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Okay, let’s jump in!
Here’s what’s in today’s issue:
- Technical analysis on the current market.
- A DeFi tutorial on how to amplify your yield returns with Loopscale on Solana.
For any crypto related questions please comment on the website.
Market Analysis
The biggest news that I can see from a macro perspective is Bitcoin’s apparent decoupling from the stock markets. So specifically, I’m talking about Monday’s price action, where we saw Bitcoin in the green about 3.7%, and US stocks down 2.6% (i.e. a 6.3% spread).
Now we need to see if this decoupling continues. It’s too early to claim victory. But if it does, then Bitcoin will get the benefit of being both a risk-on asset and a safe-haven risk-off asset. It’s hard to be bearish when it’s both. And of course, the rest of the crypto markets will benefit.
To summarize the charts below, Bitcoin appears to be turning the corner, to now begin making new lower highs and lower lows. Therefore, most of the cryptos are doing the same. And this is what we need to see from Bitcoin, if we want another leg up in this bull market, and new all time highs.
So here’s the name of the game right now, LIMIT SPOT and LONG orders. Say it with me again. LIMIT SPOT and LONG orders. We’re not aping into the pumps like monkeys. Instead, we’re projecting where the ideal retracement fill spots will be, because they will come, and then we’re setting our orders there.
OK, let’s dive in.
Bitcoin (BTC)
Last week, we discussed the inflection point at $88.5K. If Bitcoin had been rejected at that level, we would have failed to put in a higher high, and the downtrend would have stayed intact. But if we broke it, then Bitcoin would have turned the corner, and we could then start looking at a much larger rally, a new leg for this bull market, and a new all time high. But we needed $88.5K to break first . . .
Well, we smashed it.
We’re clean above $88.5K, as well as all of the EMAs. Now if you’re kicking yourself, and upset that you didn’t buy enough during peak fear, don’t fret. Here’s a monster LONG setup that should have a relatively high reward and low risk, per the charts.
SIGNAL: Look for Bitcoin to retrace to the $88.5K area, and use it as support. When you sense that we’re beginning to bounce off of it, punch a LONG. This is a textbook setup, so take advantage of it. You can put a stop loss in just under this price region, or perhaps just under the 100D EMA, which should begin to start acting as overlapping support with $88.5K.
Ethereum (ETH)
ETH rode Bitcoin’s coat-tails, and was finally able to get a break above the 20D EMA at $1,658.
SIGNAL: If Bitcoin holds $88.5K (which I expect it to do), then I think ETH holds the 20D EMA. So, set limit LONGS at the 20D EMA (i.e. $1,658), and…
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.
