Cryptic ball: it's all Jack.
Winter solstice is here. This is the shortest day of the year, yet there's no sign of bears engaging in Grinch-like behaviour. On the contrary, Luna keeps printing new ATHs every day without much fanfare - and flipped AVAX in price and BSC in TVL! The S&P 500 also looks like it has bounced, after having tested important support levels yesterday and today. Even good old bitcoin jumped nearly 8% in the past 24 hours to test that diagonal resistance I've been highlighting for a while.
In other words, we have formed a clear bottom, similar to this September's consolidation, provided that bears don't attack soon. But, ideally, the S&P 500 would also make a new ATH asap. Meanwhile, as Christmas approaches, I'm not expecting any sad event in the space - except perhaps another DEX hack, of course. There's some FUD that shorts on Binance are on the rise, but remember that's the kind of squeeze material we need to push the whole market back up.
That means this week I'll only write tomorrow's newsletter, taking a break on the 23rd and 24th - as the Western-dominated crypto market will likely remain quiet. And next week will also only write Monday to Wednesday, taking a break on the 30th and 31st. But worry not, I'll outline my views again before leaving and if any fresh piece of information comes up I'll drop you an email. Just have a plan, place your bets, and enjoy this time to catch up on your reading list!
Chart art: it's all adoption.
Three things: it's all shills.
- Kyle Samani shares his take on how will the metaverse be rendered.
- Jeff Dorman summarises his bullish themes and narratives for 2022.
- Ben Schecter argues "the future of work is DAOs and crypto networks".