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 make DeFi easy with Vaults.fyi.
For any crypto related questions please comment on the website.
Market Analysis
There’s a lot of energy in the crypto markets right now. All sorts of things are happening from a macro perspective, but when it’s all said and done, we remain in a solid bull market. So keep that in mind when you’re making your trades.
Today’s analysis is pattern heavy, as there’s lots of distinct patterns that are appearing on the charts. And the good news is we can trade just about all of these.
OK, let’s get to it.
Bitcoin (BTC)
We’re on the 4-hour chart. I’ve got Bitcoin’s pattern drawn as a bull flag here. As you know, we bounced off the $112K support last week, Bitcoin rallied, and then it broke above the descending resistance at $116.6K.
Now notice the volumes on the breakout. They technically were higher than the few bars before, but they were very average when looking at the broader volume range. That’s a warning that this breakout – at least as of right now – probably isn’t the one that takes us to new all time highs. Not to mention this latest pump to $122K occurred on the weekend. A lot of weekend pumps are fakeouts.
But overall, Bitcoin is looking strong here. The main question in my mind isn’t if, but when will Bitcoin make its next move up.
SIGNAL: Two ways to play this chart. (1) Set limit longs at the bull flag’s resistance at $116,000. That should be a great fill if Bitcoin falls more. I’m expecting this resistance to hold as support. (2) Go long on a breakout trade when Bitcoin breaks above $123.3K.
Ethereum (ETH)
We get some right. We get some wrong. We got this one right. Go back and take a look at what we’ve been saying about ETH for these last several weeks.
As we suspected, ETH indeed broke above its multi-year descending resistance at $3,950. And this is a learning lesson for all of us. Look at the breakout volumes. Absolutely enormous on multiple exchanges!!!
And the beauty of these volumes is they occurred when prices were at $3,950. Meaning, the volumes were yelling LONG NOW before the price had gotten away from us. The volumes were a leading signal of price. If you can take anything away from these weekly analyses, it’s this.
I think ETH is probably the strongest crypto right now. Expect it to revisit its ATHs at $4,800 very soon.
SIGNAL: Go long on a breakout above $4,330. The more volumes on this move, the better. I like limit longs at $4,165, because ETH is so damn strong here. Back up the truck with limit longs if we get a retrace to $4,000. But I’m not sure if we will get a retrace to these prices.
Garlic House
XRP is wonky and tricky as hell, but that’s just the game it plays. The good news is the charts are suggesting that $3.00 is strengthening as support, so we can base some trades off that.
Currently, XRP is coiling inside of a sloppy bull flag. That should probably break to the upside. So there’s a trade there too.
SIGNAL: Set limit longs at $3.08. That’s the bottom of the bull flag. You can also set limit longs at $3.00, as there’s a good chance that…
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.
