Markets Drop 1 Stock & 1 Crypto to WATCH

Markets Drop 1 Stock & 1 Crypto to WATCH
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What a big drop that we saw in the market today and uh you know if you’re in anything you lost money stocks and crypto across the board bonds it all took a dump today this was actually one of the very worst starts of a trading year in history not a good indication of

2024 being a continuation of 2023 but let’s just begin to break it down let’s start by looking at the heat map of the S&P 500 the markets we know they’ve been running but today they officially stumbled and fell on their face mostly red but there was a ton of buying the

Dip today because it did appear to be as far as the percentage goes a pretty strong reaction and the market reacted with buying Google that’s that one outlier let’s stop and have a conversation about Google if you guys recall when I last talked about Google I

Said that it tends to be the slowest moving big Tech stock out there and so after all the other big Tech stocks have had their day peaked Google tends to come late to the big Tech rally and so it’s often or it has been in the past a

Signal that the big Tech rally has officially come to the end because Google is still going up slowly and everything else is already trending down is that the case I’m curious what you guys think have you noticed that do you think that the fact that Google is up

Today and the rest of big Tech is down means that Google has more room to go higher or are they just the asked to find the top of their range I’m going to break down the Google chart here in just a minute and I’ll give you guys some of

The facts fundamentally and some of the facts according to the Chart also when we look at that heat map we saw that Tesla was having a bad day I’ve been kicked out of my Tesla swing trades Tesla’s clearly cooling off but I do believe that as far as my shares go I am

Holding strong because I believe that Tesla will be between $300 to $315 sometimes time here in the next couple quarters I think the trend is still up on Tesla but for the time being it’s cooling off huge level of support at around 233 and so I’d be surprised if

We broke through that I will be covering and talking about Tesla more today because later on today over on Stock’s page I’m going to be doing a stock Squad live if you don’t know what the stock Squad is that’s me Keenan Grace stock up with Larry Jones and stocko we have a

Discord patreon that we run together you guys can get plays over there click on the link in the top pin comment to check it out and tonight on stock most page we’re gonna be talking about stocks I’m gonna talk about Tesla and the overall market so make sure you don’t miss that

Now if we take a glimpse of what’s going on in crypto it was even uglier the news headlines for uh Bitcoin were kind of cracking me up today because right off the bat one of the very first news headlines I saw said that Bitcoin has erased the year’s gains and I thought

Wow what happened did it go back to 30k no they’re talking about 2024’s gains Bitcoin only pulled back to 42,000 and that was a 5% drop and it was a significant drop and there was a ton of buying that came up behind it uh but the news headline of Bitcoins erased all of

Its Year’s gains when the year’s only been three days is just ridiculous and it just shows how people love to uh push fud when it comes to crypto Bitcoin gave up 5% eth gave up 6% but ICP now there’s an outlier up between 6 and 7% today what is ICP internet computer protocol

And I had a huge swing trade going on ICP but I had already taken profits in the last couple days because it’s run up quite a bit I’m going to be talking about ICP today I think it’s going to be one to keep our eyes on in the next

Bitcoin Bull Run I think icp’s proving to us by being an outlier today that it’s going to be a Gainer and outlier in 2024 and 2025 and so I’m going to break that down a little bit with you guys today but let’s just take a step back

And look at why Bitcoin really uh had a tough t uh one of the headlines I saw was forget the SEC and Bitcoin ETF approval drama here’s why Bitcoin flash crashed and what it basically goes on to say is what I know to be the case especially with Bitcoin is that the

Those who are in leverage Longs got wiped out now here’s what you need to understand about the exchanges and crypto all of these exchanges independently run not heavily regulated by the SEC we saw that with FTX and all the collapses they they didn’t there’s no regulation going on at those

Exchanges we know that binance is in some trouble with regulation every last one of them was not managing the books correctly what they tend to do is they have liquidity issues right and so when everybody goes long or everybody goes short they take leveraged positions and

What happens is it works to their favor to flash Bitcoin down and wipe out everybody’s position cause their money to be liquidated they’re simply operating off of a giant pool of Bitcoin or eth that they own everything else is paper trading and so there we see this continuously that when people get too

One-sided they’re expecting it to go up then the exchanges I think manipulate it and push the price through those leverage positions and wipe them out and that’s what this article said so I’m not the only one who thinks that in my opinion that’s what happened and once

That liquidity is freed up well now they can begin to give out some more leverage and Bitcoin can actually go higher from here as I said a ton of losses and pullback in all of our portfolios stocks and crypto today I just want to remind you guys if you’re not using a stoploss

