This is the video recording of our November 12, 2021, All Star Charts Crypto Weekly Strategy Session.
The Weak Hands Shakeout
Yesterday, there was plenty of action.
In the morning, the uptick in the CPI pushed Bitcoin immediately higher.
Throughout this short period, open interest spiked higher as longs jumped into late positions. This combined with FTX going offline contributed to a perfect storm for a minor shakeout of over-leveraged longs.
Despite this choppy action yesterday, this doesn’t sway our bullish thesis.
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Lost Password?Revisiting Crypto Stocks
We’ve made our thoughts clear that if Bitcoin is above 65,000, and the signs of on-chain buying pressure remain intact, upward volatility expansion through price discovery toward 85,000 remains the most probable outcome.
The beneficiaries of such a move would be widespread – down the cap scale of altcoins, and even in the individual stocks that are making crypto an increasing part of their operations.
So let’s revisit how we’re approaching the stocks in the crypto space, and identify the levels we’re watching to manage risk and to take profits along the way.
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Lost Password?Entering Price Discovery
Last week, we outlined that a big move was on the horizon, and the bias for prices over the coming weeks was higher. We were documenting the tightening volatility and the accumulation taking place on-chain, suggesting that upward price discovery was the most probable outcome.
Over the weekend, we’ve seen this play out in some respects, with Bitcoin breaking out of its tight range, which seems like the beginning of the next leg higher.
Now that Bitcoin is back above 65,000, we want to position aggressively long in anticipation of further strength into the remainder of the year.
[Crypto] Weekly Strategy Session – November 5, 2021
This is the video recording of our November 5, 2021, All Star Charts Crypto Weekly Strategy Session.
The Ethereum Breakout
It’s hard to ignore when the second-largest component of an asset class makes all-time highs for the first time in 6 months.
That’s exactly what Ethereum has done, and Bitcoin isn’t too far off.
Jumping Into The Metaverse
The buzzword over the last few days has been the “Metaverse”, but what is it, and why should we care?
Breaking all the headlines last week was the big tech news that Facebook was changing its name to Meta, realigning it with its future goals and ambitions. The metaverse is seen as the next iteration of the internet through virtual reality, primarily as a new way of experiencing the world of social media.
Following all this talk, virtual reality and gaming cryptocurrency protocols have caught a nice bid, with Decentraland and Sandbox up over +320% and +250%, respectively, since the Facebook Connect event.
And just take a look at the explosion in google searches about the metaverse:
This has acted as an immediate tailwind for the crypto and decentralized protocols pushing this technology and has certainly been a pocket of the asset class that is garnering plenty of attention.
We may not be early to this entire metaverse rotation, with coins like MANA and SAND having already pumped, but there are additional names in this space that are offering us favorable risk vs reward opportunities to ride this momentum higher in the coming days and weeks.
Let’s jump into some of them.
[Crypto] Weekly Strategy Session – October 29, 2021
This is the video recording of our October 29, 2021, All Star Charts Crypto Weekly Strategy Session.
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