Gm friends,
Welcome back to another Premium Investor Report.
Let’s jump in!
Here’s what’s in today’s issue:
- Technical analysis on the current market.
- A DeFi tutorial on how to leverage trade the US election on prediction markets.
For any crypto related questions please comment on the website.
Market Analysis
HOT DAMN! Exciting times in coin land.
Let’s get it.
BITCOIN
So, it looks like someone has woken up old man Bitcoin from his slumber.
The weekly time frame is looking great.
Let me draw your attention to two critical things:
- We are now 3 weeks into the MACD new uptrend after confirming the bull cross earlier this month. Let me remind you that last time this happened the price soared nearly 200%.
- Look at the orange trend line. This is a very significant trend break. 7 months of downtrend have been broken.
Now let’s zoom in on the daily:
Bitcoin at the time of writing had come within 0.5% of making a new high price. By the time you read this we may have made a new high price. Congratulations if so.
Regardless of whether this happened or not, I have a few thoughts to share.
If we fail to immediately take out the high with a huge strong candle, we could then face a little consolidation. A retest of 70k or even 65k is not off the table and would be a good chance potentially for late longs looking for an entry.
The yellow box would be key support to hold.
Let’s now take a quick trip down memory lane:
This is the chart from 2020. Bitcoin rallied in late November to just come within a breath of previous highs. It didn’t quite make it and took another 16 days of consolidating just under highs before a decisive breakout happened in mid-December.
And that is what we want to see now for Bitcoin.
Decisiveness.
In 2020 Bitcoin pumped 20% in just 4 days.
The time had come.
I want to see something similar play out here.
By the way, while Bitcoin took 2 weeks to make the decisive move after the first test in 2020, it did not have utterly dumb levels of Wall Street money flooding in.
Look at the last 10 days of flows! Yesterday was nearly a billion dollars!
SIGNAL: Watch for a break of the highs to go long on the breakout. It could move pretty fast when that happens. Targets up to 100k for the next major stopping point.
RISKS: The US election is in just a few days. It is a geo-political event of massive importance to markets. We could see some big market volatility around this event depending on results. So be aware of this factor when trading.
Ok, enough about Bitcoin.
ETHEREUM
Not dead yet…
Ethereum has been the most hated asset in crypto recently. BUT, is it over for ETH? NO
Will it underperform versus Solana, Aptos, SUI, and others, probably, but that was always going to be the case for the #2 asset.
$2,800 remains the key point of price control. We are seeing massive consolidation under 2.8k with a weekly MACD bull cross looking like it could confirm as soon as next week.
BUT, ETH remains 82% away from last cycle’s highs. CRAZY RIGHT???
Or is it?
I present to you a history lesson.
November 2020. Bitcoin has just come within a few dollars of previous highs. BUT, ETH, lame ass old ETH, was still 140% away from previous highs. EVEN WORSE than this…
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.