You are losing control when these markets go against us all right so why exactly did the markets crash what is the official uh CNBC reason well the official CNBC reason is that there be came uncertainty based on the release of some of the fomc meeting notes that was

Said like this fed officials in December saw rate Cuts likely but the path was highly uncertain and so what basically is is that there was questions that were put on the table through the fomc meeting notes that suggested that even though they thought that it was very

Likely that the there was going to be Cuts in 2024 they’re not entirely certain but guys we know that we know that nobody could uh guess the future we don’t know whether inflation is under control or not but the fact is that based on the trend based on the lagging

Data the fact is that inflation has largely been tamed and there is no data that would suggest that it hasn’t been and so the fact is the market had had too much enthusiasm too much bullishness had priced in more rate Cuts than perhaps is warranted and so the market

Had to correct and you know what the other factor I want you guys to understand and I talk about it all the time on this show is what markup and distribution phases look like we had a markup phase nobody can deny that 2023 was a markup phase when we saw companies

Like Tesla start the year off at 101 and move all the way up to $300 throughout the year we saw companies like Google down at $84 moving all the way up to 150 and meta that’s an incredible story up hundreds of percent we know we went through a markup phase the next phase

After markup is distribution the characteristics of distribution is not tight price action but wide price action which means huge price volatility swings they go to the bottom of the price trend to the top of the price trend and in a minute I’m going to give you guys the price trend

For Google and so I think you’re going to hear my prediction that we are likely between now and the earnings to swing to the bottom of that price trend and then turn right around and swing back to the top of that price range and if you’re prepared and if you’re sitting on some

Cash you can take advantage of a massive move and you can take advantage of distribution but if you’re sitting in your position you don’t have a stop loss you didn’t take profits and you simply get caught up in the flash down well then you’re just waiting and you’re

Losing investment time and that’s what a lot of people have suffered today so basically the markets are overbought and there was unwarranted euphoric bullishness that needed to be brought into check but let’s just kick things off by getting into Google I’m going to be talking about the chart facts and the

Fundamental facts I want to just quickly put this stock into Focus what what are the fundamental facts well the fundamental facts is that AI has come and it has permanently changed the world you’re never going to get that AI uh idea back in the Box AI works it’s real

And Google is one of the companies that’s going to profit the most from this incredible innovation of Western civilization and that’s what the fact of the fundamentals are for Google and the fact is that Google’s pricing is significantly undervalued according to its historic valuations based on the fact that this fundamental change would

Cause this stock to go higher and it’s not been fully priced in and it won’t be fully priced in until we get back above 152 and go higher then nobody could argue that the AI impact has been priced in just yet and so those are the fundamental facts I want you guys to

Keep into Focus but the charts are also going to tell their own story and that’s going to be a story about the price range and support and resistance and let’s just take a little bit of time to look at them today our move up was on a

Decrease in volume of 32% now if you guys follow this page volume is a huge indicator for making decisions in investment and what the down or decrease of volume today on an up move means that the momentum is cooling off and that there is buyer exhaustion and that

People are not excited about buying Google at $142 the big Market participants are buying to a small degree pushing the price higher looking at the long run but the majority is scared to buy right now they want to get a better price so volume was down today you need to be

Aware that that is a bearish sign so some of you guys might ask me okay Josh is it time to sell Google then if you’re telling me that the momentum is cooling off well let’s look exactly what the opportunity is the exact top of the range right now would be defined if we

Were to push all the way to 147 the only way we would get there is if we began to move above 142 that’s not happening just yet I largely think that we’re going to cool off and the pre and the momentum is going to pull back to the downside but

We could have that Spike and so if you wanted to wait for the last minute for maximum price watch and see if this thing gets above 142 because we should hit 147 but that would be the best case scenario overall Google has been in an uptrend since November of 2022 and so if

We look at it from a long oneyear perspective all Google has given us is a series of higher lows and higher highs that’s what an uptrend is so I wouldn’t significantly bet against Google because the momentum in the trend is to the upside but the trade range that we’re in

Right now and I hope that you guys can begin to understand these terms trade range it’s kind of like a pingpong table the ball is the price and the two players are the bull and the bear and they’re knocking it back and forth between two points until one of them

Misses the ball and it goes further than expected off the table and rolls across the room and right now the current price range for Google on the low end is 124 and on the high end is 152 which means that if we were to roll over and have a

Continued move down at some point we would likely hit 124 and then I think we would likely spring back because I think that the Bulls would be a buyer based on the fundamentals that I gave you right at the beginning I think they would slap

That ball from 124 back to 152 very very quickly all right and to illustrate that one of my new favorite indicators that I’ve been playing with recently is called the Watson envelope and it shows you on the weekly time frame it Smooths out the price action and it shows you

