Bitcoin
Bitcoin (BTC) starts the day trading 2.5% higher after completing a 20% correction from its recent highs. The cryptocurrency also found support close to another round-number at $60,000.
The decline in Bitcoin has slowed some of the appetite for risk in the stock market, but there is an expectation of another move higher, above $70,000, as investors anticipate the halving event in the next few weeks.
Outside of the AI Universe, the cryptocurrency sector is the most exciting in the market, attracting more fear-of-missing-out (FOMO) investors.
Watch for any short-term strength to lead to further cash inflow into the Bitcoin space.
Apple
The trend in Apple (AAPL) stock appears to be worsening.
Apple shares have experienced a “dead-cat bounce” after hitting oversold territory on March 7. The stock rallied to its 20-day moving average, but further selling pressure is expected with a trigger price at $175 and a price target of $150.
SoFi Technologies
Fintech company SoFi Technologies (SOFI) is showing signs of a potential 15% decline over the next month.
Since dropping below $10, SOFI is likely to break below $7 and target $6 quickly, with ongoing pressure due to unfavorable fundamentals in the loan business sector.
About the Author
Chris Johnson (“CJ”), a seasoned equity and options analyst with nearly 30 years of experience, is renowned for his quantitative expertise in quantifying investors’ sentiment on Wall Street with a technical and contrarian trading style.
