The Degen Tape

Louis Sykes
December 27, 2022

From the Desk of Louis Sykes @haumicharts

Merry Christmas!

I hope you enjoyed these last few days shutting off, spending time with your family, and eating good food.

Unlike most of the world, it's summer in New Zealand. Over here, we spend our Christmases in the hot sun, swimming, and enjoying the outdoors.

It's a great vibe.

But let's get a little crypto out of the way before our New Year's celebrations.

We'll keep this short, as there's simply nothing to update.

In fact, not only is there nothing to update. There's nothing happening in this market at all.

Volatility has completely died off, with price action stuck in a mere 5% range over the last 10 days.

Bitcoin $BTC got rejected at its June lows, and this is an incredibly illiquid tape where only degens are looking for juice.

It's a rookie move to swing at something like this.

The dollar is also resting on a shelf, where we're anticipating a move higher to begin the new year. If this manifests, this will put further pressure on Bitcoin and crypto.

It's just plain irresponsible to be long crypto right now, and it has been for some time.

We'll update you when this is no longer the case. But we don't want to touch these markets with a 10-foot pole.

I hope you had a great Christmas. And enjoy your New Year's festivities.

There's nothing happening here.

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Thanks for reading, and please let us know if you have any questions!

Allstarcharts Team

 

 

 

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