This is the video recording of our December 29, 2021, All Star Charts Crypto Weekly Strategy Session.
Squeezy Season
Our general approach following Bitcoin’s correction is to sit on the sidelines while the market grinds sideways.
We’ve seen this play out, with most crypto assets trading under contracting price action.
The case continues to be if we’re below the 53,000 to 54,000 zone, we want to remain patient before deploying cash into more aggressive long positions.
There have been a few exceptions that we’ll discuss in today’s report. But patience continues to be the prudent approach for the vast majority of names out there for now.
This week’s biggest development is a dramatic rise in speculative activity, exacerbating volatility and the probability of a long/short squeeze.
Kiss From A $ROSE
With Cryptos finally waking up a bit this week, we’re seeing new flowers popping in our gardens.
There are some familiar names ripping like Terra $LUNA, Avalanche $AVAX and Near Protocol $NEAR, but there are also some new ones than some of you might not be familiar with.
Today I want to talk about the Oasis Network $ROSE.
When looking at the chart, it looks a lot like many others out there. This is another one of those, “We only want to be long if we’re above the first half highs”, type coins. [Read more…]
[Crypto] Weekly Strategy Session – December 22, 2021
This is the video recording of our December 22, 2021, All Star Charts Crypto Weekly Strategy Session.
A Little Leadership and Nothing New
There hasn’t been much to cover as far as new developments in the cryptocurrency market are concerned.
Bitcoin, Ethereum, and friends have been consolidating and correcting for the better part of two months now. We experienced some volatility in early December, but the damage was quickly repaired. Outside of this, things have been quiet. It’s really just been a slow grind lower or sideways for most cryptos since November.
We continue to believe this is a messy market, and patience is the best course of action for a large majority of coins.
Let’s recap some of the things we’re looking for to signal the recent corrective action has passed. Then we’ll check in on some of the leaders as we want to focus on these pockets of strength as they should continue to outperform when the current selling pressure subsides.
The Low-Conviction Tape
Two weeks ago, we detailed why we’re sitting on the sidelines with an expectation of sideways price action to close the year.
Fast-forward to today, and the same diagnosis applies for Bitcoin and the broader crypto asset class. The macro risk environment is beginning to favor the bear camp, and it’s certainly not a time to be aggressively pushing longs.
Meanwhile, the spot flows seen on-chain continue to diverge from price action, suggesting that once this consolidation phase is complete, an upward break appears to be the higher likelihood scenario.
We’re watching for Bitcoin to reclaim 53,000 before we put our elevated cash back to work in positions.
Until then, we’re avoiding a good majority of trading action in this low-conviction tape where whipsaws have become commonplace.
[Crypto] Weekly Strategy Session – December 17, 2021
This is the video recording of our December 17, 2021, All Star Charts Crypto Weekly Strategy Session.
Bitcoin Is Not an Inflation Hedge… Yet
With soaring prices across the globe, inflation is cementing itself as the topic du jour to end the year.
Bitcoin continues to appear in the conversation as the new and upgraded gold. Proponents argue that Bitcoin is the superior inflation hedge.
The simple fact of the matter is that the “Bitcoin inflation hedge” story is just another narrative that we don’t see being supported with sufficient evidence.
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