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Yesterday, Bitcoin again tested the resistance near $70,000 but failed. After soaring to $70,258, it quickly dropped below $69,000, where it currently trades. Overall, not much has changed from a technical perspective since our previous update; merely the sideways trend of a lesser degree became more apparent, with Bitcoin struggling at the $70,000 mark. As such, our focus continues to lie at this point, along with the two sloped channels shown below.&nbsp;
&nbsp;
<img src="https://api.tradersweekly.com/uploads/btc1_418c554541.png" alt="" width="800" height="500" />
The daily chart of Bitcoin (BTCUSD) above shows the descending channel, with its upper bound acting as an important resistance for the price. To support a bullish case in the short term, it would be ideal for Bitcoin to close above the resistance level for multiple consecutive days; the resistance&rsquo;s importance grows with each retest.&nbsp;
&nbsp;
<img src="https://api.tradersweekly.com/uploads/btc2_067318569b.png" alt="" width="800" height="500" />
The image above shows the ascending channel within the larger descending channel; its lower bound acts as a resistance.&nbsp;
&nbsp;
<img src="https://api.tradersweekly.com/uploads/btc3_1444cb6066.png" alt="" width="800" height="500" />
The illustration above displays an alternative trendline on Bitcoin's (BTCUSD) daily graph, which acts as critical support for the price.&nbsp;
&nbsp;
<h3 style="text-align: justify;">Technical conditions</h3>
Daily time frame = Neutral
Weekly time frame = Bullish (losing momentum)
Monthly time frame = Bullish
&nbsp;
<h3 style="text-align: justify;">Bitcoin addresses</h3>
Initially, the number of Bitcoin addresses with balances exceeding 1,000 BTC increased slightly after the big slump we described on 29th May 2024. However, while this figure is still above its 28th May 2024 level, it resumed a decline in a new month, which is not a particularly positive sign. The same trend can be observed among the addresses with balances exceeding 100 BTC.

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F&T: $70,000 continues to be an obstacle for Bitcoin

Just yesterday, we remarked how large speculators were seemingly devoted to holding their Bitcoins (<a style="color: #3598db; text-decoration: underline;" href="https://www.tradingview.com/symbols/BTCUSD/">BTCUSD</a>) despite steep price tags. However, new data reveals that large speculators took a major step toward liquidating their positions overnight, reflected in a significant drop in the number of Bitcoin addresses with balances exceeding 1,000 BTC. This is a highly concerning development for bulls, considering Bitcoin&rsquo;s recent rejections at $70,000 and the overbought stock market, which stays highly correlated with the cryptocurrency market.&nbsp;
&nbsp;
<h3 style="text-align: justify;">Technical conditions</h3>
Daily time frame = Slightly bullish (turning neutral)
Weekly time frame = Bullish (losing momentum)
Monthly time frame = Bullish
&nbsp;
<h3 style="text-align: justify;">Bitcoin addresses</h3>
The number of Bitcoin addresses with balances exceeding 1,000 BTC fell from 2,135 to 2,072, marking the biggest single-day move down since late February 2024. A significant drop can also be observed among the number of Bitcoin addresses with balances exceeding 100 BTC.

