Market Roundup
Macro continues to dominate the conversation. And there are a dozen bad things happening simultaneously, which I have covered a lot in recent videos.
Many are still calling for lower prices across the board for basically everything. Cash is one of the few “safe” places right now although really just the dollar as most FOREX is getting hammered.
Maybe we can hold onto the Uptober meme?
That is to say that October is often a green month.
Everything kind of looks terrible right now. So a short squeeze or little bear market rally would be just the thing to catch the market off guard.
That being said, things continue to look absolutely terrible in global markets. Rumors are circulating that Credit Suisse might be about to go under. That would be our “Lehman Brothers” moment in the markets.
Bitcoin Miners sold a lot of coins recently adding pressure to an already weak market. We must remember that these guys are in the business of making cash and that they need to sell to cover the costs of their business. Still, though, it does create downward momentum at a bad time.
Bitcoin’s linear chart is showing us testing the trend line again this week. A break higher here would be a nice start to… well… something.
That being said, the log chart, the one I pay more attention to, and which I believe is the most important chart to watch is SUPER far away from its down trend line at this time.
The S&P 500 just confirmed the so called “kiss of death” on the monthly chart.
Here’s how it works.
- Price drops under the 21 month EMA
- Price rallies off low but fails to break back above 21 month EMA
- Monthly candle closes under the first low.
The last few times this happened we saw major downside come into the markets.
I remain very cautious at this time.
Top Airdrops of the Month
There are still some decent airdrops going around.
Here is one in case you missed it!
PolyStark is a new project that defines itself as the next Gen De-Verse Cross-Chain Platform; they will be airdropping 10 Million PYSK tokens to 10,000 lucky winners. Check it out HERE.
Also, there are some promising-looking test nets. This is definitely an area for investors with time but not so much capital to look into. Some of the protocols will literally pay you in their tokens for just helping them test the network. Sometimes those tokens can be worth a lot. One worth watching is BiFrost.
Top Altcoins to Watch
I am not going to sugarcoat it. Altcoins are dangerous right now. Most are down over 90% since their highs and if the macro scene continues to worsen they could fall even further. That being said, some real gems will come out during this bear market. Projects are still building, still launching, and still making progress. It is important to pay attention to the builders during this time.
One coin that I invested in during the presale that we interviewed recently was Axelar. Big idea, big backers, and solving a real problem in crypto. Read the interview I did with them here. Keep in mind that if you think this is an interesting protocol then watch and wait. The bear market may not be kind to new launches.
Real Revenue coins continue to be worth paying attention to. We have seen coins like GMX perform very well during the bear market…
