6/21/23 Bitcoin Hit An All-Time High This Week


Markets opened the short week to a second day of losses.

The indexes each post modest declines…

  • Dow Jones -0.7%
  • Nasdaq -0.2% 
  • S&P 500 -0.5%
  • Russell 2000 -0.5% 

Overbought conditions are finally starting to fade as the market returns to balance…

SPY Daily Candles – Chart by thinkorswim

Sector Round Up

10 of the 11 sectors ended Tuesday lower.

Gains in Tesla (TSLA^) +5.4% held the Consumer Discretionary (XLY) +0.8% sector.

At the bottom…

  • Utilities (XLU) -1.2%
  • Materials (XLB) -1.4%
  • Energy (XLE) -2.2%

Notable Names

The price of Bitcoin^ continues to rise. It’s risen more than 15% since reaching a local bottom on June 15th.

Images from Shutterstock & InsideEVs

The reason? Classic supply and demand…

  • According to Glassnose, supply is on the decline as investors HODL
  • Mining difficulty is at an all-time high as demand continues to grow
  • At writing, 1 bitcoin is valued at $28,900

Shares of Tesla (TSLA^) are up a whopping 170% since the beginning of the year. The share price climbed 36% since the start of June.

The latest reasons…


Overbought conditions are fading but aren’t gone yet.

The Nasdaq continues to push the bounds of its RSI level

QQQ Daily Candles – Chart by thinkorswim

The market appears to be searching for balance. The lack of a panicked sell-off bodes well for the bulls.

Your latest readout…


Today is the first day of summer.

A quick reminder that the summer rally is traditionally the weakest rally for the market.

Last year’s summer rally ended abruptly in August, and the S&P 500 declined about 20% over the following two months.


*Low Float
^Open Position

*PPSI on watch
*^GSIT support at $8
INOD support at $12
AAOI on watch
GASS support at $3.60
^CIFR resistance at $3
SYM support at $45
^PLAB support at $23
HEPS support at $1.40
BTBT support at $3.50
^AI support at $40
NVTS support at $9, resistance at $10
MRNS support at $9

Secondary watchlist—float 100+ million

NEXT on watch
^IOT support at $28
TMC resistance at $1.40
GOL support at $4.50
JOBY support at $7
RKLB support at $5.50, resistance at $6
^PLTR resistance at $16

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