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F&T: Major red flag rises

Arab-Israel conflicts

<h3>The dislocation of Palestinian refugees</h3>
The Six-Day War and the Yom-Kippur War led to the dislocation of many Palestinian refugees to Lebanon, where the Palestine Liberation Organization (PLO) began to gain influence and develop infrastructure in the early 1970s. Initially, the PLO coexisted peacefully with&nbsp;Lebanon&rsquo;s government. However, with the outbreak of the Lebanon Civil War in 1975, the PLO was allowed to operate more freely. Subsequently, its strength began to challenge Lebanese sovereignty. During both Operation Litani and the Lebanon War in 1982, the organization engaged in interactions with various Lebanese factions and Israeli forces. Ultimately, the PLO's presence and actions in Lebanon contributed to the course of the conflict, leaving a lasting impact on Lebanon's political and social fabric.
&nbsp;
<h3>Additional context:&nbsp;</h3>
<ul>
<li style="font-weight: 400; text-align: justify;" aria-level="1">Jasir Arafat became a leader of the PLO on 4th February 1969.</li>
<li style="font-weight: 400; text-align: justify;" aria-level="1">As a result of the Jordanian Revolution in 1970, the PLO was forced to move its bases from Jordan to Lebanon.</li>
<li style="font-weight: 400; text-align: justify;" aria-level="1">In the early 1970s, the PLO began to launch frequent attacks and bombardments against Israel from Southern Lebanon.&nbsp;</li>
<li style="font-weight: 400; text-align: justify;" aria-level="1">The outbreak of the Lebanon Civil War allowed Syria to spread its influence within Lebanon.</li>
<li style="font-weight: 400; text-align: justify;" aria-level="1">On 28th October 1982, U.S. President Ronald Reagan signed National Security Decision Directives 64, calling for the withdrawal of foreign troops from Lebanon and the reconstruction of its army.&nbsp;</li>
<li style="font-weight: 400; text-align: justify;" aria-level="1">The invasion contributed to the formation of Hezbollah in 1982.</li>
</ul>
&nbsp;
<h3>Operation Litani</h3>
On 11th March 1978, eleven members of the Palestine Liberation Organization (PLO) passed Israel&rsquo;s security and entered the country undetected by sea from Lebanon. Subsequently, the group hijacked a bus along a coastal highway and killed thirty-five civilians, including thirteen children. In response to the brutal attack, the Israel Defense Forces (IDF) launched an invasion of Southern Lebanon, aiming to dismantle the PLO&rsquo;s structures. The main objective of the military operation was to push terrorists beyond the Litani River and establish security in Northern Israel. Cooperating with the Army of South Lebanon, Israel launched a ground deployment of troops on 14th March 1978. Within a week, the IDF overwhelmed the enemy and completed most of the operation&rsquo;s objectives. The conflict ended on 21st March 1978, and Israel handed the occupied territory to the international military force set up by the United Nations Securities Council, the so-called United Nations Interim Force in Lebanon.&nbsp;
&nbsp;
<h3>Invasion of Lebanon</h3>
While Operation Litani was widely successful, it did not fully eliminate the threat. The PLO continued to advocate for the violent liberation of Palestine and ramped up the attacks against important Israeli targets. On 3rd June 1982, Palestinian terrorists attempted to assassinate Shlomo Argov, the Israeli ambassador to the United Kingdom, in one of the London restaurants. In reciprocation to the attack, Israel decided to launch the operation Peace for Galilei three days later, on 6th June 1982. The primary goal of the operation was to push the terrorist group 40 kilometers (24 miles) to the north and once again establish some sense of security in Northern Israel. By 14th June 1982, the IDF ground forces reached the outskirts of Beirut, laying siege on the city, and the Israeli Air Force (IAF) destroyed Syrian missiles in Biqa Valley. The prospect of a major war quickly prompted the United States to become involved in the conflict through diplomatic efforts, brokering a ceasefire deal between Israel and the PLO. Under the agreement, the PLO and Syrian fighters were allowed to leave for neighboring countries in exchange for assurance that Palestinian civilians would be safe. Subsequently, the Multinational Force in Lebanon (MNF) was created to oversee the combatants&rsquo; withdrawal from Beirut, which began on 21st August 1982 and commenced at the start of the following month. Nevertheless, the assassination of Lebanese Israel-backed President Bashir Gemayel on 14th September 1982 by a member of the Syrian Socialist Nationalist Party set back much of the progress. After the assassination plot, the IDF rushed to occupy West Beirut and allowed&nbsp; Lebanese Maronite Christian Phalangist militants to enter Sabra and Shatilla refugee camps, where they engaged in the killing of hundreds of Palestinians and Lebanese Shiites. These actions sparked waves of condemnation for Israel&rsquo;s indirect involvement, eventually resulting in Ariel Sharon's resignation from the position of Minister of Defense. The United States vowed to restore Lebanon&rsquo;s sovereignty and to facilitate a withdrawal of all foreign forces. The Secretary of State, George Shultz, helped to negotiate the peace agreement between the two sides around April 1983. The IDF pulled back its forces on 3rd September 1983, which saw an immediate eruption of fighting between Lebanese factions. In response, the Reagan administration dispatched the battleship New Jersey to Lebanon&rsquo;s coast, and Congress passed a bill authorizing American troops to stay stationed in Lebanon for another eighteen months. Then, the situation turned worse again on 23rd October 1983, when Hezbollah suicide bombers orchestrated an attack on the MNF&rsquo;s barracks in Beirut, killing 241 American and 58 French servicemen, as well as six Lebanese civilians. Five days after the attack, U.S. President Ronald Reagan signed the National Security Decision Directive 111, which called for cooperation between Israel and Arab states opposed to Syria and its influence in Lebanon. On 4th December 1983, Syrians shot down a U.S.&nbsp; plane and took one pilot hostage, releasing him later to presidential candidate Jesse Jackson. Then, on 1st February 1984, Ronald Reagan approved an additional deployment of Marines to Lebanon without setting a date. Shortly after this decision, Syrian militias took back control of West Beirut, and the United States announced on 7th February 1984 that it would withdraw troops from the country.&nbsp;
&nbsp;

Operation Litani and Operation Peace for Galilei.

