Cryptic ball: one dogellar curry.
Another smooth day in crypto markets. Most top tokens are in the green, as bitcoin was able to recover the key $55k level we talked about last week. This has soothed bulls who were fearing that BTC could dump a bit and drag down alts for a while. However, you may be worried that doge is down 6%. Well, that's normal after having pumped 75% since this Monday! Can it continue to pump more?
With Elon Musk's participation in the next Saturday Night Live episode just days away, it's likely that big players will short the hell of out the canine coin over the weekend. If we're right, $1 will be the key resistance where this selling will happen, so watch out for intense volatility ahead and don't FOMO into a late entry! After all, there are more dogs in the park and plenty of time to continue playing. As we've been telling you, this really looks like it's 2017 all over again.
Chart art: buy low, sell high - it's that simple.
Market musings: use the weekend to hunt gems.
The above charts should force you to meditate. If you're new to investing, then talk with some people about them and revert to cheat sheet whenever you're feeling euphoric. If you have been around for a while, when was the last time you bought a top? Is the lesson learned? We recommend you to check SecretsofCrypto's thread linked in the images above and below to clearly understand the bigger picture here.
Lastly, as tomorrow's newsletter is focused on B21's monthly updates, here's what you should be focused on for the weekend: 1) SNL's doge hype as explained above and over the past days; 2) bitcoin falling above $53k would scare many people and rising above $59k would be a good long signal, especially given the recent stablecoin growth explained here; 3) ether crashing under $3.1k would be bad for bulls and, well, above $3.5k it's uncharted territory; and 4) enjoy the weekend!
Visual block: we believe we're between 3 to 3a right now.
Three things: enjoy the weekend!
- Ethereum Virtual Summit started today and lasts until tomorrow. Registration is free and the conference has the best speakers! Check it out here.
- The Bitcoin Energy debate never ends. But it's nicer when you can share a Harvard Business Review article about it, especially if it's from Nic Carter.
- Alas, crypto is not only about profits. So take the weekend to check B21's great Desi Crypto Show episode with Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, on Bitcoin and Human Rights!