1/ If your friends associate you with Bitcoin, Ethereum, or any part of crypto, you’re probably getting Qs about what to do. It’s tricky to guide someone from where we are currently ($BTC ~$100K), especially if they’re an inexperienced investor. Some learnings from 10+ years of watching this dynamic play out...
Full Crypto Market Update
I remain extremely bullish here on Crypto.
Here's my current analysis on what happens next:
Despite all the fear, Bitcoin is still in a range.
Red indicates previous ATH of last cycle (which we are not able to hold still). Once we can flip and hold this previous ATH (candle closes on the daily/weekly), we will certainly see a mad increase in price action.
Fundamentally, nothing has changed:
- The halving is around a week away
- Ordinals remain strong
- RUNES just around the corner
- Funds / ETFs are still buying
Why would you want to sell the best decentralised asset in the world? It hasn't even left it's low time range yet.
US Dollar is breaking up, traditionally this means it's harder for risk on assets to pump.
BUT, perhaps with war we could actually see more money printed yet again to support the ongoing stress worldwide. Now this would therefore put pressure on the dollar to remain in an uptrend.
Despite the dollar breaking up, Bitcoin and other crypto assets (stronger altcoins/ordinals etc) can also go up.
However, possibly short term we consolidate until post halving as the dollar goes on a little run.
Worldwide circumstances:
As much as it sucks, buying the invasion during previous capitulation events (wars/covid etc), has always been in a traders favour.
Bitcoin Dominance breaking up (stack sats), with altcoins suffering the greatest retracement over the past few days.
Bitcoin will hold up the strongest due to the reasons above: stacking sats until it looks as though the liquidity wants to spread into the wider market is smart.
However, the more lucrative opportunities are obviously conviction altcoin plays.
Traditionally, during a Bitcoin halving, we do see a dump either pre or post halving (did we just see the last dump before a run up to $100k).
As pointed above, aggressive sell offs reset the market and with the 'war' narrative as well, often offer a great opportunity to get in on discount plays (on spot bags or leverage (if you know what you are doing)).
What you want to look for are the altcoins that have shown strength this cycle already and in their ability to bounce after this market dump yesterday.
Or alternatively, the altcoins that have dipped the hardest into very 'oversold' territory on your indicators (RSI/CCI/EMAs etc).
Some of the examples we caught overnight:
$SOL
$AVAX
$WIF
$PEPE
I remain extremely bullish longer term, remember to zoom out, stay patient.
Dips of 20% are normal in a bull market. We used to see dips of 30-40% in bull markets.
In summary, the easiest form of trading in crypto is: Buy fear, sell greed. When you are Euphoric, take some profits.
If you appreciated my analysis:
1) Follow me: @greeny_eth for daily crypto education
2) If you can, please like and repost this to help educate others newer to this beautiful world of Crypto.
Solana always does this thing where it reminds you it is the best market fit product in crypto right now
Remember
Everything else is still way more expensive and hard to use
or doesn’t have a real actual community and on chain development
Solana is the play
Always has been
Today was a good trading day.
To celebrate the $64,000 Bitcoin
pump. I will give $1000 BTC to one
person in next 48hrs. Just retweet
and make sure you are following me.