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The United States Office of the Historian: "The Reagan Administration and Lebanon, 1981–1984"

The Israel Defense Forces: "First Lebanon War"

Ministry of Foreign Affairs of Israel: "The Lebanon War: Operation Peace for Galilee (1982)"

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Lebanon-Israel War (1982)

<h3 style="text-align: justify;">Khartoum Resolution</h3>
In response to Israel&rsquo;s expansion in the aftermath of the Six Days War of 1967, the Arab League held a summit in Khartoum between 29th August 1967 and 1st September 1967. During the summit, Arab leaders formulated the so-called &ldquo;Three No&rsquo;s Resolution,&rdquo; which bound member countries not to recognize, negotiate, and make peace with Israel.
&nbsp;
<h3 style="text-align: justify;">Additional context:</h3>
<ul>
<li style="text-align: justify;">The Yom Kippur War intensified the arms race between the United States and the Soviet Union, as both superpowers provided military assistance to their respective allies in the conflict.&nbsp;</li>
<li>The conflict led to the weaponization of oil, with Arab oil-producing countries imposing an oil embargo against countries supporting Israel, leading to the 1973 oil crisis.&nbsp;</li>
<li style="text-align: justify;">The war prompted a strategic realignment in the Middle East, with Egypt shifting away from its alliance with the Soviet Union and pursuing closer ties with the United States.</li>
</ul>
&nbsp;
<h3>The Munich Olympic Games Massacre of 1972</h3>
Despite Israel&rsquo;s win in the Six Days War, hostilities between Israelis and Arabs did not cease. In fact, the terrorist attacks continued to mount in the following years, escalating on 5th September 1972 when a group of eight Palestinian terrorists infiltrated the premises of the Munich Olympic Village, leading to a hostage situation that resulted in the killing of eleven Israeli athletes and one German police officer. The police&rsquo;s response resulted in the capture of three attackers. However, one month later, on 29th October 1972, another group of three terrorists hijacked a Lufthansa plane and demanded the release of captives responsible for the massacre. The German government caved to these demands, and terrorists were released. Some of these men were later assassinated or died from natural causes. Nonetheless, this tragic event significantly contributed to tensions between Arabs and Israelis.
&nbsp;
<h3>The Yom-Kippur War</h3>
The Yom Kippur War erupted on 6th October 1973, the holiest day of the Jewish calendar, the Day of Atonement. The invasion by Egyptian and Syrian forces came as a total surprise to the U.S. and Israeli intelligence, which, at the time, assessed the threat of another conflict was low and ignored warnings of an impending attack from a son-in-law of the former Egyptian president, Gamal Abdel Nasser, and Jordan&rsquo;s King Hussein. At the start of the conflict, Israel&rsquo;s adversaries stormed through the Bar-Lev line, which was thought to deter the enemy for an extended period but failed within a matter of few hours. That allowed Arabs to proceed further into the Sinai Peninsula and caused some fractures among Israel&rsquo;s leadership. After the initial shock and setbacks, Israel's military orchestrated a series of counteroffensives that would alter the course of the conflict. The IDF successfully managed to halt the Syrian advance in Golan Heights, and within a few days, it reached the position on the west bank of the Suez Canal, just 100km (62 miles) away from the Egyptian capital, Cairo. This situation forced Egypt&rsquo;s president, Anwar Sadat, to negotiate a ceasefire deal with Israel on 25th October 1973 and helped to pave the way for future negotiations between the two countries. For Syria, however, this outcome was far more adverse, and it ended up losing territory in Golan Heights. Depending on the source, combined Egyptian and Syrian losses are estimated to be in the range of 8,000 to 20,000 men. Meanwhile, the official Israeli sources state that 2,688 Israeli soldiers fell in the war.[1]
&nbsp;
<h3>Camp David Accords</h3>
The chaos and destruction the Yom-Kippur War brought led to a newfound willingness among Arab states and Israel to seek a diplomatic solution to mutual disagreements. These efforts finally culminated in 1978 with the start of Camp David negotiations in Maryland, United States. &nbsp;Hosted by U.S. President Jimmy Carter and attended by Israeli Prime Minister Menachem Begin and Egyptian President Anwar Sadat, the negotiations ushered a new hope for improvement in the mutual relationship between Arabs and Israelis. Consequently, the Camp David Accords helped to create a framework for future peace and led to the signing of the Egypt-Israel Peace Treaty on 26th March 1979.
&nbsp;

A war on the holiest day of the Jewish calendar. 

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Israeli Missions Around the World: "The Yom Kippur War (October 1973)"

Yale Law School - Lillian Goldman Law Library: "Camp David Accords; September 17, 1978, Avalon Project"

The United States Office of the Historian: "The 1973 Arab-Israeli War"

The United States Department of State: "Carter and the Camp David Accords, 1977-1978"

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Destroyed Israeli tank in Golan Heights. 

Yom Kippur War (1973)

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Will soaring commodities lead to a surprise in tomorrow's data?

