The Wolf Den #182 - The Value Of Truth
Bitcoin Thoughts And Analysis
Charts are useless in space. Bitcoin continues to make new highs, pushing through bear divs as it tends to do in a truly bull market. We know that institutions are coming and that Saylor is about to buy 900M more worth of Bitcoin. I can't see a reason to do anything but sit in spot Bitcoin and enjoy the ride. There will continue to be drops and corrections, but there's not technical or fundamental reason to believe that they will last long. Bitcoin is in price discovery again for a new all time high, after breaking through horizontal and descending local resistance. Still so bullish.
Altcoin Charts
As you know, I prefer to trade altcoins to stack sats, meaning that I trade them against Bitcoin whenever I can. That's become increasingly difficult as an American, because we largely have USD pairs available on the exchanges that we can legally use. That said, Bitcoin is breaking up once again and altcoins are suffering against it. Really hard to want to trade alts at this moment when sitting long in Bitcoin is such an easy trade. Maybe the environment will look different this afternoon when I livestream, but for now it seems like a time to ride Bitcoin and wait for better entries on alts. That can change fast, so stay tuned. For now, I don't see much exciting in the altcoin market this AM.
BNB/BTC
This one got away from me quickly! I recorded a video on it almost 3 hours ago for YouTube and price is already up ANOTHER 20% after breaking all time highs on both pairs. You can see my thoughts in the video below, but basically this is a "buy the dip" pair that is rising on strong fundamentals and technicals. Hard to buy these huge candles, so I would personally wait for a pullback, understanding that it may not come and you may miss the party. You can see that we have not retested the previous all time high as support yet, but this is a higher time frame chart. Weekly.
You can see it followed the path that I drew on the daily for a subscriber recently. A daily retest of that previous all time high is the entry I would want now.
Lessons Learned
From Sahil Bloom:
I turned 30 recently.
While far from old and wise, I have learned a few things along the way - on life, business, writing, investing, and growth. Here are a few lessons learned.
Lesson #1: Embrace Failure
Put simply, failure leads to growth.
Do not hide from failure. Seek it out. Allow yourself to be uncomfortable. Embrace it.
The most transformative moments in your life will always come from failures.
Lesson #2: Stand on the Shoulders of Giants
As Isaac Newton famously wrote, “If I have seen further, it is by standing on the shoulders of giants.”
You will only go as far as you can see.
Seek out mentors who champion your cause and empower you to see further.
Lesson #3: Prioritize People
Everything in life comes down to people and relationships.
Networks compound as well as any financial investment.
Build an army that is deep and wide.
Cultivate deep relationships, but also learn to appreciate the power of weak ties.
Lesson #4: Give > Receive
Focus on what you can do for others, not what they can do for you.
Give more than you receive.
This mentality will lead to more success and growth, but also to more fulfillment and joy.
Lesson #5: Play the Long Game
“Play long-term games with long-term people.”
The greatest riches in life - personal or professional - come from compound interest.
But it takes time. Lots of time.
So always play the long game. Let the magical power of compounding work for you.
Lesson #6: Closed Mouths Don’t Get Fed
A little push goes a long way.
Don't sit back and wait for good things to happen.
If you want something (and you’ve put in the work for it), go ask for it.
Worst case - you’re told no and nothing has changed.
Best case - it’s yours.
Lesson #7: Pay It Forward
No matter how far you go, realize that you didn’t make it on your own.
So pay it forward.
Be a mentor. Be a champion for others.
Their growth should become a source of tremendous joy and pride.
Those were the reflections of a not-so-old, not-so-wise 30-year old - a few of the most important lessons I’ve learned along the way. I hope they are helpful for you on your journey!
Congress Has Robinhood In Its Crosshairs
Congress' hearing on GME market manipulation focused on Robinhood's outsized control of the market.
Reddit traders breathed a collective sigh of relief yesterday after the highly anticipated Congressoinal hearing scrutinized Robinhood’s practices, rather than focusing on Wall Street Bets. The House Financial Services Committee gave a free pass to the Reddit CEO and even complimented Keith Gill, a main contributor in WSB relating to GME stock. As for Robinhood, they were criticized for “having a flaw in their system” and “liquidating shares for not making a margin call.” Considering both AOC and Ted Cruz found common ground on the situation as it was happening, it's refreshing to see the legal proceedings from both parties continuing to deliver on their beliefs. Two more hearings are planned with different witnesses. Let's hope that the focus remains on Wall Street and that sensible punishment is delivered. I wouldn't count on it,
Bill Gates Speaks Out On Bitcoin
Bill Gates was featured on the Squawk Box to talk about Bitcoin. Rather than paraphrase, I’ll let him do the talking. “I don't own Bitcoin, I’m not short Bitcoin, I have taken a neutral view. I do think moving money into a more digital form and getting transaction costs down, that's something the Gates Foundation does in developing countries. There we do it so that you can reverse the transaction so there is total visibility of who's doing what, it's not about tax avoidance or illegal activity. Bitcoin can go up or down based on the mania or views and I don't have a way of predicting where that will progress.” Three years ago, Gates said on the record, “I’ll short Bitcoin if given the chance” adding that the whole thing is “greater fool theory.” It’s unclear what caused his opinion to shift, but for many old-school investors like Gates, it might just take a steady rise in price for them to jump on board.
My Recommended Platforms And Tools
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.