Cryptic ball: ate too much chocolate?
As expected, Easter was relaxed and it seemed bulls were preparing to pump it this Monday. But maybe bears were less hungover and decided to strike again, creating a new lower low around $38.5k over the past couple of hours. What's next?
- With this backdrop, today's close will be key. I'm a bit pessimistic now as it doesn't look like $39k will hold but maybe this is just me mentally capitulating.
- If we fall below $39k again, then the next key level to watch is $37k. Conversely, if bulls take advantage of the generalised negative sentiment to trap late shorts, the next level to watch for bulls is the often remarked $42k.
- US equities are also falling, and it looks like the week will be full of red on that front. So, all-in-all, my bias this week is short or at most neutral, in case we see some spectacular upside before the daily close tonight.
After all, note Goldman is placing some decent 35% odds in a US recession in the next couple of years, as historically the Fed has failed to tame inflation without damaging the economy. Can cryptoassets decouple before that?
Chart art: betted much on this support?
Three things: crypto is dead much?
- Andre Cronje muses about "the rise and fall of crypto culture". A must!
- Misha gets you up to speed with a list of key 50 key web3 terms.
- Covduk analysed the top 10 crypto wallets on a major DeFi portfolio tracker to learn from the pros. Some good lessons for the degens.