<h3>The Six-Day War</h3>
The Six-Day War was a short-lived conflict that erupted on 5th June 1967 between Israel and the coalition of Arab nations, including Egypt, Jordan, and Syria. The roots of this military confrontation can be traced to the establishment of Israel as a sovereign nation in 1948, which led to disputes over borders and water rights in the region. Over the years, growing Arab nationalism resulted in increasingly more clashes between Syria and Israel, prompting Syria and Egypt to form a military pact, later joined by Jordan and Iraq. As a prelude to war, Egypt demanded the removal of the United Nations Emergency Forces (UNEF) from the Sinai Peninsula. These requests were fulfilled, and on 23rd May 1967, Egypt renewed a blockade on Israeli shipping through the Strait of Tiran. In the meantime, Egypt had already started to amass the army in the Sinai Peninsula, allegedly due to false information from the Soviet Union that Israel was mobilizing its reservists with the intent to attack Syria. In a short series of events, Egypt informed Jordan and Syria about this news, and they started to move their forces toward Israel&rsquo;s border. That prompted the Israelis to establish a national unity government on 1st June 1967 and launch a preemptive attack against an enemy on 5th June 1967.&nbsp;The pre-emptive attack began with the Israeli Air Force striking the Egyptian airfields and dismantling its air defense within the early hours of the conflict, guaranteeing the Israelis complete air dominance for the rest of the war. Soon after that, Jordan and Syria began an attack on the opposite front. However, despite being significantly outnumbered, the Israel Defense Forces (IDF) took control of the Sinai Peninsula up to the Suez Canal, the entire West Bank of the River Jordan, and part of the Golan Heights within less than a week. With the IDF staging an overwhelming victory, Jordan and Egypt accepted the ceasefire on 8th June 1967, and Syria on 10th June 1967. Consequently, Israel expanded its territory, which became a subject of many future negotiations and was deemed &ldquo;inadmissible&rdquo; by the United Nations Security Council Resolution 242. During the brief duration of the conflict, Israel suffered approximately 800 casualties, while its adversaries are estimated to have lost as many as 15,000 troops.&nbsp;
&nbsp;
<h3>Additional context:</h3>
<ul>
<li style="text-align: justify;">The Six-Day War catalyzed a shift in the Palestinian national movement towards armed struggle and the prominence of the Palestine Liberation Organization (PLO).</li>
<li style="text-align: justify;">The Israeli victory was attributed to its superior military strategy, training, and intelligence despite being outnumbered by the combined forces of the opposing Arab states.</li>
<li style="text-align: justify;">Israel's control of strategic waterways, including the access to the Red Sea through the Gulf of Aqaba, became a pivotal point in its national security policy post-war.</li>
</ul>
&nbsp;
<h3>USS Liberty incident&nbsp;</h3>
In a tragic and very controversial event, on 8th June 1967, Israeli fighter jets and torpedo boats attacked the United States Navy ship USS Liberty, which was located in the international waters north of the Sinai peninsula. Thirty-four United States service members were killed in the attack by Israeli soldiers, and after the incident, Israel&rsquo;s government claimed this to be the result of mistaken identity. These claims are, however, widely disputed due to the emergence of an audiotape that recorded the communication between the Israeli fighter jet pilot and the Israeli command tower shortly before the strike.&nbsp;
&nbsp;
<h3>United Nations Security Council Resolution 242</h3>
In the aftermath of the Six-Day War, the United Nations Security adopted United Nations Council Resolution 242 on 22nd November 1967. Some of the document&rsquo;s key provisions include the inadmissibility of the acquisition of territory by war, the withdrawal of Israeli troops from the newly conquered territories, and the need to respect the sovereignty, territorial integrity, and political independence of every state in the region. Both Israelis and Arabs accepted the resolution, albeit with different interpretations. Israel interprets it as allowing for some modifications of borders for security purposes and Arabs as the entire withdrawal of Israeli troops from the occupied territory.&nbsp;
&nbsp;
<h3>The Fourth Geneva Convention</h3>
The legality of Israel&rsquo;s occupation has been disputed for decades, with critics saying that it violates provisions of the Fourth Geneva Convention, often citing Article 49: &ldquo;Individual or mass forcible transfers, as well as deportations of protected persons from occupied territory to the territory of the Occupying Power or to that of any other country, occupied or not, are prohibited, regardless of their motive. Nevertheless, the Occupying Power may undertake total or partial evacuation of a given area if the security of the population or imperative military reasons so demand. Such evacuations may not involve the displacement of protected persons outside the bounds of the occupied territory except when for material reasons it is impossible to avoid such displacement. Persons thus evacuated shall be transferred back to their homes as soon as hostilities in the area in question have ceased. The Occupying Power undertaking such transfers or evacuations shall ensure, to the greatest practicable extent, that proper accommodation is provided to receive the protected persons, that the removals are effected in satisfactory conditions of hygiene, health, safety and nutrition, and that members of the same family are not separated. The Protecting Power shall be informed of any transfers and evacuations as soon as they have taken place. The Occupying Power shall not detain protected persons in an area particularly exposed to the dangers of war unless the security of the population or imperative military reasons so demand. The Occupying Power shall not deport or transfer parts of its own civilian population into the territory it occupies.&rdquo;[2]

The conflict that led to Israel's expansion.

