This is the video recording of our October 28, 2022, All Star Charts Crypto Weekly Strategy Session.
Momentum Flows Back Into Crypto
We came into the week anticipating some volatility expansion out of this range, which could potentially be playing out given yesterday’s action.
This was the largest daily price change for most coins over the last month. Ethereum’s broken out of this short-term trading range, with Bitcoin following closely behind.
Be Prepared
It’s nearly that time when we get a fresh batch of monthly candlesticks.
We only perform this exercise once the candlesticks are completed. But, sometimes, you want to cheat and peep a few days early.
What’s great about monthly candlesticks is that it takes us a mere half hour to get through them all, which is only six hours a year.
We can’t emphasize enough the level of value-add for such a brief amount of time.
It forces us to take a step back, and it gives us no choice but to identify the direction of the primary trends. We use them to put shorter-term trends into context, which is especially important in this choppy price action.
So, no matter your time frame, identifying primary trends and then working from there is a huge advantage over a blind bottom-up approach.
In the current state of the crypto markets, the overwhelming majority of names are in greater than 80% drawdowns.
Nothing Has Changed: It’s Still a Mess
Nothing’s changed.
That’s it — that’s the post. There’s nothing to discuss.
Bitcoin and the rest of the asset class are still a choppy mess. There’s no conviction in taking longs until price action can shape up in a more bullish manner.
Given the lackluster market conditions, this letter will act as yet another brief interim update.
[Crypto] Weekly Strategy Session – October 21, 2022
This is the video recording of our October 21, 2022, All Star Charts Crypto Weekly Strategy Session.
This Is Still a Keep-It-Simple Tape
It wasn’t long ago that we said Bitcoin was at the edge of the abyss.
A month on, the same can still be said about most of the asset class. Just go chart by chart, and you’ll see a ton of coins sitting at their lows.
This is such an illiquid tape, with only the heartiest of HODLers remaining, that it wouldn’t take much selling to send these laggards on another leg lower.
Cardano, Decentraland, Gala, Kyber, Polkadot — just a little push is all it’d take…
Waiting for Price Action To Shape Up
There have been no developments since last Monday, so today’s note will be a brief interim update.
[Crypto] Weekly Strategy Session – October 14, 2022
This is the video recording of our October 14, 2022, All Star Charts Crypto Weekly Strategy Session.
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