Metadverse vs. Warmwhole
3 min read

Metadverse vs. Warmwhole

Cryptic ball: spatify vs. amazone.

What did I tell you? $36.7k is such a key level for bulls that bears have been fighting for it since yesterday night. Bitcoin's past five 4-hour candles have wicked below it but managed to close right above. While things aren't lost for those who crave green, this lack of conviction harms the clear uptrend and raises the chance we fall into the kind of sideways slow-bleed which plagued BTC from May to July.

What happened? Zuckerberg's Meta reminded everyone how weird VR is, prompting Facebook's parent stock to crash by 24% - the biggest one-day drop in the US stock market history. Still, it's great to see that only some tech companies followed the dump, even if Nasdaq 100 is down 2.5% and the S&P 500 lost 1% - nothing too serious given they were both at key resistance levels anyway. Also, Wormhole, a DeFi bridge, was hacked for $320 million - but the funds have just been restored - and, apart from Solana's SOL, prices weren't much affected.

What next? Some popular Wall Street analysts believe stonks need to fall more, arguing the market needs a +15% correction before bidding gets attractive again. After the US closes today, Amazon will report earnings and its results will surely influence whether or not that prediction is right nor not. As for me, I'll start hedging again as the weekend approaches and we are not seeing clear signs of strength. The bounce may continue but patience is of the essence here.

Chart art: hope vs. conjectures.

It would be nice to see a short squeeze here, but that may take a long time - either because we lack a clear bottom, but also because we need a catalyst and none is on the horizon.

Three things: free vs. fees.

Tweet tip: distress vs. chess.

Don't forget to read the rest.

Meme moment: spending vs. saving.

You gotta save to accumulate.

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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 guidance in the report will lead to any particular outcome or result.