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Geneva Convention on Civilians (IV): "Article 49 - Deportations, transfers, evacuations"

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The Six-Day War (1967)

Airbnb delivered its quarterly results for the first quarter of 2024, surpassing analysts' estimates on the top and bottom lines. The company reported revenue growth of 18% YoY, bringing the figure to $2.1 billion. The net income was $264 million, up 126% YoY, and operating income amounted to $1.9 billion, recording an increase of 18% YoY. Per the investor letter, the company conducted share buybacks worth $750 million in the first quarter of the current year and registered&nbsp; 132.6 million bookings, marking an increase of 9.5% YoY.&nbsp;
&nbsp;
Net revenue = $2.1 billion (18% YoY) vs. $1.8 billion in 1Q23
Net income = $264 million (126% YoY) vs. $117 million in 1Q23
Operating income = $1.9 billion (18% YoY) vs. $1.6 billion in 1Q23
Earnings per share = $0.41 (127% YoY) vs. $0.18 in 1Q23
&nbsp;
<h3>Additional information</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Active listings rose by 15% in the first quarter of 2024.</li>
<li style="font-weight: 400;" aria-level="1">Long-term stays of 28 days or more accounted for 17% of gross nights booked, down about 1% compared to the first quarter of 2023.</li>
<li style="font-weight: 400;" aria-level="1">Gross nights booked in non-urban areas grew by 10% YoY.&nbsp;</li>
</ul>
&nbsp;
<h3>Forward guidance</h3>
Airbnb expects its revenue to increase by approximately 10% in the second quarter of 2024, bringing it to $2.68 billion. Further, the company anticipates stable growth in bookings and adjusted EBITDA to be flat to up on a nominal basis but down on an adjusted EBITDA margin basis when compared to the second quarter of 2023. In addition to that, Airbnb expects its full-year 2024 stock-based compensation expense to be approximately 20% higher than in the full year 2023.

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Airbnb announces quarterly earnings

<h3>Suez Canal</h3>
The Suez Canal is a man-made waterway in Egypt that connects the Mediterranean Sea with the Red Sea. It was completed in 1869 and took ten years to construct, with an initial length of approximately 164 kilometers (about 102 miles). After its completion, the Suez Canal was controlled by the Universal Suez Ship Canal Company. This private company, made up mainly of French investors,&nbsp;was granted rights to operate the canal for 99 years by the contemporary regional powers. In the following decades, the canal became a vital shipping route, providing a significant shortcut for ships sailing between Europe and Asia that would otherwise have to navigate around Africa&rsquo;s Cape of Good Hope.&nbsp;
&nbsp;
<h3 style="text-align: justify;">Additional context:</h3>
<ul>
<li style="text-align: justify;">The Suez Canal Crisis to the first armed deployment of a United Nations peacekeeping force (UNEF).[1]</li>
<li style="text-align: justify;">The crisis was a diplomatic victory for Egypt and increased President Nasser's popularity both domestically and in the Arab world.</li>
<li style="text-align: justify;">The Aswan Dam, central to the initial tensions, was later completed with Soviet support, strengthening Egypt's ties with the USSR.</li>
<li style="text-align: justify;">The Eisenhower Doctrine, announced in 1957, was partly a response to the Suez Crisis, pledging U.S. support to Middle Eastern countries resisting communism.</li>
</ul>
&nbsp;
<h3>Anglo-Egyptian Treaty of 1936</h3>
Despite Egypt&rsquo;s unilateral declaration of independence in early 1922, Great Britain kept its troops and war material in the African country for another three decades. Nonetheless, one of the crucial milestones toward Egypt's actual independence was the Anglo-Egyptian Treaty, signed on 26th August 1936. This accord aimed to resolve the longstanding issue of the British military presence in Egypt, a matter of disagreement since the start of British occupation in 1882.
&nbsp;
<h3>The Egyptian Revolution of 1952</h3>
The Egyptian Revolution of 1952 was a military coup carried out by the group called the &ldquo;Free Officers Movement,&rdquo; led by Muhammad Naguib and Gamal Abdel Nasser. It occurred on 23rd July 1952 and marked a pivotal moment in Egypt&rsquo;s history. The revolution resulted in the monarchy's breakdown and King Farouk's dethroning. Subsequently, these events set the stage for the creation of the Republic of Egypt. Muhammad Naguib was proclaimed the first president of the country. However, due to political conflicts among higher ranks, Nasser removed Naguib from power and took rule over socialist Egypt in 1954. Consequently, the revolution helped to bolster a sense of Arab nationalism and sped up decolonization efforts in the region.&nbsp;
&nbsp;
<h3>Heads of Agreement</h3>
On 26th July 1954, the Republic of Egypt and Great Britain signed the Heads of Agreement, recognizing the Suez Canal&rsquo;s economic, commercial, and strategic significance.[2] The document legally bound Great Britain to withdraw about 80,000 troops from the country within twenty months of the treaty's signing. In return, the Republic of Egypt promised to keep running the Suez Canal efficiently and allow the British to station their forces within Egypt during wartime.&nbsp;
&nbsp;
<h3>Arms deal of 1955</h3>
According to a declassified CIA document, the Egyptian government had sought to buy weapons and military equipment from the Soviet Union in 1951.[3] Nevertheless, negotiations brought little success at the start. It was only in late September 1955 that efforts finally produced results, and the Egyptian government announced the purchase of Czechoslovakian arms in exchange for goods such as rice and cotton.&nbsp;
&nbsp;
<h3>The crisis</h3>
Egypt&rsquo;s decision to nationalize the Suez Canal on 26th July 1956 and impose a toll on passing ships to finance the development of the Aswan Dam quickly sparked a crisis in the region, prompting Great Britain, France, and Israel to secretly develop plans for an invasion of the Sinai Peninsula. On 29th October 1956, Israel launched a successful ground attack against Egypt, and just two days later, the British and French deployed their troops at Port Faud and Port Said. Allied nations advanced quickly, stopping only 16 kilometers (10 miles) away from the Suez Canal. The eruption of the conflict soured the relationship between Britain, France, and the United States, which was left uninformed about the plans for an attack. Furthermore, it raised tensions between the United States and the Soviet Union, which threatened to use nuclear weapons against Europe if attackers didn&rsquo;t withdraw their forces. In response, Eisenhower's administration tried de-escalating the situation and threatened economic sanctions on the United Kingdom and France. Under these threats, the British and French withdrew their soldiers from Egypt by the end of December 1956. Israel completed its withdrawal by 8th March 1957, and the Suez Canal reopened that same month.&nbsp;

