Gm friends,
Welcome back to another Premium Investor Report.
Let’s jump in!
Lark’s Portfolio Updates
Hey, quick mid week portfolio update. As I have had a few big shake ups. Selling DOT, and adding more ETH. Read on.
I removed the sell order for COOK. Just going to let this run for a bit and see what happens.
I removed my LP position from the USDC AERO pool. I am playing around with some different pools right now such as USDC/cbBTC. I will keep you up to date about the results.
NOW FOR THE BIG SHAKEUP!!! I SOLD MY DOT. Tough one, I have been on the DOT train for years. BUT, the price performance has been incredibly bad. Literally we traded as low as $3.75 last week. The price during the FTX collapse, aka the cold hard bottom of the bear market was about $5.50.
What did I sell it for? NEAR. WHY? Well, read Jesse’s report he just did on NEAR. Which I asked him to do because I wanted to do this switch. His report confirmed my suspicions. NEAR is doing very well. It is well poised to run due to AI hype and has excellent tech.
Even if it does not outperform versus DOT in a dramatic way for the rest of the cycle, at least I will have a new coin and a fresh feeling of vibes. Market caps are similar anyway.
I also added some more ETH on the breakout at $2,800. Kind of a “safe” boring play.
I invested in Medusa, a memecoin on the Metis network. This was a venture round, it will hit markets soon.
Market Analysis
Bitcoin
Bitcoin moved hard into price discovery this week with an epic weekly candle and a very decisive break above previous all time highs from March.
Things got so out of hand this week that we literally had a $10,000 daily candle a few days ago.
Bitcoin’s tendency when entering price discovery is to keep running for some weeks, with volatility along the way as impatient whales bank profits.
The weekly RSI however is JUST ENTERING overbought territory. In the previous cycle Bitcoin stayed in this overbought zone for a few months. What it is signaling though is that the later stage of the market cycle is upon us.
Here is what I also find interesting. Drawing the FIB lines from the March peak to August low gives us the 1.618 FIB line at… 90K! Exactly where the price stalled on this move higher.
Daily charts are showing a vague zone of resistance down at 77k, which could be watched for support if we correct further. BUT, also we are possibly forming a bull flag on the daily which could send us soaring above 90k and to higher targets.
SIGNAL: Watch for a break of 90K to go long with targets at 100k (big round number) and 110K. A pull back into the 75k to 80k range, if it happens would be a good spot IMO for late longs to get exposure pre-90k breakout. Currently though we are waiting to see what BTC does next.
Solana
Solana had an incredible week as well! Crushing the resistance at $200 and reaching our take profit target of $210, even exceeding it.
Currently we are experiencing a textbook retest of the breakout line, trying to flip what was once resistance into support. Assuming success then we can put previous all time highs in our sights.
And in case you are thinking it is too late for SOL.
Well, check this out.
The MACD bull cross only happened 4 weeks ago and is nowhere near a top.
The RSI, is not even close…
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.