How the stock when it gets to the top of that range can give a sell signal and that it will move within that range in its overall movement and so again it would take us going above 142 to have a breakout and that would produce a cell

Signal based on the Watson indicator in my view largely it’s showing me that the price is smoothing out and it’s rolling over and moving into distribution and I think that that means that between now and earnings which is February 1st I believe that I think we should largely

See that pull back at to 124 at some point even if we get a spike up right now that would be a selling opportunity so yes I would say any significant Spike above 142 would be a takeprofit scenario because ultimately between now and February 1st I think we’re going to come

Back hit the bottom of the trade range which I’m calling 124 only to turn around and move very quickly back up to 152 maybe either maybe on earnings day that could be a scenario that I’d be watching out for and I want to give you guys a prediction on Google overall as I

Said at the beginning the fundamentals right now with AI are very very strong on Google and meta and Microsoft those are the three big AI plays in my mind and I think that ultimately in 2024 by Q3 we’re going to break above 152 which is currently an area of strong

Resistance because that was previous to that was the previous all-time high range we’re we’re going to break above that and we’re going to move higher in 2024 ultimately I believe that will happen that’s my prediction we’ll see how the year plays out all right I’m going to dive into ICP internet computer

Protocol here in just a minute but let me just also remind you guys you’re going to be getting charts and chart updates on some of the stocks I talk about on this page on the stock Squad patreon click on the link in the top pin comment to go check out the details and

Join that group all right ICP internet computer protocol on a really ugly day when bitcoin’s down 5% eth is down 6% every one of the the indexes are down today internet computer protocol and a handful of stocks were up ICP was up 10% today and that’s nothing compared to the

Move that it’s experienced in the last 60 to 90 days it’s up 400% in that time frame and here’s the main point why I’m talking about it today do you know what that tells me it tells me that one I’m very happy I accumulated ICP when it was

Down in the gutter and I told everybody on this page to to accumulate ICP as well but also this 400% move up when we’re not even in the markup bull phase of Bitcoin tells me that ICP is going to be a significant top 10 crypto in the

2024 2025 Bull Run and I’m going to tell you guys where I think that price is going to go because I think the move has only just begun and I’m going to tell you where I think the new accumulation phase is going to be because I can tell

You right now this thing was at $8 and no you’re not going to get a chance to get ICP below $8 again that has come and gone you’d be very very lucky if we came back and touched $8 on ICP so this is one to put I think in your top 10 crypto

Accumulation list because I think it’s going to do very very well now in the current Trend that we’re in I think that we would see very strong resistance if we got to $20 $22 would be Max Max top resistance line but right now we’re at a

Resistance and so if it cooled off right now that wouldn’t surprise me but it’s in a very volatile and unpredictable moment so we could shoot up to 20 $22 making this even a bigger run we saw that type of move with with salana when we all thought the move was over at a

100 bucks it went nope I’m going to 125 same thing could happen to ICP right now it’s up against resistance at 15 ICP could say nope I’m going to $20 $22 but that will be the top of the range and that would be an ideal place to take

Profit I was in a huge ICP swing trade from I believe it was $5 all the way up to around $9 I took profit you know I you know you want to take profit I took profit too early on that one because here we are at $15 I would have made

Another 100% I do have a general rule of thumb to take profit when I’m in something and it’s made 100% it just makes sense to me that that’s a successful trade but I wish I had held my ICP longer but I can tell you I have

Moved it up on my top 10 list for accumulation and here’s where I think accumulation is going to be I think largely it’s at where it’s at today all the way down to 8 I’m going to call that the future accumulation Zone I would go personally in light weekly buys at this

Higher range and as you go over the course of time and this pulls back I would slowly increase the amount and especially if we got down to 8 I would begin to buy heavy and put some new money to use guys I’d love to hear from

You is ICP on your top crypto list what do you guys think you think we’re going higher to $20 or is the move over and it’s time for it to cool off and profit taking to begin I’d love to hear from you guys I’m not really going to be

Buying this $15 Mark I’m going to be watching it but I tell you that when we finally when it when when it finally proves to me that the move is over and we get a nice red candle anywhere from that red candle on eight is going to be

A buy for me guys uh don’t miss the uh live over on stock Moo’s page today because I’m going to be talking about Tesla spending a ton of time on the Tesla chart Tesla a big trade for me it’s a big stock position for me so it’s

One that I I want to keep very close eyes on in this recent dip it didn’t pay to buy the dip they kept dipping uh but I don’t believe the move is over I think we’re just simply going to find support and I’ll outline tonight where I think

That support is thank you guys for joining me today hit that like hit that subscribe to catch the next video talk to you guys soon take care peace and Blessings