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The United Kingdom Parliament: Heads of Agreement

Central Intelligence Agency: CIA-RDP79T01049A001300060003-5

The United States Office of the Historian: "The Suez Crisis, 1956"

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Suez Canal Crisis (1956)

After falling below $67,000 last week, Bitcoin (<a style="color: #3598db; text-decoration: underline;" href="https://www.tradingview.com/symbols/BTCUSD/ideas/">BTCUSD</a>) recovered much of the losses over the weekend and yesterday. Nevertheless, the rally stopped at the descending channel&rsquo;s upper bound, and Bitcoin retreated lower. Currently, it trades near the $68,000 mark, and the short-term bullish trend is losing momentum. Accordingly, our focus remains on the resistance at $70,000 and support at $66,343.&nbsp;
&nbsp;
<img src="https://api.tradersweekly.com/uploads/btc1_8c1406f651.png" alt="" width="800" height="500" />
The daily chart of Bitcoin (BTCUSD) above shows the descending channel. Two yellow arrows indicate rejections at its upper bound, which are slightly bearish.&nbsp;
&nbsp;
<img src="https://api.tradersweekly.com/uploads/btc2_3ba6a5e669.png" alt="" width="800" height="500" />
The 4-hour Bitcoin (BTCUSD) chart above shows the ascending channel within the bigger descending channel, which can be used to observe the trend of a lesser degree; a price breakdown at its lower bound would bolster a bearish case.&nbsp;
&nbsp;
<h3 style="text-align: justify;">Technical conditions</h3>
Daily time frame = Slightly bullish (turning neutral)
Weekly time frame = Bullish (losing momentum)
Monthly time frame = Bullish
&nbsp;
<h3 style="text-align: justify;">Bitcoin addresses</h3>
The number of Bitcoin addresses with balances exceeding 1,000 BTC has not changed dramatically since our previous update. In fact, the figure is near a 3-month high, suggesting big speculators are not liquidating their positions despite steep price tags. Similarly, there was no significant change in the number of addresses with balances exceeding 100 BTC.

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F&T: Bitcoin gets rejected for the second time

