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Issue 30 – Look Beyond Cryptos

Financial markets don’t operate in a silo. They’re all related in some way, especially risk assets like stocks and cryptos.

Like it or not, US stocks are still the number one risk asset. So, while stocks and crypto aren’t correlated most of the time, they are when the S&P 500 decides to correct.

As such, I must consider where the S&P 500 is when I’m evaluating when to allocate more capital to cryptos.

That’s what today’s issue is all about. We’ll look at where the S&P 500 is trading and what it means if you’re trying to decide where to buy more cryptos on this pullback.

Let’s go!

The S&P 500 and Cryptos

I’ve discussed the concept of risk-on and risk-off before. But a refresher may be in order.

On Friday, the S&P 500 tested a key resistance area near 4,350. That’s the top of a massive rising wedge that extends from March of last year.

It outlines the price action since the “COVID collapse”, so it’s a big deal, in my opinion.

This is a members-only issue. Join today to get access to the full post, charts, and watch the video.

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Trading Tools & Resources

The links below are affiliate links. Meaning that at no additional cost to you, I will earn a commission if you click through and sign up.

Bybit - My preferred exchange for trading crypto. Over 100 tradable assets, super competitive spreads, and the best mobile trading platform I've ever used. Use the link below to receive up to $4,000 USD in bonuses. Limited time offer! Note: US clients must use a VPN.

iTrustCapital - Where I invest in crypto for my retirement account. These are self-directed IRAs where you can invest in dozens of crypto assets and even gold and silver. Right now they're offering $100 in BTC when you fund an account with at least $1,000. Use the link below to claim this offer. 

TraderSync- The crypto trading journal I use and trust. Enter trades manually or import from dozens of brokers/exchanges, including Bybit! Track your win rate, average return, profit factor and identify mistakes to improve your trading. 

Justin Bennett

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About the Author

I'm Justin Bennett, a currency trader turned crypto enthusiast.

My journey started with stocks in 2002. After limited success, I transitioned to currencies in 2007, which later became a full time trading gig.

The journey continued, and in 2020, I committed to learning about cryptocurrencies. It was love at first sight.

Cryptocademy.com is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.

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