MagicEdge

The MagicEdge screener has completely flipped. Only 35% of assets are still bullish. 296 trends are less than 12 days old, so the market is rewriting itself. Active signals: 159 sell for 95 buy. Sellers are in control. For now.

Yesterday the question was “is $60 Intel’s next stop?” $INTC closed at $59.97. On the Magic Bands, price has crashed through the entire fan and now trades outside it, on the lower side. Rarely has a big tech been this stretched below its averages.

For the first time since the bullish trend began on August 20, $BTC is trading below its Magic Bands cloud. Price at $78K, cloud around $80-81K. Magic Waves at -56, oversold and still falling. The trend is still technically bullish, 74 days in. But it has lost its main support.

The biggest crypto hack in history just hit Binance: about $6.3B according to the exchange. $BTC dropped to $78.5K. The trend is still bullish, 71 days in. The difference: Magic Waves just hit -50. Oversold for the first time in this trend. Panic or opportunity?

7 major cryptos on MagicEdge. 6 are still in a bullish trend. The exception is $TRX, which flipped bearish 14 sessions ago. Among the bullish ones, momentum splits in two. $ZEC +29 and $BNB +28 on the Magic Waves. $BTC -31, $ETH -42, $SOL -42. Same trend, two speeds.

$SOL is running the same play as $ETH, one step behind. Bullish trend for 70 days, but price at $102 has slipped under the Magic Bands cloud. And unlike ETH, Magic Waves (-44) haven’t turned up yet. The cloud sits around $105. $100 is the line it can’t afford to lose.

$ETH has been in a bullish trend for 82 days. It just slipped under its Magic Bands cloud though. Price is at $2,353, in the lower side of the EMA core. Reclaim the cloud around $2,400 and the trend resets. Fail, and 82 days get questioned.

Only 36% of the market is still bullish. Net flips: -18 over 5 sessions. And 37% of assets are now in the extreme zone, +7.A weak market that’s this stretched rarely stays that way long. Snap back or more downside?

Money is rotating on MagicEdge’s sector map. Healthcare now leads: 59% of names bullish, +10 in 5 sessions. Real Estate +10 too. Tech slips to 44%. Defensives up, tech cooling. Rotation or just a pause?

Crypto market breadth is softening within a bullish regime. 66% of 509 assets remain in a bullish trend, down 9 pts over 5 sessions. Average strength holds at 49/100 and only 2% of assets sit in the extreme zone. The trend is intact, but fewer assets are participating.