TradersWeekly

Financial terms

In the past, a person would typically have to go to the brokerage or another financial entity to buy or sell a security. The trade would be then settled through a personal meeting or, as technology progressed, over the phone. Nonetheless, the implementation of modern technology within the financial markets of the 21st century made placing buy and sell orders as easy as a few mouse button clicks. Nowadays, many trading platforms allow their clients to execute various types of orders beyond ordinary buy and sell orders.
&nbsp;
<h3 style="text-align: justify;">Key takeaways:</h3>
<ul style="text-align: justify;">
<li style="font-weight: 400;" aria-level="1">Using limit orders is generally considered one of the safest ways to buy or sell a security.</li>
<li style="font-weight: 400;" aria-level="1">Modern technology allows placing buy and sell orders with a few mouse clicks.</li>
<li style="font-weight: 400;" aria-level="1">A stop-loss and stop-limit orders are used to protect an investor&rsquo;s capital.</li>
<li style="font-weight: 400;" aria-level="1">A trailing stop locks in some of the accrued profits.</li>
<li style="font-weight: 400;" aria-level="1">Quick trade orders get instantly filled by a single or double click on a bid or ask button.</li>
</ul>
&nbsp;
<h3 style="text-align: justify;">Limit order</h3>
A buy limit order is used to buy a&nbsp;security at a specified price. This type of order is executed automatically in a case when the price of a security is lower than the value of the buy limit order. A sell limit order is used to sell a&nbsp;security at a specified price. It gets automatically filled when the price of a security is higher than the value of the sell limit order. This design occasionally allows for the execution of the&nbsp;buy limit order or the sell limit order at a better price. Generally, limit orders are one of the safest ways to purchase or sell a security.&nbsp;
&nbsp;
<h3 style="text-align: justify;">Quick-trade order</h3>
Some trading platforms allow the use of quick-trade orders. A quick-trade order is a type of order that is instantly filled by a single or double click on a bid or ask button in a trading platform. These orders are relatively safe to use. However, filling this type of order in highly volatile markets might be difficult due to a quickly changing price.
&nbsp;
<h3 style="text-align: justify;">Market order</h3>
When traders choose to use a market order, they let the market set the price of security. In essence, this means that for a buy market order, a trade execution occurs at the nearest ask. For a sell market order, a trade execution takes place at the nearest bid. The use of the market order is less safe in comparison to limit order because it allows for worse filling of orders in illiquid markets and markets dominated by algorithmic trading. However, some platforms offer their clients the option to choose the tolerance threshold for such trade orders.&nbsp;
&nbsp;
<h3 style="text-align: justify;">Good &lsquo;Til Canceled order (GTC)</h3>
This type of order remains active until it is filled or canceled.&nbsp;
&nbsp;
<h3 style="text-align: justify;">Stop-loss and stop-limit orders</h3>
A stop-loss order sells a position at a market price if it reaches or passes a specified price. Unlike a stop-loss order, a stop-limit order liquidates a position only at a specified or better price. These types of orders are used to protect investor&rsquo;s capital before depreciation.&nbsp;
&nbsp;
Trailing stop order
A trailing stop order trails the price as it moves in the trader&rsquo;s favor. For a long position, a trailing stop moves higher with the price but stays unchanged when the price falls. Similarly, for a short position, a trailing stop moves lower with the price but remains unchanged when the price rises. The intent of a trailing stop is to lock in some of the accrued profits.

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Following better-than-expected inflation print for April 2024, investors found once again an excuse for relatively bad data to be good for the market in anticipation of rate cuts, causing the S&amp;P 500 Index (<a style="color: #3598db; text-decoration: underline;" href="https://www.tradingview.com/symbols/SPX/">SPX</a>) and other indices to soar to new all-time highs. However, just three or four months ago, the general expectations were for seven rate cuts in 2024, something we quickly ruled out when these assumptions emerged. After data in the first quarter revealed sticky inflation numbers, these expectations dropped dramatically to only one or two rate cuts by the year&rsquo;s end. Thus, by now, it should probably be out of the question whether the Federal Reserve will continue to prioritize controlling inflation over unemployment, which has also been slowly rising. In fact, the unemployment rate rose to 3.9% last month, reaching the highest level since early 2022, when excluding the same print for February 2024. Yet, while the 0.5% increase from the lows does not seem significant, historically, a 1% rise in unemployment has been typically accompanied by a recession. Therefore, even though the rate of increase is slow, unemployment is moving in a concerning direction. Besides that, U-6 unemployment is growing much faster, and there are many other discrepancies in the labor market data, which could potentially hint at a much worse state of the economy that is being reported.
&nbsp;
<img src="https://api.tradersweekly.com/uploads/obr2_1f42e6bc5c.png" alt="" width="800" height="500" />
The monthly graph of the unemployment rate in the United States is shown above. 
&nbsp;
Another interesting detail is that retail sales remained unchanged in April 2024 from the previous month, and the yearly change amounted to 3%, while inflation rose by 3.4% during the same period. In addition to that, the United States ISM PMI contracted last month, and expansion in the United States S&amp;P Global Composite PMI eased. Again, while these are not outright horrible developments, the economic slowdown will likely become even more apparent in the coming months as the FED keeps a tight monetary policy for longer, putting additional pressure on economic activity and exacerbating the challenges faced by various sectors and consumers. With that, the question lingers over how much longer investors will continue to interpret bad data as good in anticipation of something that is not coming and will only serve to confirm the economy is really not faring that well when it comes.
&nbsp;
<img src="https://api.tradersweekly.com/uploads/obr1_4b3c8509cf.png" alt="" width="800" height="500" />
One of the challenges in the current environment is debt servicing. This fact is strongly reflected in soaring delinquencies on credit card loans, which have nearly doubled since the Federal Reserve started the hiking cycle.
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Bad data is good data... but for how long?

