This is the video recording of our August 19, 2022, All Star Charts Crypto Weekly Strategy Session.
Short-Term Caution Is Warranted
One of the big characteristics that often separates great traders from mediocre ones is the willingness and ability to sit on the sidelines when it’s necessary.
A brief adage we often mention is the distinction between seeing a setup and looking for one. Be patient, prepare your perfect swing, and the setups will come to you.
It’s the Correlations, Stupid
From the Desk of Louis Sykes @haumicharts
There’s lots of chatter about the Ethereum $ETH merge, and rightfully so.
It’s a significant development for the entire space and is paving an ideological divide in the community from proponents of proof-of-work (PoW) to that of proof-of-stake (PoS).
But when it comes to our job as technicians — that is, following money flow — we like to sweep the narrative aside and see what’s really happening.
And we like to tell it like it is.
The Ethereum Bait
Broadly speaking, risk assets have caught a well-received bid over the last few weeks. This recent period has proven to be an incredibly risk-on tape.
When it comes to crypto, the big narrative driving capital markets seems to be the upcoming Ethereum $ETH merge. This update will see the network move away from proof-of-work (PoW) to a proof-of-stake (PoS) framework.
Of course, as technicians, we naturally follow money flow as opposed to getting stuck in the weeds of narratives. It’s quite clear to see traders are bidding Ethereum leading into the merge in what looks like a “buy the rumor, sells the news” event.
[Crypto] Weekly Strategy Session – August 12, 2022
This is the video recording of our August 12, 2022, All Star Charts Crypto Weekly Strategy Session.
Does ETHBTC Represent Risk Appetite?
From the Desk of Louis Sykes @haumicharts
In recent weeks, we’ve found ourselves revisiting the following question: Is Ethereum outperforming Bitcoin a bullish characteristic for the asset class?
We addressed this question a year ago. The conclusion we reached back then was that, while ETH outperforming BTC is not a necessary condition for a bull market, it’s always an encouraging sign when we see it.
In light of the recent disparity in performance between ETH and BTC, we thought we’d re-examine this topic.
Let’s get to it.
Supply in the Context of a Positive Regime
The cryptocurrency market has certainly seen a nice relief bounce over the last few weeks; the average coin is up a notable 60% off its lows.
With this short-term regime in bull territory, let’s evaluate how we’re approaching this tape from a tactical perspective.
Crypto Market Breadth Is Here
From the Desk of Louis Sykes @haumicharts
Last week, we briefly touched upon bringing the market breadth to cryptocurrencies and the considerations we were taking into account.
You can click here to read that post in full.
After some work and many days of cleaning data, we’re happy to introduce some great new metrics we’re working up to supplement our cryptocurrency research.
Before we dive in, we want to set a brief framework.
It’s important we lay down a foundation before analyzing this data; there’s little point dedicating the man hours to the research if we don’t know why and how to apply it.
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