Gm friends,
Welcome back to another Premium Investor Report.
Let’s jump in!
Here’s what’s in today’s issue:
- Technical analysis on current market conditions.
- A DeFi tutorial on how to use SatLayer.
- Jesse has a ton of hot new airdrops for you.
Market Analysis
Welcome back to another week of TA. Let’s get it!
This week of course it has all been about macro.
Last week we saw markets sell off on fears of escalation of the Israel- Iran conflict. Fears around a US port strike were eased quickly as the port strikers delayed until January. Chinese markets also sold off today as investor expectations of an even bigger stimulus package were not met. All of which is to say that Bitcoin and the wider crypto market remains very sensitive to risk attitudes in global markets.
Most of this is short term noise. The real signal, in my opinion, continues to be liquidity. M2 (the money supply) is on the rise globally and central banks are easing monetary conditions through a variety of measures including but not limited to rate cuts.
So let’s talk Bitcoin.
First, the monthly chart.
Let me ask you a simple question. Does this look anything like a market top? The answer is no. The orange arrows point to the two previous tops. It does look like a brutal and extended period of accumulation though. 😬
The recent sell off did see the 200 day EMA (blue line) hold as support, which is encouraging. Ideally we continue to see this holding as support on any further sell offs.
At the time of writing we are trading above the 50 day EMA (yellow line). As long as the price maintains above this line it favors bulls in the short term.
Here is another interesting perspective with the simple moving averages, which tend to be a more lagging indicator, but also can be more powerful because they respond less to recent price action.
A “golden cross” is looming around the end of the month or early November, unless we absolutely see the price nuke. This can be a bit of a mixed signal, but can be a good indication of winds changing in favor of the bulls.
5 of the last 6 resulted in a major shift in trend and saw prices go much higher. The only exception being the golden cross before the covid crash. This time different? Let’s see.
On the weekly the bull cross for the MACD keeps getting closer. Might not be long now. Again, this would represent a major trend shift.
As long as macro doesn’t sabotage the charts then we are heading in the right direction.
Good Bitcoin long triggers would be a retest of the 200 day EMA, AKA $60,000, or a wick down to support at $58,000. $60,000 is a very important level for many reasons acting as support many times in 2024.
Stop losses for either under 58k as a loss of 58K could signal further downside.
Alright, now let’s talk about SUI. Which is in a new paradigm of money mode.
SUI at the time of writing has retested the all time high from early April. Very clean charts showing huge strength with some clearly respected zones.
At the time of writing the price was chilling around $2 which is price resistance from February, March, April, and last week. I will be curious to see if this is a strong enough zone to hold or if we run back down to $1.60. Should it move as low as $1.45 it would likely be a good area…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
