The Weekend Crypto Forecast
Weekend of 5/31/24
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Theme Card: Ace of Swords
This is usually a very strong trend card that brings tons of energy to the party. Swords cut without a lot of effort, so we’re likely to see support or resistance tested and broken.
This also signals what could be a new start after this week’s bouts of selling. Unfortunately, the card skews negative historically, so we should be on guard.
The energy will likely be one-dimensional. Trade trend not momo.
Friday Night: The Hanged Man
Well, this is a repeat of Thursday’s card. We’re stalled and willingly taking a step back so that we may move forward in the future. It should lead to a lot of chop and we’ll probably close just under flat for the night. This is a time for consolidation or re-tests, not a time to trade.
Saturday: Ace of Cups
We repeat Friday’s card now. This tells me that we’re probably repeating the Thursday/Friday action. This card is historically negative, as it was Friday. Note that Aces are new starts, so maybe this is the initiation of the theme card’s journey.
Play trend here and not mean reversion. Price action may be slow.
Sunday: Knight of Pentacles
Knights bring some follow-through lacking in other cards. This one is a slow mover though. He’s patient and hard-working, so he’ll likely take his time and keep us guessing for a while.
There’s a chance he can rally the troops toward a green day, but weekends have been slow lately, and with stocks selling most of the week, it’s hard to imagine strong positive energy here.
If we rally, it’ll probably sell off late in the day. If we’re choppy early, look for a mid-day trend move.
Next Week
The cards have yet to be drawn, but we’ve got a lot of work to do with monthly readings in the queue as well.
More details will be posted on Substack, X, and Instagram this weekend. Follow on social if you haven’t already.
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Recap
New trend here, if not for a short while. Likely starts Saturday. Sunday will be a slow-moving trend day.
That’s it for now. Have a great weekend!