The end of the beginning
3 min read

The end of the beginning

Cryptic ball: the end is good.

Yesterday's scheduled newsletter got stuck, so here's the combined update!

The weekend was indeed boring and although Friday I told you I was bullish for the week ahead, I need to clarify that in this slow summer period that means we won't likely dump much while we consolidate forces for the next leg up. Why?

  • To begin, bitcoin failed to conquer $25k twice this Sunday. Ether briefly traded above $2k but also failed to clearly establish that level. However, both assets - and many (but not most) alts - clearly printed another higher high.
  • As markets ebb and flow within their own trends, now it's time to take a breath and hopefully wait for the higher low. For bitcoin, that would mean bouncing anywhere higher than $23k and ether anywhere higher than $1.75k.
  • In the meantime, it seems US stocks are not on holiday as the major indexes keep pushing higher without the apparent loss of steam we're seeing in the cryptoshere. If that's the case, then cryptoassets can continue upwards.
  • Otherwise, this may be a sign that traders fear that US central bankers will share bad news during next week's Jackson Hole symposium. Or that the Fed will reveal something eerie in the FOMC's meeting minutes this Wednesday.
  • Fortunately, while this Tuesday morning US stocks looked like they were going to dump a bit, strong earnings from Walmart and other retail giants inspired traders to keep on buying - even if the Nasdaq is lagging a bit.

And we can't forget things just move slower than average in August. The industry used to call this a seasonal affective disorder, even before crypto was correlated to equities. So just sit back and wait for tomorrow's meeting minutes!

Chart art: capitulation is good.

The Glassnode Insights team argues we've seen the bottom, but lift-off will take some time.

Visua block: transparency is good.

The minutes will come out at 6pm UTC. Hope they are good but it's all about the interpretation!

Three things: the circle is good.

Tweet tip: the sidelines are good.

Good to go, that is! Look at all this idle money in the sidelines eager to be allocated!

Meme moment: the lack of change is good.

It's all about relatives, not absolutes.

FV Bank: new monthly newsletter.

Find recaps of events, videos, blog posts, and more in FV Bank's new monthly newsletter.

Get started: download the B21 Crypto app!

Subscribe to our newsletter
Follow us on Twitter @b21official
Follow us on Twitter
Join our Telegram group
Find us on Instagram
Watch us on Youtube
Legal Notice
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.