Certain positive developments
3 min read

Certain positive developments

Cryptic ball: just a double top?

It's like not much has happened over the past days as the markets remain comfortably numb to the pain felt around them, be it due to this war, impoverishment through inflation, or even the odd bat showing up in a Batman movie screening!

So, let's talk about some things that provide clues for the weekend ahead.

  • Bitcoin tried to break $40k again as Putin remarked of "certain positive developments" but the news was short-lived and the pump failed. Bears haven't attacked yet, allowing bulls to secure a higher low at $38.5k. If that level is breached, I'm expecting BTC to test $37k and if that fails then $35k is next.
  • Terra's LUNA, one of the alts with the best relative performance this month, has also retraced 15% since yesterday's failed attempt at a new all-time high. If bulls don't catch up their breath soon, the weekend will likely feel dumpy as the chart hints at a double top which will scare most in absence of greed.
  • US stonks are about to close the week on a red note too, with the Dow heading for the fifth consecutive week of losses, further adding pessimism to an already complicated context - with all major indices stuck in bear territory.

Still, with all this fear going on and most eyes gazing at overpriced commodities, I'm not expecting anything to catch the world by surprise over the next few days. Yes, Friday the 18th we'll have the Fed likely hiking interest rates, but that's priced in. So, unless Putin scales the nuclear threat I believe we'll continue to range. However, this is one of those weekends where I rather be hedged. Stay safe!

Chart art: just (another) bad week?

Top assets clearly benefited from Luna's rise. Remember this is no time to hodl!

Three things: just a priority?

Tweet tip: just transitory?

Scary, right? 

Meme moment: just a joke?


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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.