This is the video recording of our June 11, 2021 All Star Charts Crypto Weekly Strategy Session.
DeFi Sector Battles New Lows
Though consolidation periods can be painful, they allow us to evaluate the next leaders and laggards when a directional trend resumes.
We’ve written a fair amount about potential leaders in the last few weeks, but it may be time to increasingly shift the conversation and focus more on the laggards.
While most areas have bounced this week, the DeFi sector is stubbornly lagging:
[Crypto] Waiting For A Resolution
No matter how many charts we analyze, the market ultimately gets the final word, not us.
We’re simply here to position ourselves where the risk vs. reward is exponentially in our favor. Unfortunately for trend-followers, there’s not a whole lot of opportunities floating around right now.
Until we get a move in either direction from this near-term range, longs are likely getting chopped up, and shorts probably aren’t working either.
As we’ve mentioned repeatedly, 30k is the level to watch on the downside for Bitcoin, while 41,000 and eventually 48,000 is the upper level of this range.
Click on Charts to Zoom in
Short The Crypto Stocks?
The thesis has been that if Bitcoin loses 30,000, we need to be aggressively shorting these digital assets.
In that environment, not only are Cryptocurrencies themselves likely getting slammed across the board, but crypto-related stocks are also going to come under pressure.
Unlike some other crypto and blockchain funds, the Amplify Data Sharing ETF $BLOK does a great job of finding stocks with direct or indirect ties to this still-niche industry.
Bitcoin’s Condition Deteriorates
It’s happening…
We’re finally getting a resolution from this multi-week messy range in many Crypto assets, and it’s not looking good for bulls at all.
A retest of the Crash lows of 30,000 looks incredibly likely for Bitcoin in the coming days and weeks:
The Sun Shines For Solana
To kick off every week, our first priority before diving straight into our Crypto charts is to ask the simple question: Who won and who lost?
We simply scan for the largest gainers in our Crypto Universe for the prior week, and even more importantly, the largest single-day moves from the prior week. So even if a coin didn’t perform the greatest for the full week, identifying substantial surges of demand throughout the week gives us great clues to where any potential future relative strength could lie.
We do similar scans for every other major asset class in the World (Stocks, Rates, Commodities & Forex), so this is no different.
All we want to know is who the leaders are.
So here it is! [Read more…]
Bitcoin: Bellwether, Benchmark, Or Both?
We’ve been talking a lot about crypto markets lately.
In fact, we just launched a new column exclusively for this emerging asset class.
As JC mentioned this morning, we’ve found quite the winning formula in selfishly pursuing projects and creating content that WE like. Fortunately, it usually turns out that our readers and clients think what we do is cool and valuable too.
Just like our new Saturday Morning Chartoons, everything we’re doing with crypto lately is another great example of this self-serving strategy of ours.
Along those lines, we just created a custom index for cryptocurrency that we think is pretty damn neat. It also got us thinking about something…
[Crypto] Weekly Charting Session – June 4, 2021
This is the video recording of our June 4, 2021 All Star Charts Crypto Weekly Charting Session.
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