Just some Netflicks
3 min read

Just some Netflicks

Cryptic ball: how likely?

Yesterday's daily close was indeed key and my pessimism wasn't warranted. Guess I was indeed mentally capitulating, right? Glad that was the case, but sad to see bulls fell short of the key $42k level I highlighted. Not bad, but are we bullish now?

  • To be fair, crypto bulls were again inspired by an uplift in US equities, with the major indexes up roughly 2.5% since yesterday's daily open in the North American market - a critical period that I follow a lot, in addition to the UTC daily open and close that's still relevant for bitcoin and therefore also to alts.
  • In brief, this optimism is due to the latest series of US corporate earnings, which have been better than expected (except for Netflix, which just crashed 23% as if it was your favourite shitcoin). Funny how the traditional concept of profit can influence all markets, but even more so one as ethereal as crypto.
  • Interestingly, JP Morgan's top strategist - who last week said stock investors should take some profits - is arguing "a near term rally is likely" as traders are now "too bearish" and inflation is calming down. Still, note that he may be referring more to value stocks, instead of high-growth ones, like tech.
  • All-in-all, I tend to agree that such a rally is possible and so my bias will flip bullish unless we lose $40k again. Moreover, yesterday's crypto price action hints at a bottom, which should allow bulls to continue treading higher.

But we must continue watching out for the Fed and for tech stocks before calling this a super cycle. Especially because all this could be part of a larger dead cat bounce. If fears of a recession loom again or if the Fed doesn't play the Midterms game nicely enough, markets will suffer and crypto will get dragged too!

Chart art: how solid?

Do you remember how I drew this last Friday? Funny how algos enjoyed my squiggly lines.

Three things: how stable?

Tweet tip: how much FOMO?

See you in the Bahamas, Ryan?

Meme moment: how noob?

There are no free lunches.

FV Bank: meet us at Crypto Bahamas.

Come and meet our founders, Miles Paschini & Nitin Agarwal, at this exclusive gathering of investors & builders in the blockchain, digital assets and web3 space - hosted by FTX and SALT.

Get started: learn more about FV Bank.

Get started: download the B21 Crypto app!

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.