This is the video recording of our May 27, 2022, All Star Charts Crypto Weekly Strategy Session.
The Juxtaposition of WAGMI Culture
From the desk of Louis Sykes @haumicharts
“WAGMI,” we’ve all heard it.
Short for “we’re all going to make it,” it’s the mantra of crypto natives that paints an image of a better future.
As positive as this group expression may seem, it can also be viewed from the lens of a profound juxtaposition.
At its roots, WAGMI represents a deep contrast between the message of hope and the tragic reality of the lives of crypto natives.
Stop Hunting Season
From the desk of Louis Sykes @haumicharts
In yesterday’s note, we made a brief argument for caution.
Today, I want to add some further context and discuss one of the difficulties involved with trading in a tape as messy as this.
No Conviction
Some tools and some strategies work great in certain market environments but terribly in others.
The range can include the following: looking for bearish breadth divergences at the start of bull markets; using a long-term moving average as an entry in a sideways market environment; or even something as fundamental as deciding how to approach tactical trading opportunities.
In the case of today’s crypto market, a big mistake would be to directionally trade Bitcoin when no real direction has been ascertained.
All Eyes on Macro
Last week, we posed the question, “Was That It?”
As it stands, Bitcoin $BTC continues to hold above 30,000 following its brief false move. There are a number of levels we’re monitoring over short time frames.
Correlations with legacy markets remain intact. But we’re likely at an inflection point with respect to the co-movement between crypto and legacy.
This will be the emphasis of today’s note.
Crypto: Watch the Dollar
From the desk of Louis Sykes @haumicharts
We’ve talked at length about the correlations between macro markets and Bitcoin.
A critical element underlying our crypto thesis is heavily driven by how price action is trading alongside equity markets.
In the case of the US dollar, it’s the exact same, but the opposite.
Recently, there’s been a notable negative correlation between Bitcoin and the dollar.
[Crypto] Weekly Strategy Session – May 20, 2022
This is the video recording of our May 20, 2022, All Star Charts Crypto Weekly Strategy Session.
Is Tether Safe?
From the desk of Louis Sykes @haumicharts
Following the collapse of Luna’s stablecoin, TerraUSD $UST, it’s called into question the validity of its counterparts.
Tether $USDT and USD Coin $USDC have experienced notable volatility since this event.
We recommend you read Glassnode’s latest report ‘Unstable Coins’ — it’s a great primer on what’s happening.
But when it comes to down to the question “is Tether safe?”, the consensus can get awfully confusing. Tether FUD has always been present, but it particularly ramped up in response to an anonymous post published on Medium, “The Bit Short: Inside Crypto’s Doomsday Machine”. In fact, this piece was so significant that Bitcoin sold off over 10% in day following its release.
As technical analysts, we often like to stay in our lane and keep it simple. But given this topic is hot property right now, we thought we’d share something that might be of value in this discussion.
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