Basic concepts in technical analysis

The trend represents the directional movement of prices and plays an essential role in most technical trading systems. Technical analysis differentiates between trending and non-trending markets, also called flat trending markets. Trending markets can be either moving upwards or downwards. The upward-moving market is called the bull market, while the downward-moving market is called the bear market. Normally, a market is considered to be in an uptrend when the price reaches higher peaks and higher troughs. On the contrary, the market is regarded to be in a downtrend when the price reaches lower troughs and lower peaks. The non-trending market occurs when there is no significant uptrend or downtrend, and the price moves within a certain range. Thus, the flat trending market is notorious for its sideways-moving price action.
&nbsp;
<h3 style="text-align: justify;">Key takeaways:</h3>
<ul>
<li style="text-align: justify;">Trends can vary in length and are classified into four main categories: primary, secondary, minor, and intraday.</li>
<li style="text-align: justify;">The primary trend is the most significant trend, lasting for months or years. It's characterized by the overall direction of the market.</li>
<li style="text-align: justify;">The secondary trend opposes the primary trend and usually lasts for weeks or months.</li>
<li style="text-align: justify;">Identifying trends is crucial for technical traders. Methods range from simple tracking of recent lows and highs to more complex mathematical formulas.</li>
</ul>
&nbsp;
<h3>Trend classification</h3>
Trends tend to be of different lengths. According to these lengths, trends fall into four main categories: primary trend, secondary trend, minor trend, and intraday trend. The primary trend is the only inviolable trend and lasts for a long period, usually months or years. The secondary trend runs counter to the primary trend and is often measured in weeks or months. Further, the minor trend is measured in days, and the intraday trend is represented merely by daily fluctuations in price.
&nbsp;
<h3>The primary trend</h3>
The primary trend can be subdivided into three distinctive phases. The first phase of the primary uptrend begins with the revival of investors' confidence from the prior primary downtrend. That is followed by the second phase, in which asset prices increase in response to growing corporate earnings. In the third stage, speculation becomes the dominant force driving markets higher. This environment, when asset prices are rising on the hopes, dreams, and expectations of individual investors, tends to foreshadow the beginning of the primary downtrend. Its first phase commences with the abandonment of hopes and dreams upon which investments were made. That is followed by selling pressure due to falling corporate earnings in the second phase, which later escalates into panic selling in the third stage.
&nbsp;
<img src="https://api.tradersweekly.com/uploads/Trends_Illustration_1_01_d19b5d5098.png" alt="" width="800" height="500" />
The illustration displays the weekly chart of Nasdaq continuous futures (<a style="color: #3598db; text-decoration: underline;" href="https://www.tradingview.com/symbols/CME_MINI-NQ1!/">NQ1!</a>) for the period between late 2001 and 2008. The primary bull market began after the bottom of the &ldquo;dotcom&rdquo; bubble and lasted until the peak of the real estate and credit crisis in 2007.
Source: <a style="color: #3598db; text-decoration: underline;" href="https://www.tradingview.com/x/0S0GxMg6/">https://www.tradingview.com/x/0S0GxMg6/</a>&nbsp;
&nbsp;
<img src="https://api.tradersweekly.com/uploads/Trends_Illustration_1_02_6e3f72194e.png" alt="" width="800" height="500" />
The image above presents the daily chart of gold (<a style="color: #3598db; text-decoration: underline;" href="https://www.tradingview.com/symbols/XAUUSD/">XAUUSD</a>) during the 2008 bear market when it dropped 34%.
Source: <a style="color: #3598db;" href="https://www.tradingview.com/x/o8J8dofp/">https://www.tradingview.com/x/o8J8dofp/</a>&nbsp;
&nbsp;
<h3>The secondary trend</h3>
The secondary trend is the intermediate-term trend. Its direction is opposite to the primary trend, and it represents any significant price drop in the primary bull market or price rise in the primary bear market. The secondary trend usually lasts for weeks or months. Its measure in percentage terms tends to range between 33% and 66% of the range of the primary trend. This trend is considered to be prone to market manipulation as opposed to the primary trend.
&nbsp;
<img src="https://api.tradersweekly.com/uploads/Trends_Illustration_1_03_15b3026c0b.png" alt="" width="800" height="500" />
The picture shows Bayerische Motoren Werke's (<a style="color: #3598db;" href="https://www.tradingview.com/symbols/XETR-BMW/">BMW</a>) daily chart throughout 2020 and 2021. The white dashed-line box indicates the primary uptrend, and the grey dashed-line boxes indicate the secondary trends, counter to the primary one.&nbsp;
Source: <a style="color: #3598db;" href="https://www.tradingview.com/x/zPo4guEb/">https://www.tradingview.com/x/zPo4guEb/</a>&nbsp;
&nbsp;
<h3>The minor and intraday trend</h3>
The minor trend lasts for a few days or weeks, yet always less than the secondary trend. It is more difficult to identify than previous types of trends since its amplitude in percentage terms is significantly less when compared to the primary and secondary trends. The same applies to the intraday trend that lasts for a few seconds up to several hours; it represents daily changes in the price and is regarded to have little predictive value.
&nbsp;
<h3>Trend identification</h3>
Identifying a trend is crucial for a trend-based technical trader, and there are plenty of methods how to identify it correctly. These methods can be simple or very complex. The simplest method of identifying trends can be done by tracking recent lows and recent highs in the price of an asset. Other simple methods involve using lines, trendlines, and curves; more complex methods usually involve the use of mathematical formulas in order to generate a set of valuable data.

Tutorial to trends in technical analysis. 

Order types

Bad data is good data... but for how long?

Trends

Order types

Bad data is good data... but for how long?

Trends

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