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Up, Up, and Away!
Issue #16
Hi There! The shortest month of the year is quickly coming to an end! Remember to jot down some notes in your journal - February has a reputation for being volatile in the stock market. But, on the bright side, it's also a month that has brought big bucks to Bitcoin (BTC) investors in the past. So, hold on tight and get ready for the last lap!
Let's dig in!
Last week the markets responded bearishly to the more-than-expected rise in the economic data. Inflation rose by 0.5%, the Consumer Price Index (CPI) was up 6.4%, and retail sales were up. All this economic data gives the Fed more ammunition to continue tightening and this has investors worried.
In other, more exciting, news, Bitcoin (BTC) broke above $25,000 for the first time in eight months. It has since dropped slightly: at the time of writing, the price bounced off the 20 exponential moving average (EMA) and is hovering over the $24,518 level with below-average-buying volume, on the 4-hr chart. If the price closes above $25,000 in days or weeks ahead, we could see a rise to $28,000 (the next key resistance level).
Other key highlights from last week:
Oil ended the week markedly lower on Fed worries
Coca-Cola's quarterly revenue topped Wall Street's estimates
LeBron James NFTs soared after he broke NBA scoring record
Starbucks Polygon NFTs are already selling for thousands
Siemens (SIE) issued its first blockchain-based Euro-denominated bond on Polygon
Brace yourself for another big week ahead:
Keep an eye out for the Federal Open Market Committee (FOMC) minutes on Wednesday (2/22/2023). The minutes could offer some clues about whether the Fed will consider a bigger hike at their March meeting. This is especially interesting given recent comments from certain policymakers who seem to be in favour of such a move. FOMC Member John Williams is scheduled to speak on inflation at an event on Wednesday as well. Reuters pegged him as hawkish.
Other U.S. data of interest will include the fourth quarter Gross Domestic Product (GDP), the weekly Initial Jobless Claims, Personal Income and Spending, and the Core Personal Consumption Expenditures (PCE) Price Index.
Notable earnings include Walmart (NYSE: WMT), Home Depot (NYSE: HD), TJX Companies (NYSE: TJX), Nvidia (NASDAQ: NVDA), Moderna (NASDAQ: MRNA), and eBay (NASDAQ: EBAY).
Upcoming global news of interest includes Euro Area S&P Global Composite Purchasing Managers Index (PMI), the Euro Area CPI, and Germany's Ifo Business Climate Index.
Next week's anticipated bias (not financial or investment advice):
Monday (02/20/23) - Presidents' Day - U.S. Markets Closed; Take Profits in Crypto
Tuesday (02/21/23) - Historically an unpredictable day in the markets
Wednesday (02/22/23) - Bearish
Thursday (02/23/23) - Buy the dip
Friday (02/24/23) - Last Friday of the month; Cash out
Trading Tip: USD/JPY is highly sensitive to Treasury yields' direction!
February Week 02/12/23 - February 02/18/23 Recap
Crypto Special Delivery for the Week
Are you on the hunt for a coin that's making waves in the investor community?
Then you may want to check out Polygon (MATIC)!
This coin has become a top pick for the DCG Masterminds, and we are not the only ones. The whales are starting to take notice. MATIC has emerged as one of the most accumulated assets by large investors.
Despite the market slowdown, the Polygon blockchain team has been going strong. Their network is maintaining over 80 million transactions per month, which is seriously impressive. According to Polygon's latest scoop, the team has been focused on key partnerships, mainstream adoption, and Web2 NFT advancements. Plus, they've attracted some big-time projects like Uniswap v3 from Ethereum and OnePlanet from Terra with 63 collections to join the Polygon ecosystem.
Polygon has been killing it so far! This year they launched Magic Eden and migrated the y00ts collection, which is super exciting. They recently had a successful hard fork to address gas fee spikes, and we can expect even more developments like the recently announced launch of the Polygon zkEVM Mainnet Beta, starting on March 27, 2023.
But wait, there's more! Analysts predict that MATIC is seriously undervalued and has the potential to skyrocket in the future. By 2026, it's expected to reach an average price of $11.03, and by 2033, it could soar to $85.56!
With an all-time high of $2.92 and an all-time low of $0.003, you can't afford to ignore the promising future of Polygon (MATIC). So what are you waiting for? Start your research, get in on the action, and see where this crypto journey takes you!
Remember, doing your research and due diligence before making any investment decisions is always important!
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Disclaimer: This newsletter is strictly educational. The information provided in this report does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the report’s content as such. Please be careful and do your own research.