Someone just asked me, can $HOOD still be chased after? I took a look at the daily chart: it traded around the 124 level all day, with turnover only 26.8M—what are retail investors even waiting for? Waiting for BTC to make the first move.
Robinhood is quite interesting. Its Q2 cryptocurrency trading revenue doubled—now it isn’t really a brokerage stock anymore; it’s basically a leveraged BTC concept stock. Think about it: retail users of $HOOD , holding pocket change to trade DOGE and SHIB—these people are the most real and honest indicators of the Crypto market.
Yesterday, when BTC dropped to 58k, $HOOD fell along with it by about 3%. Today, as soon as BTC slightly stabilized, it recovered half of that drop. This correlation is even tighter than the Nasdaq.
The problem is, at this price level, too many bullish expectations have already been priced in. If BTC actually pulls back, $HOOD will fall faster and more happily than anyone else—after all, retail investors’ wallets’ depth is right there on the table. My advice: if you already have a position, keep a close eye on BTC’s weekly chart. Don’t just watch Robinhood’s own candles.
Anyway, I won’t chase at this spot. Let’s talk again when the risk appetite really changes.
#Robinhood
Robinhood is quite interesting. Its Q2 cryptocurrency trading revenue doubled—now it isn’t really a brokerage stock anymore; it’s basically a leveraged BTC concept stock. Think about it: retail users of $HOOD , holding pocket change to trade DOGE and SHIB—these people are the most real and honest indicators of the Crypto market.
Yesterday, when BTC dropped to 58k, $HOOD fell along with it by about 3%. Today, as soon as BTC slightly stabilized, it recovered half of that drop. This correlation is even tighter than the Nasdaq.
The problem is, at this price level, too many bullish expectations have already been priced in. If BTC actually pulls back, $HOOD will fall faster and more happily than anyone else—after all, retail investors’ wallets’ depth is right there on the table. My advice: if you already have a position, keep a close eye on BTC’s weekly chart. Don’t just watch Robinhood’s own candles.
Anyway, I won’t chase at this spot. Let’s talk again when the risk appetite really changes.
#Robinhood