Bitcoin Hits $38,000 and Altcoins Are Up, Bull Market is here!
Bitcoin is currently continuing the momentum towards $38,000 as the hype surrounding the spot ETF has increased, and now Ethereum is also picking up pace as a potential spot ETF for Ethereum is going to be launched. What's next? Where to find the next trade on those altcoins?
Look on the bright side..
Before I am going into the the technical part of the tradeletter, I would like to reflect on some facts. Today it is the 8th of November 2023. In this period of last year we had arguably the biggest black swan event in the crypto market in the name of the FTX debacle. Price dropped hard and in the matter of a couple of days we saw a decrease in value of around 30% on BTC and we hit the a low of $15.5K. A lot of people thought that it was over for crypto. Now a year later we are trading at prices around $35K which is more than a 100% gain for BTC and we should be really happy with that! Just realizing this should give you the trust that crypto is here to stay. In what form? I am not sure to be honest, but I do think that we will see implementation somewhere in the financial market.
Crypto Market Strength Continues but Don't Get Carried Away
Bitcoin has been holding up fairly strongly so far as it has been consolidating in an ascending price channel. While an eventual retest of the previous HTF range high ($31.5k) remains likely, for now focus should be on the daily 8EMA. Price has been retesting and finding support on the 8EMA during times of strength, and unless that relationship changes, we should lean towards more upside. $38.5k - 40k - 43k remain a likely target if we get another impulsive leg up. On the downside $31.5k - 33k looks like a good place to scale in or add to your long exposure if you are bullish based on the chart structure (which I am). Chart structure-wise there is no plausible scenario in which we dip to <$20k or even start closing daily candles <$30k and then rip up from there shortly after.
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Bitcoin Correcting, Time To Load on Altcoins?
Bitcoin is currently consolidating around $35,000 as the hype surrounding the spot ETF has increased, but altcoins have been suffering. What's next? Are we actually into a bull cycle or are we in a bear trap?
A Closer Look at the Crypto Market Capitalization
After looking at major stock market indices and the correlation between the Dow and Bitcoin bull cycles in my last Deepdive Wednesday Trade Letter (#202), this week I will have a look at the structures of crypto market capitalization charts.
The end of the month is near! What can we expect?
We are approaching the end of October, and thus the start of November. This means that this week is once again dominated by NFP week, a week that many traders experience as a difficult week to trade.
Bitcoin Hits $35,000, Altcoins Are Breaking Out, Bull Is Here!
Bitcoin has been showing a lot of strength recently, through which we are, most likely, into a bull cycle. The start is always the best part as it feels like a big relief, but are altcoins going to follow through or is this just a bull trap? In this update I'll be updating some charts on altcoins and my perspective on those, where is the Bitcoin dominance going to go to?
Uptober it is!
A couple of weeks ago I wrote the tradeletter and asked myself the following question: are we going to see Uptober or Rektober. In that specific tradeletter I explained what was necessary to see further upside momentum on Bitcoin. Well we all know what happened next. We good an insane push towards the upside and we almost reached $37K (on some futures pairs)! The strength in the market is insane when you really think about it and we are seeing some euphoria overall. In this tradeletter I am going to discuss what we would like to see next for further upwards momentum and if it is even sustainable to push this hard towards the upside.
Sleeping Giant Finally Waking Up
Last week we saw volatility in crypto getting kickstarted on Monday when a highly anticipated news headline emerged: "SEC Grants Approval for BlackRock's iShares Bitcoin Fund." This development was initially reported by the cryptocurrency news website Cointelegraph and subsequently posted by financial publication Reuters. In response to this news, the price of Bitcoin surged by almost 10%. However, within a matter of minutes, it became evident that the news was inaccurate. The headline had originated from an unverified Telegram message posted by an anonymous user and did not stem from a reputable source. Consequently, the market promptly retraced its gains, but respecting support at a key level within the price range, which subsequently connected to a bounce even further up than the fake news surge (see Bitcoin chart below).