Cryptic ball: thank you, LUNA.
It was time to blossom, indeed. For now, bears have once again succeeded in defending $43k, a key level for bitcoin as explained yesterday. Are bulls getting tired? Or are some luckier alts - with AXS and NEAR jumping 8% and 12%, respectively - leading the way for the rest of the week?
- Yes, ether was pumping more than bitcoin today, but it also experienced a double top on the hourly. Out of the major alts, I'm keeping an eye on SOL and LUNA, which were the first to pump and the first to find a local top.
- As mentioned above, NEAR had the most spectacular ride of the day and its chart looks really great. I'll be looking for entries around $11.9, but be prepared for the possibility that another fresh macro scare ruins the party.
- In the meantime, inflation concerns are becoming stagflation worries, as more and more participants in the global economy begin to factor in the difficult position central banks have put themselves into. What does this mean?
- That even though US equity indexes have bounced to reasonable levels, this may be a dead cat bounce. In other words, cryptoassets need to fulfil the supercycle narrative for 2022 to be great - something I'll be following closely.
Overall, I feel bulls are not over and have another round to fight. Both in crypto and in stocks. As for crypto, let's also keep a watchful eye on the latest news from the Terra stablecoin, which just announced it would buy $3 billion in BTC!
Chart art: the end is NEAR.
Three things: is the supercycle here?
- Jack Niewold describes "the four horsemen of the supercycle".
- William Peaster shares "a beginner's guide to Cosmos".
- Yuga Cohler explains "how Terra could change the game" (part 2).