try to find a top and get short.
Sunday: Six of Wands
We’re going backward from Saturday due to the 7→6 transition. This card is usually positive, so we could see a Sat rally that dies into a Sun rally that sticks.
If Saturday is really positive, then this could reverse, so keep that in mind. Remember the theme card, down then up, or up then down.
Next Week
Crypto sees Apathy as the theme of the week, and there’s a lot going on in terms of new starts and minor conflicts.
Stocks are trying to get away with something. Maybe there is/was a trap. Monday is a major transition into heartbreak on Tue. Wed→Fri has a window of weakness.
More details will be posted on Substack, X, and Instagram throughout the week. Follow on social if you haven’t already.
As always, we’ll have the full write-up delivered on Sunday. Use the button below to sign up and receive a copy.
Recap
We’ll either rally into a decent fade or fade into a great BTD moment. Friday is the key. Plan accordingly.
That’s it for now. Have a great weekend!
is death card bullish or bearish for Monday? I am eager to know. It may mean that the bullish move since Tuesday comes to an end, so it doesn't mean Monday is bearish. Tuesday turns around.