Cryptic ball: sayling that Optimist.
Bitcoin has been falling for the 7th day in a row - quite a rare occurrence, at least until we entered the current bearish period. More interestingly, though, is that it only fell 7% since, a typical sign of the current summer doldrums. What's next?
- As mentioned before, if you're looking for action in boring times it's all about playing the alts game in times like these. It's riskier, but as long as bitcoin isn't threatening to reverse the trend by failing to make a higher high then it's fine.
- For example, you should know by now that in the past two weeks - since BTC's June 20th rest of $18k - ether and other L1s have appreciated up to 90%, while the orange coin "just" bounced 30%. But some alts have jumped up to 600%!
- And not all are shitcoins, like SAMO, the poor brother of SHIBA, which appreciated 300%. Lido DAO's LDO and Optimism's OP, both connected to Ethereum's Merge hype, have jumped 600% and 400%, respectively!
- In any case, as BBOS says, "green colour on PnL makes me happy, even if it's 0.0001% or 100% profit". Meanwhile, we can expect some volatility tomorrow in case a key jobs report in the US comes out worse than expected.
- While Ted, a popular crypto & macro commentator, argues that if the jobs report is hot that's bad for BTC and alts - as traders will anticipate a more hawkish Fed stance in return - I believe that won't be the case.
After all, we can't forget this bounce is irrational. The economic outlook is still bleak, so if bulls are back in charge they will just interpret whatever data comes their way in the way that's more convenient to them. Time to pump it until it isn't!
Chart art: goldmanning that Merge.
Three things: accelerating that run.
- Amir Bolous explains "what he is frustrated by in crypto."
- Tim Betting explains "why Aave will lead the next DeFi bull run".
- Huobi Research explains "the infrastructure bet to accelerate Web3".