As a musician and NFT collector, I am thrilled to announce this newsletter is sponsored by MakersPlace. MakersPlace is the go-to premium marketplace for purchasing rare digital artworks from the world’s top creators like comic art legend José Delbo, Trevor Jones, digital wizard Pak, artists collected by MOMA, Guggenheim, and many others. They have new artwork drops twice a week where collectors have the opportunity to add a coveted piece of rare digital art to their portfolio. Collectors can subscribe for exclusive drop notifications on https://makersplace.com/thewolf/.Corrections tend to go further and faster than we expect. As people often joke in the crypto community, bulls take the stairs up and bears take the elevator down.I underestimated the strength of selling yesterday. As you know, Bitcoin continued down after I sent the newsletter, and after I posted a video saying that the correction was potentially over. I was wrong in that regard, which is something any analyst has to become very comfortable with. The analysis was fine, based on the information that I had. The nature of being an analyst and trader is that you change your feelings when presented with new information.That said, I also drew a number of lower support levels and left the door open for the possibility of a deeper correction. I generally like to be prepared for any situation, on the assumption that I will often be wrong.My general bias has not changed... at all. Everything that we have seen in the past few days is totally normal in the context of past Bitcoin price movements. During the 2015-2017 bull market in Bitcoin, there were 9 significant corrections with the following averages:37% decline from high to low and 14 weeks from one ATH to the next ATH.This is completely normal.As you know, I have been taking profits heavily from my altcoins over the past few weeks into USDC to hold and earn interest. Most of this is for taxes and just for sanity - knowing that no matter what happens I have secured meaningful gains. I am currently taking 25% of that profit and slowly buying more Bitcoin, without much regard for price. I bought at $51,000 last night and at $46,000 this morning. The other 75% is out of the market for good. It's my paycheck and will be used to better my life.Seeing your portfolio lose value sucks. Every single time, no matter how long you trade. Taking profit on the way up helps mitigate the pain and it gives you the power to make decisions in real time. You need cash in your portfolio (from taking profits, mostly) to be able to buy the dip when it happens.Keep calm and carry on.This newsletter is also sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsYou Aren't PerfectTether Settles, Case ClosedEthereum Flash Crash On KrakenOver 100,000 BTC Addresses Are Worth Over $1,000,000The Bloody History of MarchThe Wolf Of All Streets Podcast Ft. Bill BarhydtMy Recommended Platforms And Tools
The Wolf Den #184 - Keep Calm
The Wolf Den #184 - Keep Calm
The Wolf Den #184 - Keep Calm
As a musician and NFT collector, I am thrilled to announce this newsletter is sponsored by MakersPlace. MakersPlace is the go-to premium marketplace for purchasing rare digital artworks from the world’s top creators like comic art legend José Delbo, Trevor Jones, digital wizard Pak, artists collected by MOMA, Guggenheim, and many others. They have new artwork drops twice a week where collectors have the opportunity to add a coveted piece of rare digital art to their portfolio. Collectors can subscribe for exclusive drop notifications on https://makersplace.com/thewolf/.Corrections tend to go further and faster than we expect. As people often joke in the crypto community, bulls take the stairs up and bears take the elevator down.I underestimated the strength of selling yesterday. As you know, Bitcoin continued down after I sent the newsletter, and after I posted a video saying that the correction was potentially over. I was wrong in that regard, which is something any analyst has to become very comfortable with. The analysis was fine, based on the information that I had. The nature of being an analyst and trader is that you change your feelings when presented with new information.That said, I also drew a number of lower support levels and left the door open for the possibility of a deeper correction. I generally like to be prepared for any situation, on the assumption that I will often be wrong.My general bias has not changed... at all. Everything that we have seen in the past few days is totally normal in the context of past Bitcoin price movements. During the 2015-2017 bull market in Bitcoin, there were 9 significant corrections with the following averages:37% decline from high to low and 14 weeks from one ATH to the next ATH.This is completely normal.As you know, I have been taking profits heavily from my altcoins over the past few weeks into USDC to hold and earn interest. Most of this is for taxes and just for sanity - knowing that no matter what happens I have secured meaningful gains. I am currently taking 25% of that profit and slowly buying more Bitcoin, without much regard for price. I bought at $51,000 last night and at $46,000 this morning. The other 75% is out of the market for good. It's my paycheck and will be used to better my life.Seeing your portfolio lose value sucks. Every single time, no matter how long you trade. Taking profit on the way up helps mitigate the pain and it gives you the power to make decisions in real time. You need cash in your portfolio (from taking profits, mostly) to be able to buy the dip when it happens.Keep calm and carry on.This newsletter is also sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsYou Aren't PerfectTether Settles, Case ClosedEthereum Flash Crash On KrakenOver 100,000 BTC Addresses Are Worth Over $1,000,000The Bloody History of MarchThe Wolf Of All Streets Podcast Ft. Bill BarhydtMy Recommended Platforms And Tools